Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 28, 2020 | May 22, 2020 | Sep. 27, 2019 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 28, 2020 | ||
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 | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Public Float | $ 4,649,512,283 | ||
Common stock, Class A | |||
Entity Common Stock, Shares Outstanding | 47,777,235 | ||
Common stock, Class B | |||
Entity Common Stock, Shares Outstanding | 24,881,276 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,620.4 | $ 584.1 |
Short-term investments | 495.9 | 1,403.4 |
Accounts receivable, net of allowances of $276.2 million and $192.2 million | 277.1 | 398.1 |
Inventories | 736.2 | 817.8 |
Income tax receivable | 84.8 | 32.1 |
Prepaid expenses and other current assets | 160.8 | 359.3 |
Total current assets | 3,375.2 | 3,594.8 |
Property and equipment, net | 979.5 | 1,039.2 |
Operating lease right-of-use assets | 1,511.6 | 0 |
Deferred tax assets | 245.2 | 67 |
Goodwill | 915.5 | 919.6 |
Intangible assets, net | 141 | 163.7 |
Other non-current assets | 111.9 | 158.5 |
Total assets | 7,279.9 | 5,942.8 |
Current liabilities: | ||
Short-term Debt | 475 | 0 |
Current portion of long-term debt | 299.6 | 0 |
Accounts payable | 246.8 | 202.3 |
Income tax payable | 65.1 | 29.4 |
Current operating lease liabilities | 288.4 | 0 |
Accrued expenses and other current liabilities | 717.1 | 968.4 |
Total current liabilities | 2,092 | 1,200.1 |
Long-term debt | 396.4 | 689.1 |
Long-term operating lease liabilities | 1,568.3 | 0 |
Income tax payable | 132.7 | 146.7 |
Non-current liability for unrecognized tax benefits | 88.9 | 78.8 |
Other non-current liabilities | 308.5 | 540.9 |
Commitments and contingencies (Note 15) | ||
Total liabilities | 4,586.8 | 2,655.6 |
Equity: | ||
Additional paid-in-capital | 2,594.4 | 2,493.8 |
Retained earnings | 5,994 | 5,979.1 |
Treasury stock, Class A, at cost; 57.3 million and 50.7 million shares | (5,778.4) | (5,083.6) |
Accumulated other comprehensive loss | (118.2) | (103.4) |
Total equity | 2,693.1 | 3,287.2 |
Total liabilities and equity | 7,279.9 | 5,942.8 |
Class A common stock, par value $.01 per share; 104.9 million and 102.9 million shares issued; 47.6 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 (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Allowances on accounts receivable | $ 276.2 | $ 192.2 |
Common stock, Class A | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 104.9 | 102.9 |
Common stock, shares outstanding | 47.6 | 52.2 |
Treasury stock, shares | 57.3 | 50.7 |
Common stock, Class B | ||
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 - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | |||
Net revenues | $ 6,159.8 | $ 6,313 | $ 6,182.3 |
Cost of goods sold | (2,506.5) | (2,427) | (2,430.6) |
Gross profit | 3,653.3 | 3,886 | 3,751.7 |
Other costs and expenses: | |||
Selling, general and administrative expenses | (3,237.5) | (3,168.3) | (3,095.5) |
Impairment of assets | (31.6) | (25.8) | (50) |
Restructuring and other charges | (67.2) | (130.1) | (108) |
Total other operating expenses, net | (3,336.3) | (3,324.2) | (3,253.5) |
Operating income | 317 | 561.8 | 498.2 |
Interest expense | (17.6) | (20.7) | (18.2) |
Interest income | 34.4 | 40.8 | 12.3 |
Other income (expense), net | (7.4) | 0.6 | (3.1) |
Income before income taxes | 326.4 | 582.5 | 489.2 |
Income tax benefit (provision) | 57.9 | (151.6) | (326.4) |
Net income | $ 384.3 | $ 430.9 | $ 162.8 |
Net income per common share: | |||
Basic | $ 5.07 | $ 5.35 | $ 1.99 |
Diluted | $ 4.98 | $ 5.27 | $ 1.97 |
Weighted-average common shares outstanding: | |||
Basic | 75.8 | 80.6 | 81.7 |
Diluted | 77.2 | 81.7 | 82.5 |
Dividends declared per share | $ 2.75 | $ 2.50 | $ 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 384.3 | $ 430.9 | $ 162.8 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation gains (losses) | (11.9) | (39.2) | 126.9 |
Net gains (losses) on cash flow hedges | (2.2) | 36.2 | (30.6) |
Net gains (losses) on defined benefit plans | (0.7) | (1.9) | 3.6 |
Other comprehensive income (loss), net of tax | (14.8) | (4.9) | 99.9 |
Total comprehensive income | $ 369.5 | $ 426 | $ 262.7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 384.3 | $ 430.9 | $ 162.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 269.5 | 281.3 | 295.2 |
Deferred income tax expense (benefit) | (168.8) | 8.5 | 84.1 |
Loss on sale of property | 0 | 11.6 | 0 |
Non-cash stock-based compensation expense | 100.6 | 88.6 | 74.5 |
Non-cash impairment of assets, including equity method investment | 38.7 | 25.8 | 50 |
Bad debt expense | 58.7 | 0.4 | 10.2 |
Other non-cash charges | (2.3) | 6.5 | 1.7 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 57.6 | 10.1 | 34.5 |
Inventories | 72.3 | (83.6) | 65.4 |
Prepaid expenses and other current assets | 58.2 | (40.5) | (15.1) |
Accounts payable and accrued liabilities | (64.3) | (4.7) | 64.6 |
Income tax receivables and payables | (42.5) | 29.7 | 165.1 |
Deferred income | 0 | (16.5) | 1.4 |
Other balance sheet changes | (7.4) | 35.7 | (19.3) |
Net cash provided by operating activities | 754.6 | 783.8 | 975.1 |
Cash flows from investing activities: | |||
Capital expenditures | (270.3) | (197.7) | (161.6) |
Purchases of investments | (1,289.7) | (3,030.8) | (1,605.6) |
Proceeds from sales and maturities of investments | 2,240.4 | 2,357.5 | 1,582.7 |
Acquisitions and ventures | 0.9 | (4.5) | (4.6) |
Proceeds from sale of property | 20.8 | 20 | 0 |
Settlement of net investment hedges | 0 | (23.8) | 0 |
Net cash provided by (used in) investing activities | 702.1 | (879.3) | (189.1) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 475 | 0 | 10.1 |
Repayments of borrowings on credit facilities | 0 | (9.9) | 0 |
Proceeds from the issuance of long-term debt | 0 | 398.1 | 0 |
Repayments of long-term debt | 0 | (300) | 0 |
Payments of finance lease obligations | (13.6) | (19.6) | (28.2) |
Payments of dividends | (203.9) | (190.7) | (162.4) |
Repurchases of common stock, including shares surrendered for tax withholdings | (694.8) | (502.6) | (17.1) |
Proceeds from exercise of stock options | 0 | 21.8 | 0.1 |
Other financing activities | (0.9) | (2.8) | 0 |
Net cash used in financing activities | (438.2) | (605.7) | (197.5) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (15.2) | (27.8) | 55.2 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,003.3 | (729) | 643.7 |
Cash, cash equivalents, and restricted cash at beginning of period | 626.5 | 1,355.5 | 711.8 |
Cash, cash equivalents, and restricted cash at end of period | $ 1,629.8 | $ 626.5 | $ 1,355.5 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI [Member] | ||
Beginning balance at Apr. 01, 2017 | $ 3,299.6 | $ 1.2 | [1] | $ 2,308.8 | $ 5,751.9 | $ (4,563.9) | $ (198.4) | [2] |
Beginning balance, shares at Apr. 01, 2017 | 127.4 | [1] | 46.4 | |||||
Comprehensive Income (Loss) | ||||||||
Net income | 162.8 | 162.8 | ||||||
Other comprehensive income (loss) | 99.9 | 99.9 | ||||||
Total comprehensive income (loss) | 262.7 | |||||||
Dividends declared | (162.5) | (162.5) | ||||||
Repurchases of common stock | (17.1) | $ (17.1) | ||||||
Repurchases of common stock, shares | 0.2 | |||||||
Stock-based compensation | 74.5 | 74.5 | ||||||
Shares issued and tax benefits (shortfalls) recognized pursuant to stock-based compensation plans | 0.2 | $ 0.1 | 0.1 | |||||
Shares issued and tax benefits (shortfalls) recognized pursuant to stock-based compensation plans, shares | 0.5 | |||||||
Ending balance at Mar. 31, 2018 | 3,457.4 | $ 1.3 | [1] | 2,383.4 | 5,752.2 | $ (4,581) | (98.5) | [2] |
Ending balance, shares at Mar. 31, 2018 | 127.9 | [1] | 46.6 | |||||
Comprehensive Income (Loss) | ||||||||
Net income | 430.9 | 430.9 | ||||||
Other comprehensive income (loss) | (4.9) | (4.9) | ||||||
Total comprehensive income (loss) | 426 | |||||||
Dividends declared | (198.9) | (198.9) | ||||||
Repurchases of common stock | (502.6) | $ (502.6) | ||||||
Repurchases of common stock, shares | 4.1 | |||||||
Stock-based compensation | 88.6 | 88.6 | ||||||
Shares issued and tax benefits (shortfalls) recognized pursuant to stock-based compensation plans | 21.8 | $ 0 | 21.8 | |||||
Shares issued and tax benefits (shortfalls) recognized pursuant to stock-based compensation plans, shares | 0.9 | |||||||
Cumulative adjustment from adoption of new accounting standards | (5.1) | (5.1) | ||||||
Ending balance at Mar. 30, 2019 | 3,287.2 | $ 1.3 | [1] | 2,493.8 | 5,979.1 | $ (5,083.6) | (103.4) | [2] |
Ending balance, shares at Mar. 30, 2019 | 128.8 | [1] | 50.7 | |||||
Comprehensive Income (Loss) | ||||||||
Net income | 384.3 | 384.3 | ||||||
Other comprehensive income (loss) | (14.8) | (14.8) | ||||||
Total comprehensive income (loss) | 369.5 | |||||||
Dividends declared | (204.9) | (204.9) | ||||||
Repurchases of common stock | (694.8) | $ (694.8) | ||||||
Repurchases of common stock, shares | 6.6 | |||||||
Stock-based compensation | 100.6 | 100.6 | ||||||
Shares issued and tax benefits (shortfalls) recognized pursuant to stock-based compensation plans | 0 | $ 0 | 0 | |||||
Shares issued and tax benefits (shortfalls) recognized pursuant to stock-based compensation plans, shares | 1 | |||||||
Cumulative adjustment from adoption of new accounting standards | (164.5) | (164.5) | ||||||
Ending balance at Mar. 28, 2020 | $ 2,693.1 | $ 1.3 | [1] | $ 2,594.4 | $ 5,994 | $ (5,778.4) | $ (118.2) | [2] |
Ending balance, shares at Mar. 28, 2020 | 129.8 | [1] | 57.3 | |||||
[1] | Includes Class A and Class B common stock. In Fiscal 2020 , 1.0 million shares of Class B common stock were converted into an equal number of shares of Class A common stock pursuant to the terms of the Class B common stock (see Note 16 ). | |||||||
[2] | Accumulated other comprehensive income (loss). |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) shares in Millions | 12 Months Ended |
Mar. 28, 2020shares | |
Statement of Stockholders' Equity [Abstract] | |
Conversion of Stock, Shares Converted | 1 |
Description of Business
Description of Business | 12 Months Ended |
Mar. 28, 2020 | |
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, specialty stores, and third-party digital partners 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 20 for further discussion of the Company's segment reporting structure. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Mar. 28, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Consolidation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") and 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 Year The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2020 ended on March 28, 2020 and was a 52 -week period ("Fiscal 2020 "); fiscal year 2019 ended on March 30, 2019 and was a 52 -week period ("Fiscal 2019 "); fiscal year 2018 ended on March 31, 2018 and was a 52 -week period ("Fiscal 2018 "); and fiscal year 2021 will end on March 27, 2021 and will be a 52-week period ("Fiscal 2021 "). 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 forfeiture rates; reserves for restructuring activity; and accounting for business combinations, among others. Reclassifications Certain reclassifications have been made to the prior periods' 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 20 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 28, 2020 | |
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 March 28, 2020 , contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows: Contractually-Guaranteed Minimum Royalties (a) (millions) Fiscal 2021 $ 119.0 Fiscal 2022 80.7 Fiscal 2023 45.1 Fiscal 2024 27.2 Fiscal 2025 and thereafter 1.1 Total $ 273.1 (a) Amounts presented do not contemplate anticipated contract renewals or royalties earned in excess of the 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: Fiscal Year Ended March 28, 2020 North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 1,727.3 $ 874.6 $ 948.0 $ 191.0 $ 3,740.9 Wholesale 1,413.2 757.6 69.2 10.8 2,250.8 Licensing — — — 168.1 168.1 Total $ 3,140.5 $ 1,632.2 $ 1,017.2 $ 369.9 $ 6,159.8 Fiscal Year Ended March 30, 2019 North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 1,688.5 $ 881.1 $ 969.9 $ 208.3 $ 3,747.8 Wholesale 1,514.4 801.9 71.1 5.1 2,392.5 Licensing — — — 172.7 172.7 Total $ 3,202.9 $ 1,683.0 $ 1,041.0 $ 386.1 $ 6,313.0 Fiscal Year Ended March 31, 2018 North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 1,659.6 $ 857.9 $ 874.1 $ 224.8 $ 3,616.4 Wholesale 1,571.4 750.4 59.6 7.8 2,389.2 Licensing — — — 176.7 176.7 Total $ 3,231.0 $ 1,608.3 $ 933.7 $ 409.3 $ 6,182.3 (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 $14.6 million and $14.8 million as of March 28, 2020 and March 30, 2019 , respectively, and were primarily recorded within accrued expenses and other current liabilities within the consolidated balance sheets. During Fiscal 2020 , the Company recognized $9.3 million of net revenues from amounts recorded as deferred income as of March 30, 2019 . The majority of the deferred income balance as of March 28, 2020 is expected to be recognized as revenue within the next twelve months. Cost of Goods Sold and Selling Expenses Cost of goods sold includes the expenses incurred to acquire and produce inventory for sale, including product costs, freight-in, and import costs, as well as changes in reserves for shrinkage and inventory realizability. Gains and losses associated with forward foreign currency exchange contracts that are designated as qualifying cash flow hedges of inventory transactions are also recognized within cost of goods sold when the hedged inventory is sold. The costs of selling merchandise, including those associated with preparing merchandise for sale, such as picking, packing, warehousing, and order charges ("handling costs"), are included in selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations. Shipping and Handling Costs Costs associated with shipping goods to customers are accounted for as fulfillment activities and reflected as a component of SG&A expenses in the consolidated statements of operations. Shipping and handling costs (described above) billed to customers are included in revenue. A summary of shipping and handling costs is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Shipping costs $ 46.7 $ 49.1 $ 39.1 Handling costs 154.0 153.1 155.4 Advertising and Marketing Costs Advertising costs, including the costs to produce advertising, are expensed when the advertisement is first exhibited. Advertising costs paid to wholesale customers under cooperative advertising programs are not included in advertising costs, but rather are reflected as a reduction of revenue since generally the benefits are not sufficiently separable from the purchases of the Company's products by customers. Costs associated with the marketing and promotion of the Company's products are included within SG&A expenses. Advertising and marketing expenses were $278.0 million , $272.8 million , and $241.1 million in Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively. Deferred advertising, marketing, and promotional costs, which principally relate to advertisements that have not yet been exhibited or services that have not yet been received, were $10.1 million and $9.6 million at the end of Fiscal 2020 and Fiscal 2019 , respectively, and were recorded within prepaid expenses and other current assets in the Company's consolidated balance sheets. Foreign Currency Translation and Transactions The financial position and operating results of the Company's foreign operations are accounted for in their respective functional currencies, which are primarily consistent with the local currency. For purposes of consolidation, local currency assets and liabilities are translated to U.S. Dollars at the rates of exchange in effect on the balance sheet date, and local currency revenues and expenses are translated to U.S. Dollars at average rates of exchange in effect during the period. The resulting translation gains or losses are included in the consolidated statements of comprehensive income as a component of other comprehensive income (loss) ("OCI") and in the consolidated statements of equity within accumulated other comprehensive income (loss) ("AOCI"). Gains and losses on the translation of intercompany loans made to foreign subsidiaries that are of a long-term investment nature are also included within this component of equity. The Company also recognizes gains and losses on both third-party and intercompany balances that are denominated in a currency other than the respective entity's functional currency. Such foreign currency transactional gains and losses are recognized within other income (expense), net in the consolidated statements of operations, inclusive of the effects of any related hedging activities, and reflected net losses of $1.1 million and $2.8 million in Fiscal 2020 and Fiscal 2019 , respectively, and net gains of $4.5 million in Fiscal 2018 . Comprehensive Income Comprehensive income, which is reported in the consolidated statements of comprehensive income and consolidated statements of equity, consists of net income and certain other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income and referred to as OCI. Components of OCI consist of foreign currency translation gains (losses); net realized and unrealized gains (losses) on cash flow hedges, such as forward foreign currency exchange contracts; net realized and unrealized gains (losses) on available-for-sale investments; and net realized and unrealized gains (losses) related to the Company's defined benefit plans. 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 restricted stock units ("RSUs"), stock options, 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: Fiscal Years Ended March 28, March 30, March 31, (millions) Basic shares 75.8 80.6 81.7 Dilutive effect of RSUs and stock options 1.4 1.1 0.8 Diluted shares 77.2 81.7 82.5 All earnings per share amounts have been calculated using unrounded numbers. 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. In addition, 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. As of the end of Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , there were 0.8 million , 1.4 million , and 2.0 million , respectively, of additional shares issuable contingent on vesting of performance-based RSUs and upon exercise of anti-dilutive options, that were excluded from the diluted shares calculations. Stock-Based Compensation The Company recognizes expense for all stock-based compensation awards granted to employees and non-employee directors based on the grant date fair value of the awards over the requisite service period, adjusted for forfeitures which are estimated based on an analysis of historical experience and expected future trends. The grant date fair value of the Company's market-based RSU awards, for which vesting is dependent upon total shareholder return ("TSR") of its Class A common stock over a three-year performance period relative to that of a pre-established peer group, is estimated using a Monte Carlo simulation model. The grant date fair values of restricted stock awards, service-based RSUs, and performance-based RSUs are determined 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 Company uses the Black-Scholes valuation model to estimate the grant date fair value of any stock option awards. Compensation expense for all performance-based RSUs is recognized over the requisite service period when attainment of the performance goal is deemed probable, net of estimated forfeitures. Compensation expense for market-based RSUs, net of estimated forfeitures, is recognized over the requisite service period regardless of whether, and the extent to which, the market condition is ultimately satisfied. The Company recognizes compensation expense on an accelerated basis for all awards with graded vesting terms, including restricted stock, certain RSUs, and stock options. For RSU awards with cliff vesting terms, compensation expense is recognized on a straight-line basis. For certain RSU awards granted to retirement-eligible employees, or employees who will become retirement-eligible prior to the end of the awards' respective stated vesting periods, the related stock-based compensation expense is recognized on an accelerated basis over a term commensurate with the period that the employee is required to provide service in order to vest in the award. See Note 18 for further discussion of the Company's stock-based compensation plans. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities of 90 days or less, including investments in time deposits and debt securities. Investments in debt securities are diversified across high-credit quality issuers in accordance with the Company's risk-management policies. Restricted Cash The Company is periodically required to place cash in escrow with various banks as collateral, primarily to secure guarantees of corresponding amounts made by the banks to international tax authorities on behalf of the Company, such as to secure refunds of value-added tax payments in certain international tax jurisdictions or in the case of certain international tax audits, as well as to secure guarantees related to certain real estate leases. Such cash is classified as restricted cash and reported as a component of either prepaid expenses and other current assets or other non-current assets in the Company's consolidated balance sheets. Investments The Company's investment objectives include capital preservation, maintaining adequate liquidity, diversification to minimize liquidity and credit risk, and achievement of maximum returns within the guidelines set forth in the Company's investment policy. Short-term investments consist of investments which the Company expects to convert into cash within one year, including time deposits and debt securities, which have original maturities greater than 90 days. Non-current investments, which are classified within other non-current assets in the consolidated balance sheets, consist of those investments which the Company does not expect to convert into cash within one year. The Company classifies all of its investments at the time of purchase as available-for-sale. These investments are recorded at fair value with unrealized gains or losses classified as a component of AOCI in the consolidated balance sheets, and related realized gains or losses recorded within income (expense), net, in the consolidated statements of operations. Cash inflows and outflows related to the sale and purchase of investments are classified as investing activities in the Company's consolidated statements of cash flows. Equity-method Investments Investment ownership interests that provide the Company with significant influence, but less than a controlling interest, over an investee are accounted for using the equity method of accounting. Significant influence is generally presumed to exist when the Company owns between 20% and 50% of the investee. Under the equity method of accounting, the following amounts are generally recorded in the Company's consolidated financial statements: the Company's original investment, as subsequently adjusted for its share of the investee's earnings (losses) and reduced by any dividends received and other-than-temporary impairments recorded, is included in the consolidated balance sheets; the Company's share of the investee's periodic earnings (losses) is included in the consolidated statements of operations; and dividends and other cash distributions received from the investee and additional cash investments made in or other cash paid to the investee are included in the consolidated statements of cash flows. The Company's share of equity-method investee earnings and losses is recognized within other income (expense), net, in the consolidated statements of operations, and reflected net gains of $0.1 million and $2.9 million in Fiscal 2020 and Fiscal 2019 , respectively, and net losses of $4.5 million in Fiscal 2018 . Impairment Assessment The Company evaluates its investments that are in unrealized loss positions, if any, and equity method investments for other-than-temporary impairment on a quarterly basis (see Note 12 ). Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers or investees. Factors considered by the Company include (i) the length of time and the extent to which an investment's fair value has been below its cost; (ii) the financial condition, credit worthiness, and near-term prospects of the issuer; (iii) the length of time to maturity; (iv) future economic conditions and market forecasts; (v) the Company's intent and ability to retain its investment for a period of time sufficient to allow for recovery of market value; (vi) an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value; and (vii) whether events or changes in circumstances indicate that the investment's carrying amount might not be recoverable. See Note 13 for further information relating to the Company's investments. During Fiscal 2020, the Company recorded a $7.1 million impairment charge within other income (expense), net in the consolidated statements of operations relating to an equity method investment (see Note 8 ). 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: Fiscal Years Ended March 28, March 30, March 31, (millions) Beginning reserve balance $ 176.5 $ 202.5 $ 202.8 Amount charged against revenue to increase reserve 580.1 543.8 585.0 Amount credited against customer accounts to decrease reserve (550.3 ) (563.0 ) (596.6 ) Foreign currency translation (1.6 ) (6.8 ) 11.3 Ending reserve balance $ 204.7 $ 176.5 $ 202.5 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 their ability to withstand prolonged periods of adverse economic conditions, and evaluation of the impact of other economic and market conditions, among other factors. The Company's estimated allowance for doubtful accounts as of March 28, 2020 reflects adverse impacts associated with COVID-19 business disruptions, which include temporary department and specialty store closures worldwide, as well as declines in retail traffic, tourism, and consumer spending on discretionary items. A rollforward of the activity in the Company's allowance for doubtful accounts is presented below: Fiscal Years Ended March 28, March 30, March 31, (millions) Beginning reserve balance $ 15.7 $ 19.7 $ 11.6 Amount recorded to expense to increase reserve (a) 58.7 0.4 10.2 Amount written-off against customer accounts to decrease reserve (2.6 ) (3.5 ) (3.2 ) Foreign currency translation (0.3 ) (0.9 ) 1.1 Ending reserve balance $ 71.5 $ 15.7 $ 19.7 (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 stores, specialty stores, and third-party digital partners 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 2020 , the Company's sales to its three largest wholesale customers accounted for approximately 18% 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 March 28, 2020 , these three key wholesale customers constituted approximately 32% 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, specialty stores, and third-party digital partners. Substantially all of the Company's inventories consist of finished goods, which are stated at the lower of cost or estimated realizable value, with cost determined on a weighted-average cost basis. The estimated realizable value of inventory is determined based on an analysis of historical sales trends of the Company's individual product lines, the impact of market trends and economic conditions, and a forecast of future demand, giving consideration to the value of current in-house orders for future sales of inventory, as well as plans to sell inventory through the Company's factory stores, among other liquidation channels. Actual results may differ from estimates due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and actual economic and market conditions. In addition, reserves for inventory shrinkage, representing the risk of physical loss of inventory, are estimated based on historical experience and are adjusted based upon physical inventory counts. The Company's historical estimates of the realizable value of its inventory and its reserves for inventory shrinkage have not differed materially from actual results. However, unforeseen adverse future economic and market conditions, such as those resulting from disease pandemics and other catastrophic events, could result in the Company's actual results differing materially from its estimates. The Company's estimated realizable value of its inventory as of March 28, 2020 reflects adverse impacts associated with COVID-19 business disruptions, which include temporary closures of the Company's stores and those of its wholesale customers worldwide, as well as declines in retail traffic, tourism, and consumer spending on discretionary items. Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method based upon the estimated useful lives of depreciable assets, which range from three to seven years for furniture and fixtures, machinery and equipment, and capitalized software; and from ten to forty years for buildings and improvements. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the respective assets or the term of the related lease. Property and equipment, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable (see Note 12 ). In evaluating long-lived assets for recoverability, including finite-lived intangibles as described below, the Company uses its best estimate of future cash flows expected to result from the use of the asset and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than its carrying value, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value, considering external market participant assumptions. Assets to be disposed of and for which there is a committed plan for disposal are reported at the lower of carrying value or fair value, less costs to sell. 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 three to fifteen 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 not considered reasonably certain of exercising, as well as periods covered by renewal options for which it is considered 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 such 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 an amount equal to the lease payments 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 whenever events or circumstances indicate that their carrying values may not be fully recoverable (see Note 12 ). To the extent that an ROU asset and any related long-live |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Mar. 28, 2020 | |
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 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 upfront 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. It is expected that application of 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. While the Company's historical bad debt write-off activity has generally been insignificant, similar to current practice, the extent of losses ultimately recognized will depend on prevailing conditions and ongoing consideration of information and forecasts that inform assessments of collectability. 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. 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 impairments 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 14 for further discussion of the Company's lease accounting policy and other related disclosures. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 28, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, net consists of the following: March 28, March 30, (millions) Land and improvements $ 15.3 $ 15.3 Buildings and improvements 309.0 387.8 Furniture and fixtures 629.5 626.4 Machinery and equipment 378.8 350.4 Capitalized software 543.3 534.0 Leasehold improvements 1,194.5 1,169.4 Construction in progress 37.5 58.7 3,107.9 3,142.0 Less: accumulated depreciation (2,128.4 ) (2,102.8 ) Property and equipment, net $ 979.5 $ 1,039.2 Depreciation expense was $246.6 million , $257.8 million , and $271.2 million during Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively, and is recorded primarily within SG&A expenses in the consolidated statements of operations. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The following table details the changes in goodwill for each of the Company's segments during Fiscal 2020 and Fiscal 2019 : North America Europe Asia Other Non-reportable Segments (a) Total (a) (millions) Balance at March 31, 2018 $ 421.8 $ 317.9 $ 78.8 $ 132.0 $ 950.5 Foreign currency translation — (27.9 ) (3.0 ) — (30.9 ) Balance at March 30, 2019 421.8 290.0 75.8 132.0 919.6 Foreign currency translation — (4.9 ) 0.8 — (4.1 ) Balance at March 28, 2020 $ 421.8 $ 285.1 $ 76.6 $ 132.0 $ 915.5 (a) The goodwill balance for each period presented is net of accumulated impairment charges of $5.2 million related to the Company's other non-reportable segments. Based on the results of the Company's goodwill impairment testing in Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , no goodwill impairment charges were recorded. See Note 12 for further discussion of the Company's goodwill impairment testing. Other Intangible Assets Other intangible assets consist of the following: March 28, 2020 March 30, 2019 Gross Carrying Amount Accum. Amort. Net Gross Carrying Amount Accum. Amort. Net (millions) Intangible assets subject to amortization: Re-acquired licensed trademarks $ 231.6 $ (155.4 ) $ 76.2 $ 231.3 $ (146.8 ) $ 84.5 Customer relationships 253.9 (199.0 ) 54.9 253.2 (184.0 ) 69.2 Other 10.1 (7.5 ) 2.6 10.1 (7.4 ) 2.7 Total intangible assets subject to amortization 495.6 (361.9 ) 133.7 494.6 (338.2 ) 156.4 Intangible assets not subject to amortization: Trademarks and brands 7.3 N/A 7.3 7.3 N/A 7.3 Total intangible assets $ 502.9 $ (361.9 ) $ 141.0 $ 501.9 $ (338.2 ) $ 163.7 Amortization Expense Amortization expense was $22.9 million , $23.5 million , and $24.0 million during Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively, and is recorded within SG&A expenses in the consolidated statements of operations. Based on the balance of the Company's finite-lived intangible assets subject to amortization as of March 28, 2020 , the expected amortization expense for each of the next five fiscal years and thereafter is as follows: Amortization Expense (millions) Fiscal 2021 $ 19.8 Fiscal 2022 17.9 Fiscal 2023 14.4 Fiscal 2024 13.2 Fiscal 2025 12.9 Fiscal 2026 and thereafter 55.5 Total $ 133.7 The expected future amortization expense above reflects weighted-average estimated remaining useful lives of 9.9 years for re-acquired licensed trademarks, 7.9 years for customer relationships, and 9.2 years for the Company's finite-lived intangible assets in total. |
Other Assets and Liabilities
Other Assets and Liabilities | 12 Months Ended |
Mar. 28, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Assets and Liabilities | Other Assets and Liabilities Prepaid expenses and other current assets consist of the following: March 28, March 30, (millions) Non-trade receivables $ 27.0 $ 30.8 Other taxes receivable 24.7 137.9 Prepaid software maintenance 23.2 19.8 Derivative financial instruments 13.7 19.8 Prepaid advertising and marketing 10.1 9.6 Inventory return asset 8.9 18.4 Prepaid occupancy expense 6.7 38.0 Tenant allowances receivable 1.8 8.2 Restricted cash 1.4 11.9 Assets held-for-sale (a) — 20.8 Other prepaid expenses and current assets 43.3 44.1 Total prepaid expenses and other current assets $ 160.8 $ 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 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 Ralph Lauren Corporate Foundation (formerly known as the Polo Ralph Lauren Foundation), a non-profit, charitable foundation that supports various philanthropic programs. Other non-current assets consist of the following: March 28, March 30, (millions) Derivative financial instruments $ 48.6 $ 12.2 Security deposits 29.4 24.5 Restricted cash 8.0 30.5 Non-current investments — 44.9 Other non-current assets 25.9 46.4 Total other non-current assets $ 111.9 $ 158.5 Accrued expenses and other current liabilities consist of the following: March 28, March 30, (millions) Accrued payroll and benefits $ 186.2 $ 232.5 Accrued operating expenses 176.4 235.2 Accrued inventory 167.1 141.0 Dividends payable 49.8 48.8 Other taxes payable 47.9 158.3 Accrued capital expenditures 29.1 47.6 Restructuring reserve 25.5 60.4 Deferred income 14.6 14.1 Finance lease obligations 9.8 22.3 Derivative financial instruments 6.9 3.6 Other accrued expenses and current liabilities 3.8 4.6 Total accrued expenses and other current liabilities $ 717.1 $ 968.4 Other non-current liabilities consist of the following: March 28, March 30, (millions) Finance lease obligations $ 189.4 $ 212.6 Deferred lease incentives and obligations 57.8 202.7 Accrued benefits and deferred compensation 19.5 26.2 Deferred tax liabilities 10.0 50.2 Restructuring reserve 2.0 11.4 Derivative financial instruments — 11.9 Other non-current liabilities 29.8 25.9 Total other non-current liabilities $ 308.5 $ 540.9 |
Impairment of Assets
Impairment of Assets | 12 Months Ended |
Mar. 28, 2020 | |
Asset Impairment Charges [Abstract] | |
Impairments of Assets | Impairment of Assets During Fiscal 2020 , the Company recorded non-cash impairment charges of $31.6 million to write-down certain long-lived assets, of which $8.7 million was recorded in connection with its restructuring plans (see Note 9 ) and $22.9 million of which related to underperforming stores identified through its on-going store portfolio evaluation and adverse impacts associated with COVID-19 business disruptions. These charges were recorded within impairment of assets in the consolidated statements of operations. In addition, the Company recorded a $7.1 million impairment charge within other income (expense), net in the consolidated statements of operations during Fiscal 2020 relating to an equity method investment. During Fiscal 2019 , the Company recorded non-cash impairment charges of $21.2 million to write-down certain long-lived assets, of which $10.7 million was recorded in connection with its restructuring plans (see Note 9 ) and $10.5 million of which related to underperforming stores identified as a result of its on-going store portfolio evaluation. Additionally, as a result of its decision to sell its corporate jet in connection with its cost savings initiative, the Company recorded a non-cash impairment charge of $4.6 million during Fiscal 2019 to reduce the carrying value of the asset held-for-sale to its estimated fair value, less costs to sell. During Fiscal 2018 , the Company recorded non-cash impairment charges of $41.2 million , to write-down certain long-lived assets, of which $16.0 million was recorded in connection with its restructuring plans (see Note 9 ) and $25.2 million of which related to underperforming stores identified as a result of its on-going store portfolio evaluation. Additionally, as a result of a change in the planned usage of a certain intangible asset, the Company recorded a non-cash impairment charge of $8.8 million during Fiscal 2018 to reduce the carrying value of the intangible asset to its estimated fair value. See Note 12 for further discussion of the non-cash impairment charges recorded during the fiscal years presented. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Mar. 28, 2020 | |
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 included 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 are complete and no additional charges are expected to be incurred in connection with this plan. A summary of the 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: Fiscal Year Ended Cumulative Charges March 28, March 30, (millions) Cash-related restructuring charges: Severance and benefit costs $ 30.1 $ 60.2 $ 90.3 Lease termination and store closure costs 0.5 1.8 2.3 Other cash charges 3.4 7.4 10.8 Total cash-related restructuring charges 34.0 69.4 103.4 Non-cash charges: Impairment of assets (see Note 8) 8.7 10.3 19.0 Inventory-related charges (a) 2.2 6.0 8.2 Accelerated stock-based compensation expense (b) 3.6 — 3.6 Loss on sale of property (c) — 11.6 11.6 Total non-cash charges 14.5 27.9 42.4 Total charges $ 48.5 $ 97.3 $ 145.8 (a) Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. (b) Accelerated stock-based compensation expense, 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 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 the 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 31, 2018 $ — $ — $ — $ — Additions charged to expense 60.2 1.8 7.4 69.4 Cash payments charged against reserve (19.0 ) (2.1 ) (7.3 ) (28.4 ) Non-cash adjustments (0.2 ) 0.8 — 0.6 Balance at March 30, 2019 41.0 0.5 0.1 41.6 Additions charged to expense 30.1 0.5 3.4 34.0 Cash payments charged against reserve (47.6 ) (0.6 ) (2.9 ) (51.1 ) Non-cash adjustments (a) — (0.4 ) — (0.4 ) Balance at March 28, 2020 $ 23.5 $ — $ 0.6 $ 24.1 (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 ). Way Forward Plan On June 2, 2016, the Company's Board of Directors approved a restructuring plan with the objective of delivering sustainable, profitable sales growth and long-term value creation for shareholders (the "Way Forward Plan"). In connection with the Way Forward Plan, the Company refocused on its core brands and its product, marketing, and shopping experience to increase desirability and relevance. It also evolved its operating model by significantly improving quality of sales, reducing supply chain lead times, improving its sourcing, and executing a disciplined multi-channel distribution and expansion strategy. The Company reduced its cost structure and implemented a return on investment-driven financial model to free up resources to invest in the brand and drive high-quality sales. The Company also strengthened its leadership team and created a more nimble organization by moving from an average of nine to six layers of management. The Way Forward Plan also included the discontinuance of the Company's Denim & Supply brand and the integration of its denim product offerings into its Polo Ralph Lauren brand. Collectively, these actions, which were substantially completed during the Company's fiscal year ended April 1, 2017 ("Fiscal 2017"), resulted in a reduction in workforce and the closure of certain stores and shop-within-shops. On March 30, 2017, the Company's Board of Directors approved the following additional restructuring-related activities associated with the Way Forward Plan: (i) the restructuring of its in-house global digital commerce platform which was in development and shifting to a more cost-effective, flexible platform through a new agreement with Salesforce's Commerce Cloud, formerly known as Demandware; (ii) the closure of its Polo store at 711 Fifth Avenue in New York City; and (iii) the further streamlining of the organization and the execution of other key corporate actions. These additional restructuring-related activities were largely completed during Fiscal 2018 and resulted in a further reduction in workforce and the closure of certain corporate office and store locations. Actions associated with the Way Forward Plan are complete and no additional charges are expected to be incurred in connection with this plan. A summary of the charges recorded in connection with the Way Forward Plan during the fiscal periods presented, as well as the cumulative charges recorded since its inception, is as follows: Fiscal Years Ended Cumulative Charges March 30, March 31, (millions) Cash-related restructuring charges: Severance and benefits costs $ 7.0 $ 39.0 $ 228.7 Lease termination and store closure costs 1.4 33.2 121.9 Other cash charges 0.8 6.3 26.2 Total cash-related restructuring charges 9.2 78.5 376.8 Non-cash charges: Impairment of assets (see Note 8) 0.4 16.0 251.0 Inventory-related charges (a) 1.2 7.6 206.7 Accelerated stock-based compensation expense (b) — 0.7 0.7 Other non-cash charges 3.4 — 3.4 Total non-cash charges 5.0 24.3 461.8 Total charges $ 14.2 $ 102.8 $ 838.6 (a) Cumulative inventory-related charges include $155.2 million associated with the destruction of inventory out of current liquidation channels. Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. (b) Accelerated stock-based compensation expense, 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. A summary of the activity in the restructuring reserve related to the Way Forward Plan is as follows: Severance and Benefits Costs Lease Termination and Store Closure Costs Other Cash Charges Total (millions) Balance at April 1, 2017 $ 94.3 $ 34.3 $ 6.6 $ 135.2 Additions charged to expense 39.0 33.2 6.3 78.5 Cash payments charged against reserve (97.9 ) (22.8 ) (11.1 ) (131.8 ) Non-cash adjustments 2.2 8.8 — 11.0 Balance at March 31, 2018 37.6 53.5 1.8 92.9 Additions charged to expense 7.0 1.4 0.8 9.2 Cash payments charged against reserve (37.7 ) (33.6 ) (2.2 ) (73.5 ) Non-cash adjustments (0.4 ) 0.6 — 0.2 Balance at March 30, 2019 6.5 21.9 0.4 28.8 Additions charged to expense — — — — Cash payments charged against reserve (4.9 ) (2.1 ) (0.1 ) (7.1 ) Non-cash adjustments (a) — (18.3 ) — (18.3 ) Balance at March 28, 2020 $ 1.6 $ 1.5 $ 0.3 $ 3.4 (a) Includes $17.7 million of certain lease-related liabilities previously recognized in connection with the Company's closure and cessation of use of real estate locations that 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 The Company made cash payments of $0.2 million , $3.2 million , and $7.6 million during Fiscal 2020, Fiscal 2019, and Fiscal 2018, respectively, which were applied against the reserve associated with its restructuring plan initiated prior to Fiscal 2017. Additionally, during Fiscal 2020, $1.2 million of 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 ). As of March 28, 2020, there was no remaining restructuring reserve associated with this plan, and no charges were recorded for this plan in any of the fiscal years presented. Other Charges During 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 Ralph Lauren Corporate Foundation (formerly known as the Polo Ralph Lauren Foundation), a non-profit, charitable foundation that supports various philanthropic programs. Additionally, during Fiscal 2020, the Company recorded other charges of $8.8 million 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. During Fiscal 2019, the Company recorded other charges of $14.1 million related to depreciation expense associated with the Company's 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 Fiscal 2019, the Company recorded other charges of $4.2 million primarily related to a customs audit, as well as $18.2 million primarily related to the launch of its new sabbatical leave program, which entitles eligible employees to periodic paid leave based on the attainment of certain employment tenure milestones. Other than this initial charge to establish its estimated liability for services rendered to-date, the Company does not expect there will be a significant, ongoing impact to the consolidated financial statements in future periods related to its sabbatical leave program. During Fiscal 2018, the Company recorded other charges of $14.1 million related to depreciation expense associated with the Company's former Polo store at 711 Fifth Avenue in New York City, $10.2 million related to a customs audit, and $6.7 million (inclusive of accelerated stock-based compensation expense of $2.1 million ) primarily related to the departure of Mr. Stefan Larsson as the Company's President and Chief Executive Officer and as a member of its Board of Directors, effective as of May 1, 2017. Refer to the Form 8-K filed on February 2, 2017 for additional discussion regarding the departure of Mr. Larsson. These other charges recorded in Fiscal 2018 were partially offset by the favorable impact of $2.2 million related to the reversal of reserves associated with the settlement of certain non-income tax issues. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 28, 2020 | |
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 $122.9 million during Fiscal 2020. This one-time benefit decreased the Company's effective tax rate by 3,760 basis points during Fiscal 2020. U.S. Tax Reform On December 22, 2017, President Trump signed into law new tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "TCJA"), which became effective January 1, 2018. The TCJA significantly revised U.S. tax law by, among other provisions, lowering the U.S. federal statutory income tax rate from 35% to 21% , creating a territorial tax system that includes a one-time mandatory transition tax on previously deferred foreign earnings, and eliminating or reducing certain income tax deductions. ASC Topic 740, "Income Taxes," requires the effects of changes in tax laws to be recognized in the period in which the legislation is enacted. However, due to the complexity and significance of the TCJA's provisions, the SEC staff issued Staff Accounting Bulletin No. 118 ("SAB 118") on December 22, 2017, which allowed companies to record the tax effects of the TCJA on a provisional basis based on a reasonable estimate, and then, if necessary, subsequently adjust such amounts during a limited measurement period as additional information became available and further analyses were completed. The measurement period ends when a company has obtained, prepared, and analyzed the information necessary to finalize its accounting, not to extend beyond one year from enactment. During the third quarter of Fiscal 2018, the Company recorded charges of $231.3 million within its income tax provision in connection with the TCJA, of which $215.5 million related to the mandatory transition tax, and $15.8 million related to the revaluation of the Company's deferred tax assets and liabilities. Subsequently, as a result of finalizing its full Fiscal 2018 operating results, the issuance of new interpretive guidance, and other analyses performed, the Company recorded measurement period adjustments during the fourth quarter of Fiscal 2018, whereby it reversed $6.2 million of the charges related to the mandatory transition tax and $5.5 million related to the revaluation of its deferred taxes. These reversals were partially offset by an incremental charge of $1.8 million related to the expected future remittance of certain previously deferred foreign earnings. Collectively, these net charges of $221.4 million , which were recorded on a provisional basis, increased the Company's effective tax rate by 4,520 basis points during Fiscal 2018. During the second quarter of Fiscal 2019, the Company recorded an additional 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 470 basis points during Fiscal 2019. Approximately $241 million of the cumulative TCJA enactment-related charges recorded related to the mandatory transition tax (see Note 15 ). Additionally, during the fourth quarter of Fiscal 2018 the Company reevaluated its permanent reinvestment assertion and determined that undistributed foreign earnings that were subject to the one-time mandatory transition tax were no longer considered to be permanently reinvested, effective December 31, 2017. The mandatory transition tax does not apply to undistributed foreign earnings generated after December 31, 2017, and therefore the Company intends to permanently reinvest such earnings. See " Deferred Taxes " for additional discussion. The Company also decided to account for the minimum tax on global intangible low-taxed income ("GILTI") in the period in which it is incurred and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for Fiscal 2019. Taxes on Income Domestic and foreign pretax income are as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Domestic $ (82.9 ) $ 66.6 $ 16.4 Foreign 409.3 515.9 472.8 Total income before income taxes $ 326.4 $ 582.5 $ 489.2 Benefits (provisions) for current and deferred income taxes are as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Current: Federal $ 1.5 $ (37.3 ) $ (154.6 ) State and local (19.8 ) (11.9 ) (5.0 ) Foreign (92.6 ) (93.9 ) (82.7 ) (110.9 ) (143.1 ) (242.3 ) Deferred: Federal 18.0 (5.0 ) (64.1 ) State and local 5.6 (6.9 ) (12.6 ) Foreign 145.2 3.4 (7.4 ) 168.8 (8.5 ) (84.1 ) Total income tax benefit (provision) $ 57.9 $ (151.6 ) $ (326.4 ) Tax Rate Reconciliation The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as set forth below: Fiscal Years Ended March 28, March 30, March 31, (millions) Provision for income taxes at the U.S. federal statutory rate (a) $ (68.5 ) $ (122.3 ) $ (154.3 ) Change due to: State and local income taxes, net of federal benefit (1.5 ) (12.4 ) (1.6 ) Foreign income taxed at different rates, net of U.S. foreign tax credits 24.7 27.6 74.7 Unrecognized tax benefits and settlements of tax examinations (9.2 ) (3.4 ) (14.4 ) Changes in valuation allowance on deferred tax assets (1.7 ) (1.4 ) 2.5 TCJA enactment-related charges — (27.6 ) (221.4 ) Swiss Tax Act benefit 125.3 — — Compensation-related adjustments (10.7 ) (11.6 ) (15.4 ) Other (0.5 ) (0.5 ) 3.5 Total income tax benefit (provision) $ 57.9 $ (151.6 ) $ (326.4 ) Effective tax rate (b) (17.7 %) 26.0 % 66.7 % (a) The U.S. federal statutory income tax rate was 21.0% during Fiscal 2020 and Fiscal 2019. The previous statutory rate of 35.0% was reduced to 21.0% by the TCJA effective January 1, 2018, resulting in a blended statutory rate of 31.5% for the Company's Fiscal 2018. (b) Effective tax rate is calculated by dividing the income tax benefit (provision) by income (loss) before income taxes. The Company's Fiscal 2020 effective tax rate was 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 the Swiss Tax Act, as previously discussed, the favorable impact of the change in geographic mix of its worldwide earnings and the favorable impact of tax benefits associated with provision to tax return adjustments, partially offset by the unfavorable impact of additional income tax reserves associated with certain income tax audits. The Company's Fiscal 2019 effective tax rate was higher than the U.S. federal statutory income tax rate of 21% primarily due to the SAB 118 measurement period adjustments recorded, as previously discussed, state and local income taxes, and compensation-related adjustments, partially offset by the favorable impact of the proportion of earnings generated in lower taxed jurisdictions. The Company's Fiscal 2018 effective tax rate was higher than the blended statutory rate of 31.5% primarily due to the enactment-related charges recorded in connection with the TCJA, as previously discussed, the negative impact of the adoption of ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), and the unfavorable impact of additional income tax reserves associated with certain income tax audits, partially offset by the favorable impact of the proportion of earnings generated in lower taxed foreign jurisdictions versus the U.S. and tax benefits associated with adjustments recorded on deferred tax assets and provision to tax return adjustments. Deferred Taxes Significant components of the Company's deferred tax assets and liabilities are as follows: March 28, March 30, (millions) Lease liabilities $ 428.9 $ 44.6 Inventory basis difference 54.0 19.0 Deferred compensation 50.2 53.4 Receivable allowances and reserves 45.6 25.6 Net operating loss carryforwards 42.6 48.9 Unrecognized tax benefits 17.1 8.1 Accrued expenses 10.5 11.8 Transfer pricing 9.0 9.0 Property and equipment 3.0 (24.6 ) Deferred income 0.2 1.2 Deferred rent — 7.3 Lease right-of-use assets (353.0 ) — Goodwill and other intangible assets (30.0 ) (149.8 ) Cumulative translation adjustment and hedges (17.6 ) (7.8 ) Undistributed foreign earnings (3.3 ) (4.7 ) Other 15.3 13.2 Valuation allowance (37.3 ) (38.4 ) Net deferred tax assets (a) $ 235.2 $ 16.8 (a) Net deferred tax balances as of March 28, 2020 and March 30, 2019 were comprised of non-current deferred tax assets of $245.2 million and $67.0 million , respectively, recorded within deferred tax assets, and non-current deferred tax liabilities of $10.0 million and $50.2 million , respectively, recorded within other non-current liabilities in the consolidated balance sheets. The Company has available state and foreign net operating loss carryforwards of $0.7 million and $5.9 million (both net of tax), respectively, for tax purposes to offset future taxable income. The net operating loss carryforwards expire beginning in Fiscal 2021 . The Company also has available state and foreign net operating loss carryforwards of $7.8 million and $28.1 million (both net of tax), respectively, for which no net deferred tax asset has been recognized. A full valuation allowance has been recorded against these carryforwards since the Company does not believe that it will more likely than not be able to utilize these carryforwards to offset future taxable income. Subsequent recognition of these deferred tax assets would result in an income tax benefit in the year of such recognition. The valuation allowance relating to state net operating loss carryforwards increased by $0.6 million (net of tax) as a result of net operating losses in certain jurisdictions where the Company does not believe that it will more likely than not be able to utilize these carryforwards in the future. The valuation allowance relating to foreign net operating loss carryforwards decreased by $1.1 million as a result of reductions in net operating losses in certain jurisdictions. As a result of the taxation of undistributed foreign earnings in connection with the TCJA, the Company reevaluated its permanent reinvestment assertion and determined that undistributed foreign earnings that were subject to the TCJA's one-time mandatory transition tax were no longer considered to be permanently reinvested, effective December 31, 2017. The mandatory transition tax does not apply to undistributed foreign earnings generated after December 31, 2017. Accordingly, provision has not been made for U.S. or additional foreign taxes on approximately $924 million of undistributed earnings of foreign subsidiaries generated after December 31, 2017, as such earnings are expected to be permanently reinvested. These earnings could become subject to tax if they were remitted as dividends, if foreign earnings were lent to RLC, a subsidiary or a U.S. affiliate of RLC, or if the stock of the subsidiaries were sold. Determination of the amount of unrecognized deferred tax liability with respect to such earnings is not practicable. Uncertain Income Tax Benefits Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 Activity Reconciliations of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 are presented below: Fiscal Years Ended March 28, March 30, March 31, (millions) Unrecognized tax benefits beginning balance $ 65.2 $ 64.2 $ 49.9 Additions related to current period tax positions 6.0 4.9 6.8 Additions related to prior period tax positions 30.5 11.7 9.5 Reductions related to prior period tax positions (18.7 ) (5.5 ) (1.3 ) Reductions related to expiration of statutes of limitations (1.2 ) (4.1 ) (3.3 ) Reductions related to settlements with taxing authorities (8.8 ) (3.1 ) (0.7 ) Additions (reductions) related to foreign currency translation (0.3 ) (2.9 ) 3.3 Unrecognized tax benefits ending balance $ 72.7 $ 65.2 $ 64.2 The Company classifies interest and penalties related to unrecognized tax benefits as part of its provision for income taxes. Reconciliations of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 are presented below: Fiscal Years Ended March 28, March 30, March 31, (millions) Accrued interest and penalties beginning balance $ 13.6 $ 15.0 $ 12.8 Net additions charged to expense 7.0 3.0 3.8 Reductions related to prior period tax positions (1.9 ) (3.4 ) (1.6 ) Reductions related to settlements with taxing authorities (2.5 ) (0.8 ) (0.3 ) Additions (reductions) related to foreign currency translation — (0.2 ) 0.3 Accrued interest and penalties ending balance $ 16.2 $ 13.6 $ 15.0 The total amount of unrecognized tax benefits, including interest and penalties, was $88.9 million and $78.8 million as of March 28, 2020 and March 30, 2019 , respectively, and was included within the 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 $71.7 million and $70.7 million as of March 28, 2020 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 | 12 Months Ended |
Mar. 28, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of the following: March 28, March 30, (millions) $300 million 2.625% Senior Notes (a) $ 299.6 $ 293.4 $400 million 3.750% Senior Notes (b) 396.4 395.7 Borrowings outstanding under credit facilities 475.0 — Total debt 1,171.0 689.1 Less: short-term debt and current portion of long-term debt 774.6 — Total long-term debt $ 396.4 $ 689.1 (a) The carrying value of the 2.625% Senior Notes as of March 28, 2020 and March 30, 2019 reflects adjustments of $0.2 million and $5.9 million , respectively, associated with the Company's related interest rate swap contract (see Note 13 ). The carrying value of the 2.625% Senior Notes is also presented net of unamortized debt issuance costs and discount of $0.2 million and $0.7 million as of March 28, 2020 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 $3.6 million and $4.3 million as of March 28, 2020 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 March 28, 2020 , there were no borrowings outstanding under the Commercial Paper Program. Revolving Credit Facilities Global Credit Facility In August 2019, the Company replaced its existing credit facility 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 of the previous facility. The Global Credit Facility is also used to support the issuance of letters of credit and maintenance of the Commercial Paper Program. Borrowings under the Global Credit Facility may be denominated in U.S. Dollars and certain other currencies, including Euros, Hong Kong Dollars, and Japanese Yen, and are guaranteed by all of the Company's domestic significant subsidiaries. In accordance with the terms of the agreement governing the Global Credit Facility, 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. In March 2020, the Company borrowed $475.0 million under the Global Credit Facility as a preemptive action to preserve cash and strengthen its liquidity in response to the COVID-19 pandemic. This borrowing has been classified as short-term debt in the Company's consolidated balance sheet as of March 28, 2020 . The Company was also contingently liable for $9.0 million of outstanding letters of credit, resulting in remaining availability under the Global Credit Facility of $16.0 million as of March 28, 2020 . Under the Global Credit Facility as originally implemented, 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 relating to the unutilized commitments. The commitment fee rate of 6.5 basis points is subject to adjustment based on the Company's credit ratings. These provisions were amended in May 2020, as discussed below. 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. As originally implemented, the Global Credit Facility also required 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. This requirement was amended in May 2020, as discussed below. As of March 28, 2020 , 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. In May 2020, the Company entered into an amendment of its Global Credit Facility (the "Amendment"). Under the Amendment, until the earlier of (a) the date on which the Company provides the periodic reporting information required under the Global Credit Facility for the quarter ending September 30, 2021 and (b) the date on which the Company certifies that its leverage ratio as of the last day of the two most recent fiscal quarters was no greater than 4.25 (the "Ratings-Based Toggle Date"), for loans based on Adjusted LIBOR, the spread over Adjusted LIBOR will be increased to 187.5 basis points , the spread on loans based on the base rate will be 87.5 basis points and the commitment fee will be increased to 25 basis points , in each case with no adjustments based on the Company's credit rating. The pricing will return to the original levels set forth in the Global Credit Facility on the Ratings-Based Toggle Date. Additionally, the leverage ratio requirements have been waived until the quarter ending September 30, 2021 . For that Fiscal Quarter the maximum permitted leverage ratio would be 5.25 to 1.00 . For the fiscal quarter ending December 31, 2021 and the fiscal quarter ending March 31, 2022 the maximum would be 4.75 to 1.00 . For each fiscal quarter ending on or after June 30, 2022 , the leverage ratio test would return to 4.25 to 1.00 . The Amendment also (a) imposes a new requirement that would remain in effect until the Ratings-Based Toggle Date that the aggregate amount of unrestricted cash of the Company and its subsidiaries plus the undrawn amounts available under the Global Credit Facility may not be less than $750 million , (b) restricts the amount of dividends and distributions on, or purchases, redemptions, retirements or acquisitions of, the Company's stock until the Specified Period Termination Date (as defined below), (c) until March 31, 2021, amends the material adverse change representation to disregard pandemic-related impacts to the business and (d) until the Specified Period Termination Date, adds certain other restrictions on indebtedness incurred by the Company and its subsidiaries and investments and acquisitions by the Company and its subsidiaries. The "Specified Period Termination Date" is the earlier of (i) the date on which the Company provides the periodic reporting information required under the Global Credit Facility for the quarter ending June 30, 2022 and (ii) the date on which the Company certifies that its leverage ratio as of the last day of the two most recent fiscal quarters was no greater than 4.25. 364 Day Facility In May 2020, the Company entered into a new credit facility with the same lenders that are parties to the Global Credit Facility (the "364 Day Facility"). The 364 Day Facility provides for a $500 million senior unsecured revolving line of credit and matures on May 25, 2021 ; provided that the maturity date may be earlier if the Company issues senior notes other than to refinance the currently outstanding senior notes due in August 2020. The terms of the 364 Day Facility are otherwise substantially similar to the terms of the Global Credit Facility as in effect until the Specified Period Termination Date, including with respect to having the same borrowers and guarantors, including with respect to having the same borrowers and guarantors, except that (a) no letters of credit may be issued under the 364 Day Facility, (b) the interest rate under the 364 Day Facility is 187.5 basis points above Adjusted LIBOR or 87.5 basis points above the alternate base rate, and the commitment fee is 25 basis points per annum, in each case subject to adjustment based on the Company's credit rating, (c) the 364 Day Facility contains provisions that limit borrowings if consolidated unrestricted cash and liquid investments of the Company exceed $1 billion and (d) there is no leverage ratio requirement under the 364 Day Facility. Under the terms of the 364 Day Facility, if the Company does not satisfy certain customary closing conditions by June 15, 2020 (which date will be extended to June 17, 2020 under certain circumstances), the lenders' commitment to make loans will expire. 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, 2021 , 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 $25 million ) through October 30, 2020 . As of March 28, 2020 , there were no borrowings outstanding under the Pan-Asia Credit Facilities. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 28, 2020 | |
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: March 28, March 30, (millions) Investments in commercial paper (a)(b) $ 243.6 $ 290.7 Derivative assets (a) 62.3 32.0 Derivative liabilities (a) 6.9 15.5 (a) Based on Level 2 measurements. (b) Amount as of March 28, 2020 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: March 28, 2020 March 30, 2019 Carrying Value (a) Fair Value (b) Carrying Value (a) Fair Value (b) (millions) $300 million 2.625% Senior Notes $ 299.6 $ 299.8 $ 293.4 $ 299.1 $400 million 3.750% Senior Notes 396.4 415.1 395.7 410.0 Borrowings outstanding under credit facilities 475.0 473.0 — — (a) See Note 11 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 value 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 Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , the Company recorded non-cash impairment charges 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 charges recorded by the Company during the fiscal years presented in order to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date: Fiscal Years Ended March 28, 2020 March 30, 2019 March 31, 2018 Long-Lived Asset Category Fair Value As of Impairment Date Total Impairments (a) Fair Value As of Impairment Date Total Impairments (a) Fair Value As of Impairment Date Total Impairments (a) (millions) Property and equipment, net (b) $ 2.4 $ 16.8 $ 20.8 $ 25.8 $ — $ 41.2 Operating lease right-of-use assets (c) 120.8 239.9 N/A N/A N/A N/A Intangible assets, net (d) N/A — N/A — 2.9 8.8 Equity method investment 1.3 7.1 N/A — N/A — (a) Impairment of equity method investment is recorded within other income (expense), net in the consolidated statements of operations. All other impairment charges are recorded within impairments of assets in the consolidated statements of operations, unless otherwise noted. (b) Total impairment charges for Fiscal 2019 includes $4.6 million recorded to reduce the carrying value of the Company's held-for-sale corporate jet to its estimated fair value less costs to sell of $20.8 million as of March 30, 2019. Balance was reclassified from property and equipment, net to prepaid expenses and other current assets in the consolidated balance sheet upon being classified as an asset held-for-sale. The asset was subsequently sold during Fiscal 2020 (see Note 7 ). (c) Total impairment charges for Fiscal 2020 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 ). (d) Non-cash impairment charge recorded during Fiscal 2018 relates a change in the planned usage of a certain intangible asset. See Note 8 for additional discussion regarding non-cash impairment charges recorded by the Company within the consolidated statements of operations during the fiscal years presented. No goodwill impairment charges were recorded during any of the fiscal years presented. In Fiscal 2020 , the Company performed its annual goodwill impairment assessment using a qualitative approach as of the beginning of the second quarter of the fiscal year. 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 then-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. Subsequent to performing its Fiscal 2020 annual goodwill impairment assessment, the Company determined that indicators of impairment were present during the fourth quarter of Fiscal 2020 as a result of adverse business disruptions related to the COVID-19 pandemic, including the temporary closure of its stores in North America, Europe, and Asia. As a result, the Company performed an interim assessment of the recoverability of goodwill assigned to its reporting units using a quantitative approach as of March 28, 2020. The estimated fair values of the Company's reporting units were determined with the assistance of an independent third-party valuation firm using discounted cash flows and market comparisons. Based on the results of the quantitative impairment assessment, the Company concluded that the fair values of its reporting units significantly exceeded their respective carrying values and were not at risk of impairment. Accordingly, no goodwill impairment charges were recorded. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 28, 2020 | |
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. Accordingly, the Company uses derivative financial instruments to manage and mitigate such risks. The Company does not use derivatives for speculative or trading purposes. The following table summarizes the Company's outstanding derivative instruments recorded on its consolidated balance sheets as of March 28, 2020 and March 30, 2019 : Notional Amounts Derivative Assets Derivative Liabilities Derivative Instrument (a) March 28, 2020 March 30, 2019 March 28, March 30, March 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 $ 229.0 $ 636.3 PP $ 7.4 PP $ 19.5 AE $ 0.4 AE $ 2.3 IRS — Fixed-rate debt 300.0 300.0 — — AE 0.2 ONCL 5.9 Net investment hedges (c) 683.6 695.3 ONCA 48.6 ONCA 12.2 AE 4.0 ONCL 6.0 Total Designated Hedges 1,212.6 1,631.6 56.0 31.7 4.6 14.2 Undesignated Hedges: FC — Undesignated hedges (d) 473.5 146.6 PP 6.3 PP 0.3 AE 2.3 AE 1.3 Total Hedges $ 1,686.1 $ 1,778.2 $ 62.3 $ 32.0 $ 6.9 $ 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) Relates to third-party and intercompany foreign currency-denominated exposures and balances. The Company presents the fair values of its derivative assets and liabilities recorded on 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 March 28, 2020 and March 30, 2019 would be adjusted from the current gross presentation as detailed in the following table: March 28, 2020 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 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements Net (millions) Derivative assets $ 62.3 $ (6.1 ) $ 56.2 $ 32.0 $ (4.8 ) $ 27.2 Derivative liabilities 6.9 (6.1 ) 0.8 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 fiscal years presented: Gains (Losses) Fiscal Years Ended March 28, March 30, March 31, (millions) Designated Hedges: FC — Cash flow hedges $ 24.0 $ 47.5 $ (45.5 ) Net investment hedges — effective portion 7.7 64.5 (90.9 ) Net investment hedges — portion excluded from assessment of hedge effectiveness 30.7 1.6 — Total Designated Hedges $ 62.4 $ 113.6 $ (136.4 ) Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings Fiscal Years Ended March 28, 2020 March 30, 2019 March 31, 2018 Cost of goods sold Other income (expense), net Cost of Other income (expense), net Cost of 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 $ (2,506.5 ) $ (7.4 ) $ (2,427.0 ) $ 0.6 $ (2,430.6 ) $ (3.1 ) Effects of cash flow hedging: FC — Cash flow hedges 24.9 1.1 5.0 1.7 (8.2 ) (2.9 ) Gains (Losses) from Net Investment Hedges Recognized in Earnings Location of Gains (Losses) Recognized in Earnings Fiscal Years Ended March 28, March 30, March 31, (millions) Net Investment Hedges: Net investment hedges — portion excluded from assessment of hedge effectiveness (a) $ 19.0 $ 19.0 $ 10.5 Interest expense Total Net Investment Hedges $ 19.0 $ 19.0 $ 10.5 (a) Amounts recognized in OCI relating 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 March 28, 2020 , it is estimated that $20.7 million of pretax n et 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 fiscal years presented: Gains (Losses) Recognized in Earnings Location of Gains (Losses) Recognized in Earnings Fiscal Years Ended March 28, March 30, March 31, (millions) Undesignated Hedges: FC — Undesignated hedges $ 16.0 $ 3.1 $ 2.4 Other income (expense), net Total Undesignated Hedges $ 16.0 $ 3.1 $ 2.4 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 for managing the level of exposure to such exchange rate risk, relating primarily to the Euro, the Japanese Yen, the South Korean Won, the Australian Dollar, the Canadian Dollar, the British Pound Sterling, the Swiss Franc, and the Chinese Renminbi, the Company generally hedges a portion of its related exposures anticipated over the next twelve months using forward foreign currency exchange contracts with maturities of two months to one year to provide continuing coverage over the period of the respective exposure. Interest Rate Swap Contracts During Fiscal 2016, the Company entered into two pay-floating rate, receive-fixed rate interest rate swap contracts which it designated as hedges against changes in the respective fair values of its fixed-rate 2.125% Senior Notes and its fixed-rate 2.625% Senior Notes, attributed to changes in a benchmark interest rate (the "Interest Rate Swaps"). The interest rate swap related to the 2.125% Senior Notes (the "2.125% Interest Rate Swap"), which matured on September 26, 2018 concurrent with the maturity of the related debt, had a notional amount of $300 million and swapped the fixed interest rate on the 2.125% Senior Notes for a variable interest rate based on the 3-month LIBOR plus a fixed spread. The interest rate swap related to the 2.625% Senior Notes (the "2.625% Interest Rate Swap"), which matures on August 18, 2020 and also 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 3-month LIBOR plus a fixed spread. Changes in the fair values of the Interest Rate Swaps were offset by changes in the fair values of the 2.125% Senior Notes and 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 years presented. The following table summarizes the carrying values of the 2.625% Senior Notes and the impacts of the related fair value hedging adjustments as of March 28, 2020 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 March 28, March 30, March 28, March 30, (millions) $300 million 2.625% Senior Notes Current portion of long-term debt $ 299.6 N/A $ (0.2 ) 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 two pay-floating rate, receive-floating rate cross-currency swap contracts with notional amounts of €280 million and €274 million that were designated as hedges of its net investment in certain of its European subsidiaries. The €280 million notional cross-currency swap, which was settled during the second quarter of Fiscal 2019, swapped the U.S. Dollar-denominated variable interest rate payments based on 3-month LIBOR plus a fixed spread (as paid under the 2.125% Interest Rate Swap discussed above) for Euro-denominated variable interest rate payments based on the 3-month Euro Interbank Offered Rate ("EURIBOR") plus a fixed spread, which, in combination with the 2.125% Interest Rate Swap, economically converted the Company's previously-outstanding $300 million fixed-rate 2.125% Senior Notes obligation to a €280 million floating-rate Euro-denominated obligation. Similarly, the €274 million notional 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 EURIBOR plus a fixed spread, which in combination 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 March 28, 2020 , the Company's investments were all classified as short-term and consisted of $252.3 million of time deposits and $243.6 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 impairment charges were recorded in any of the fiscal years presented. See Note 3 for further discussion of the Company's accounting policies relating to its investments. |
Leases
Leases | 12 Months Ended |
Mar. 28, 2020 | |
Lessee Disclosure [Abstract] | |
Leases | Leases The following table summarizes ROU assets and lease liabilities recorded on the Company's consolidated balance sheet as of March 28, 2020 : March 28, Location Recorded on Balance Sheet (millions) Assets: Operating leases $ 1,511.6 Operating lease right-of-use assets Finance leases 166.4 Property and equipment, net Total lease assets $ 1,678.0 Liabilities: Operating leases : Current portion $ 288.4 Current operating lease liabilities Non-current portion 1,568.3 Long-term operating lease liabilities Total operating lease liabilities 1,856.7 Finance leases : Current portion 9.8 Accrued expenses and other current liabilities Non-current portion 189.4 Other non-current liabilities Total finance lease liabilities 199.2 Total lease liabilities $ 2,055.9 The following table summarizes the composition of net lease cost during Fiscal 2020 : Fiscal Year Ended March 28, Location Recorded in Earnings Operating lease cost $ 322.0 (a) Finance lease costs : Depreciation of leased assets 18.1 SG&A expenses Accretion of lease liabilities 8.1 Interest expense Variable lease cost 298.0 (b) Short-term lease cost 5.5 SG&A expenses Sublease income (2.9 ) Restructuring and other charges Total lease cost $ 648.8 (a) $4.4 million included within cost of goods sold, $307.3 million included within SG&A expenses, and $10.3 million included within restructuring and other charges. (b) $4.7 million included within cost of goods sold, $290.3 million included within SG&A expenses, and $3.0 million included within restructuring and other charges. In accordance with lease accounting guidance in effect prior to its adoption of ASU 2016-02, during Fiscal 2019 and Fiscal 2018 , the Company recognized rent expense of approximately $449.3 million and $443.1 million , respectively, net of insignificant sublease income, related to its operating leases, which included contingent rental charges of approximately $192.0 million and $175.9 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 during Fiscal 2020 : Fiscal Year Ended March 28, (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 383.9 Operating cash flows from finance leases 8.0 Financing cash flows from finance leases 13.6 See Note 21 for supplemental non-cash information related to ROU assets obtained in exchange for new lease liabilities. The following table presents a maturity analysis summary of the Company's lease liabilities recorded on the consolidated balance sheet as of March 28, 2020 : March 28, 2020 Operating Leases Finance Leases (millions) Fiscal 2021 $ 323.6 $ 16.0 Fiscal 2022 325.4 22.6 Fiscal 2023 292.6 22.3 Fiscal 2024 259.2 22.3 Fiscal 2025 206.8 22.3 Fiscal 2026 and thereafter 615.7 153.8 Total lease payments 2,023.3 259.3 Less: interest (166.6 ) (60.1 ) Total lease liabilities $ 1,856.7 $ 199.2 Additionally, the Company has approximately $119 million of future payment obligations related to executed lease agreements for which the related lease terms had not yet commenced as of March 28, 2020 . 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 March 28, 2020 : March 28, 2020 Operating Leases Finance Leases Weighted-average remaining lease term (years) 7.6 12.7 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 | 12 Months Ended |
Mar. 28, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies U.S. Tax Reform In connection with the TCJA's provision that subjects previously deferred foreign earnings to a one-time mandatory transition tax, the Company recorded cumulative charges of approximately $241 million within its income tax provision in prior fiscal years (as described in Note 10 ). The remaining related income tax payable obligation of $146.7 million as of March 28, 2020 , which was reduced by foreign tax credits and other federal income tax activity, is expected to be paid as follows: Mandatory Transition Tax Payments (a) (millions) Fiscal 2021 $ 14.0 Fiscal 2022 14.0 Fiscal 2023 14.0 Fiscal 2024 26.2 Fiscal 2025 34.9 Fiscal 2026 and thereafter 43.6 Total mandatory transition tax payments $ 146.7 (a) Included within current and non-current income tax payable in the consolidated balance sheets based upon the estimated timing of payments. See Note 10 for further discussion of the TCJA and its enactment-related impacts on the Company's consolidated financial statements. Employee Agreements The Company has employment agreements with certain executives in the normal course of business which provide for compensation and certain other benefits. These agreements also provide for severance payments under certain circumstances. Other Commitments Other off-balance sheet firm commitments amounted to $665.6 million as of March 28, 2020 , including inventory purchase commitments of $534.9 million , outstanding letters of credit of $9.0 million , interest payments related to the Company's debt of $90.6 million , and other commitments of $31.1 million , comprised of the Company's legally-binding obligations under sponsorship, licensing, and other marketing and advertising agreements, information technology-related service agreements, and pension-related obligations. Other Matters 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 | 12 Months Ended |
Mar. 28, 2020 | |
Equity [Abstract] | |
Equity | Equity Capital Stock The Company's capital stock consists of two classes of common stock. There are 500 million shares of Class A common stock and 100 million shares of Class B common stock authorized to be issued. Shares of Class A and Class B common stock have substantially identical rights, except with respect to voting rights. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. Holders of both classes of stock vote together as a single class on all matters presented to the stockholders for their approval, except with respect to the election and removal of directors or as otherwise required by applicable law. All outstanding shares of Class B common stock are owned by Mr. Ralph Lauren, the Company's Executive Chairman and Chief Creative Officer, and entities controlled by the Lauren family, and are convertible at any time into shares of Class A common stock on a one-for-one basis. Class B Common Stock Conversions During Fiscal 2020 , 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: Fiscal Years Ended March 28, March 30, March 31, (in millions) Cost of shares repurchased $ 650.3 $ 470.0 $ — Number of shares repurchased 6.2 3.8 0.0 On May 13, 2019 , the Company's Board of Directors approved an expansion of the Company's existing common stock repurchase program that allowed it to repurchase up to an additional $600 million of Class A common stock. As of March 28, 2020 , the remaining availability under the Company's Class A common stock repurchase program was approximately $580 million . Repurchases of shares of Class A common stock are subject to overall business and market conditions. Accordingly, as a result of current business disruptions related to the COVID-19 pandemic, the Company has temporarily suspended its common stock repurchase program as a preemptive action to preserve cash and strengthen its liquidity. In addition, during Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , 0.4 million , 0.3 million , and 0.2 million shares of Class A common stock, respectively, at a cost of $44.5 million , $32.6 million , and $17.1 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. Dividends paid amounted to $203.9 million , $190.7 million , and $162.4 million in Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively. As a result of current business disruptions related to the COVID-19 pandemic, the Company has temporarily suspended its quarterly cash dividend program as a preemptive action to preserve cash and strengthen its liquidity. Any decision to declare and pay dividends in the future will be made at the discretion of the Company's Board of Directors and will depend on the Company's results of operations, cash requirements, financial condition, and other factors that the Board of Directors may deem relevant, including economic and market conditions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Mar. 28, 2020 | |
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, 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 April 1, 2017 $ (206.2 ) $ 14.6 $ (6.8 ) $ (198.4 ) Other comprehensive income (loss), net of tax: OCI before reclassifications 126.9 (40.5 ) 0.9 87.3 Amounts reclassified from AOCI to earnings — 9.9 2.7 12.6 Other comprehensive income (loss), net of tax 126.9 (30.6 ) 3.6 99.9 Balance at March 31, 2018 (79.3 ) (16.0 ) (3.2 ) (98.5 ) Other comprehensive income (loss), net of tax: OCI before reclassifications (39.2 ) 42.2 (2.0 ) 1.0 Amounts reclassified from AOCI to earnings — (6.0 ) 0.1 (5.9 ) Other comprehensive income (loss), net of tax (39.2 ) 36.2 (1.9 ) (4.9 ) Balance at March 30, 2019 (118.5 ) 20.2 (5.1 ) (103.4 ) Other comprehensive income (loss), net of tax: OCI before reclassifications (7.0 ) 21.2 (1.6 ) 12.6 Amounts reclassified from AOCI to earnings (4.9 ) (23.4 ) 0.9 (27.4 ) Other comprehensive loss, net of tax (11.9 ) (2.2 ) (0.7 ) (14.8 ) Balance at March 28, 2020 $ (130.4 ) $ 18.0 $ (5.8 ) $ (118.2 ) (a) OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes income tax provisions of $9.2 million and $10.8 million for Fiscal 2020 and Fiscal 2019 , respectively, and includes an income tax benefit of $23.3 million for Fiscal 2018 . OCI before reclassifications to earnings includes gains of $29.0 million (net of a $9.4 million income tax provision) and $50.2 million (net of a $15.9 million income tax provision) for Fiscal 2020 and Fiscal 2019 , respectively, and includes a loss of $59.6 million (net of a $31.3 million income tax benefit) for Fiscal 2018 , related to the effective portion of changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 13 ). Amounts reclassified from AOCI to earnings related to foreign currency translation gains (losses) during Fiscal 2020 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 $2.8 million and $5.3 million for Fiscal 2020 and Fiscal 2019 , respectively, and are presented net of an income tax benefit of $5.0 million for Fiscal 2018 . 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 all periods presented. The following table presents reclassifications from AOCI to earnings for cash flow hedges, by component: Fiscal Years Ended March 28, March 30, March 31, Location of Gains (Losses) Reclassified from AOCI to Earnings (millions) Gains (losses) on cash flow hedges (a) : FC — Cash flow hedges $ 24.9 $ 5.0 $ (8.2 ) Cost of goods sold FC — Cash flow hedges 1.1 1.7 (2.9 ) Other income (expense), net Tax effect (2.6 ) (0.7 ) 1.2 Income tax benefit (provision) Net of tax $ 23.4 $ 6.0 $ (9.9 ) (a) FC = Forward foreign currency exchange contracts. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Long-term Stock Incentive Plans 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. As of March 28, 2020 , 3.8 million shares remained available for future issuance under the Company's incentive plans. Stock-based compensation awards that may be made under the 2019 Incentive Plan include, but are not limited to, (i) restricted stock, (ii) RSUs, and (iii) stock options. During the fiscal periods presented, annual grants consisted entirely of restricted stock and RSUs. Additionally, for RSUs granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, vesting continues post-retirement for all or a portion of the remaining unvested RSUs. Impact on Results A summary of total stock-based compensation expense and the related income tax benefits recognized is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Compensation expense (a) $ 100.6 $ 88.6 $ 74.5 Income tax benefit (15.3 ) (13.1 ) (25.3 ) (a) Fiscal 2020 and Fiscal 2018 includes $3.6 million and $2.8 million , respectively, of accelerated stock-based compensation expense recorded within restructuring and other charges in the consolidated statements of operations (see Note 9 ). 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. Restricted Stock Awards and Service-based RSUs Restricted shares granted to non-employee directors vest ratably over a three -year period, subject to the director's continued service to the Company. The fair values of restricted stock awards are based on the fair value of the Company's Class A common stock on the date of grant. Holders of restricted shares are entitled to receive cash dividends in connection with the payments of dividends on the Company's Class A common stock. Effective beginning Fiscal 2019, non-employee directors are now granted service-based RSUs in lieu of restricted shares. Service-based RSUs granted to certain of the Company's senior executives and other employees, as well as non-employee directors, generally vest over a three -year period, subject to the employee's continuing employment (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed). The fair values of service-based RSUs 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. A summary of restricted stock and service-based RSU activity during Fiscal 2020 is as follows: Restricted Stock Service- based RSUs Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value (thousands) (thousands) Nonvested at March 30, 2019 10 $ 86.01 1,112 $ 94.99 Granted — N/A 543 102.27 Vested (6 ) 88.30 (480 ) 90.64 Forfeited — N/A (81 ) 100.28 Nonvested at March 28, 2020 4 $ 81.78 1,094 $ 100.92 Restricted Stock Service- based RSUs Total unrecognized compensation expense at March 28, 2020 (millions) $ — $ 36.6 Weighted-average period expected to be recognized over (years) 0.0 1.6 Additional information pertaining to restricted stock and service-based RSU activity is as follows: Fiscal Years Ended March 28, March 30, March 31, Restricted Stock: Weighted-average grant date fair value of awards granted N/A N/A N/A Total fair value of awards vested (millions) $ 0.9 $ 1.0 N/A Service-based RSUs: Weighted-average grant date fair value of awards granted $ 102.27 $ 113.38 $ 73.59 Total fair value of awards vested (millions) $ 52.5 $ 50.0 $ 30.0 Performance-based RSUs The Company grants performance-based RSUs to its senior executives and other key employees. The fair values of performance-based RSUs 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. Performance-based RSUs generally vest (i) upon the completion of a three -year period of time (cliff vesting), subject to the employee's continuing employment (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed) and the Company's achievement of certain performance goals established at the beginning of the three -year performance period or (ii) ratably, over a three -year period of time (graded vesting), subject to the employee's continuing employment during the applicable vesting period (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed) and the achievement by the Company of certain performance goals in the initial year of the three -year vesting period. For performance-based RSUs subject to cliff vesting, beginning with grants in Fiscal 2019, the number of shares that may be earned ranges between 0% (if the specified threshold performance level is not attained) and 200% (if performance meets or exceeds the maximum achievement level) of the awards originally granted. For such awards granted in recent years prior to Fiscal 2019, the number of shares that may be earned ranges between 0% (if the specified threshold performance level is not attained) and 150% (if performance meets or exceeds the maximum achievement level) of the awards originally granted. If actual performance exceeds the pre-established threshold, the number of shares earned is calculated based on the relative performance between specified levels of achievement. A summary of performance-based RSU activity during Fiscal 2020 is as follows: Performance-based RSUs Number of Shares Weighted-Average Grant Date Fair Value (thousands) Nonvested at March 30, 2019 1,011 $ 84.16 Granted 289 83.16 Change due to performance condition achievement 123 86.65 Vested (482 ) 86.91 Forfeited (7 ) 76.40 Nonvested at March 28, 2020 934 $ 82.83 Performance-based RSUs Total unrecognized compensation expense at March 28, 2020 (millions) $ 28.2 Weighted-average period expected to be recognized over (years) 1.5 Additional information pertaining to performance-based RSU activity is as follows: Fiscal Years Ended March 28, March 30, March 31, Performance-based RSUs: Weighted-average grant date fair value of awards granted $ 83.16 $ 129.78 $ 69.40 Total fair value of awards vested (millions) $ 52.8 $ 31.8 $ 12.9 Market-based RSUs During Fiscal 2019, the Company began granting cliff vesting RSU awards to its senior executives and other key employees, which, in addition to being subject to continuing employment requirements (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed), are also subject to a market condition based on TSR performance. The number of shares that vest upon the completion of a three -year period of time is determined by comparing the Company's TSR relative to that of a pre-established peer group over the related three -year performance period. Depending on the Company's level of achievement, the number of shares that ultimately vest may range from 0% to 200% of the awards originally granted. 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. Compensation expense, net of estimated forfeitures, is recorded regardless of whether, and the extent to which, the market condition is ultimately satisfied. The assumptions used to estimate the fair value of TSR awards granted during Fiscal 2020 and Fiscal 2019 were as follows: Fiscal Year Ended March 28, March 30, 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 % Weighted-average grant date fair value $ 90.59 $ 177.13 A summary of market-based RSU activity during Fiscal 2020 is as follows: Market-based RSUs Number of Shares Weighted-Average Grant Date Fair Value (thousands) Nonvested at March 30, 2019 76 $ 177.31 Granted 159 90.59 Change due to market condition achievement — N/A Vested — N/A Forfeited (1 ) 137.35 Nonvested at March 28, 2020 234 $ 118.46 Market-based RSUs Total unrecognized compensation expense at March 28, 2020 (millions) $ 14.1 Weighted-average period expected to be recognized over (years) 1.8 Additional information pertaining to market-based RSU activity is as follows: Fiscal Years Ended March 28, March 30, March 31, Market-based RSUs: Weighted-average grant date fair value of awards granted $ 90.59 $ 177.13 N/A Total fair value of awards vested (millions) N/A N/A N/A Stock Options Stock options are granted to employees and non-employee directors with exercise prices equal to the fair market value of the Company's Class A common stock on the date of grant. Generally, options become exercisable ratably (graded-vesting schedule) over a three -year vesting period, subject to the employee's continuing employment. Stock options generally expire seven years from the date of grant. No stock options were granted during any of the fiscal years presented. A summary of stock option activity during Fiscal 2020 is as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (a) (thousands) (years) (millions) Options outstanding at March 30, 2019 834 $ 162.53 1.5 $ — Granted — N/A Exercised — N/A Cancelled/Forfeited (316 ) 151.48 Options outstanding at March 28, 2020 518 $ 169.37 0.9 $ — Options vested at March 28, 2020 (b) 518 $ 169.37 0.9 $ — Options exercisable at March 28, 2020 518 $ 169.37 0.9 $ — (a) Aggregate intrinsic value is the amount by which the market price of the Company's Class A common stock at the end of the period exceeds the exercise price of the stock option, multiplied by the number of options. (b) There were no nonvested stock options as of March 28, 2020 . Accordingly, there was no related unrecognized compensation expense as of March 28, 2020 . Additional information pertaining to the Company's stock option plans is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Aggregate intrinsic value of stock options exercised (a) $ — $ 1.2 $ — Cash received from the exercise of stock options — 21.8 0.1 Tax benefits realized on exercise of stock options — 3.7 — (a) Aggregate intrinsic value is the amount by which the market price of the Company's Class A common stock exceeded the stock option's exercise price when exercised, multiplied by the number of options. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 28, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Contribution Plans The Company sponsors defined contribution benefit plans covering substantially all eligible employees in the U.S. and Puerto Rico who are not covered by a collective bargaining agreement. The plans include a savings plan feature under Section 401(k) of the Internal Revenue Code. The Company makes matching contributions to the plans equal to 50% of the first 6% of salary contributed by an eligible employee. Additionally, the Company makes a supplemental matching contribution for plan years in which the Company achieves an "above target" performance level based on certain goals established at the beginning of each fiscal year, increasing the matching contribution to between 67% and 100% depending on the performance level achieved, of the first 6% of salary contributed by eligible employees, not to exceed the maximum contribution permitted by the plan. Under the terms of the plans, a participant becomes 100% vested in the Company's matching contributions after five years of credited service. Contributions made by the Company under these plans were $8.7 million , $11.2 million , and $10.6 million in Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively. International Defined Benefit Plans The Company sponsors certain single-employer defined benefit plans and cash balance plans at international locations which are not considered to be material individually or in the aggregate to the Company's financial statements. Pension benefits under these plans are based on formulas that reflect the employees' years of service and compensation levels during their employment period. The aggregate funded status of the single-employer defined benefit plans reflected net liabilities of $4.0 million and $2.8 million as of March 28, 2020 and March 30, 2019 , respectively, and were primarily recorded within other non-current liabilities in the Company's consolidated balance sheets. These single-employer defined benefit plans had aggregate projected benefit obligations of $52.4 million and aggregate fair values of plan assets of $48.4 million as of March 28, 2020 , compared to aggregate projected benefit obligations of $48.1 million and aggregate fair values of plan assets of $45.3 million as of March 30, 2019 . The asset portfolio of the single-employer defined benefit plans primarily consists of fixed income securities, which have been measured at fair value largely using Level 2 inputs, as described in Note 12 . Net pension expense for these plans was $5.0 million , $4.2 million , and $6.6 million in Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively. The service cost component of $4.7 million , $4.4 million , and $4.6 million in Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively, was recorded within SG&A expenses in the Company's consolidated statements of operations. All other components of net pension expense during the fiscal years presented were recorded within other income (expense), net, in the Company's consolidated statement of operations. Union Pension Plan The Company participates in a multi-employer pension plan and is required to make contributions to the Workers United union (which was previously known as UNITE HERE) (the "Union") for dues based on wages paid to union employees. A portion of these dues is allocated by the Union to a retirement fund which provides defined benefits to substantially all unionized workers. The Company does not participate in the management of the plan and has not been furnished with information with respect to the type of benefits provided, vested and non-vested benefits, or assets. Under the Employee Retirement Income Security Act of 1974, as amended, an employer, upon withdrawal from or termination of a multi-employer plan, is required to continue funding its proportionate share of the plan's unfunded vested benefits. Such liability was assumed in conjunction with the acquisition of certain assets from a non-affiliated licensee. The Company has no current intention of withdrawing from the plan. Other Compensation Plans The Company had a non-qualified supplemental retirement plan for certain highly compensated employees whose benefits under the 401(k) profit sharing retirement savings plans were expected to be constrained by the operation of Internal Revenue Code limitations. These supplemental benefits vested over time and the related compensation expense was recognized over the vesting period. Effective August 2008, the Company amended this plan, resulting in a suspension of the annual contributions for substantially all plan participants. Further, affected participants were provided with a one-time election to either withdraw all benefits vested in the plan in a lump sum amount or remain in the plan and receive future distributions of benefits. As of March 28, 2020 and March 30, 2019 , amounts accrued under this plan totaled $3.4 million and $5.1 million , respectively, and were classified within other non-current liabilities in the consolidated balance sheets. Total compensation expense recognized related to these benefits was not material in any of the fiscal years presented. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 28, 2020 | |
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, as well as to various third-party digital partners. • 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. 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. Asset information by segment is not utilized for purposes of assessing performance or allocating resources, and therefore such information has not been presented. 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 how 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 for each of the Company's segments are as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Net revenues: North America $ 3,140.5 $ 3,202.9 $ 3,231.0 Europe 1,632.2 1,683.0 1,608.3 Asia 1,017.2 1,041.0 933.7 Other non-reportable segments 369.9 386.1 409.3 Total net revenues $ 6,159.8 $ 6,313.0 $ 6,182.3 Operating income for each of the Company's segments is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Operating income (a) : North America $ 486.6 $ 682.8 $ 677.6 Europe 336.3 392.8 361.0 Asia 124.8 161.0 137.2 Other non-reportable segments 85.2 118.7 103.2 1,032.9 1,355.3 1,279.0 Unallocated corporate expenses (648.7 ) (663.4 ) (672.8 ) Unallocated restructuring and other charges (b) (67.2 ) (130.1 ) (108.0 ) Total operating income $ 317.0 $ 561.8 $ 498.2 (a) Segment operating income during Fiscal 2020 reflects bad debt expense of $38.7 million , $15.2 million , $1.7 million , and $3.1 million related to North America, Europe, Asia, and other non-reportable segments, respectively, primarily related to adverse impacts associated with COVID-19 business disruptions. Segment operating income during Fiscal 2020 also reflects higher inventory charges of approximately $108 million , $42 million , $17 million , and $8 million as compared to the prior fiscal year related to North America, Europe, Asia, and other non-reportable segments, respectively, primarily related to adverse impacts associated with COVID-19 business disruptions. Segment operating income and unallocated corporate expenses during the fiscal years presented also included asset impairment charges (see Note 8 ), which are detailed below: Fiscal Years Ended March 28, March 30, March 31, (millions) Asset impairment charges: North America $ (1.9 ) $ (3.1 ) $ (4.7 ) Europe — (5.4 ) (1.2 ) Asia (3.7 ) (4.4 ) (1.0 ) Other non-reportable segments (19.3 ) (7.0 ) (22.4 ) Unallocated corporate expenses (6.7 ) (5.9 ) (20.7 ) Total asset impairment charges $ (31.6 ) $ (25.8 ) $ (50.0 ) (b) The fiscal years presented included certain unallocated restructuring and other charges (see Note 9 ), which are detailed below: Fiscal Years Ended March 28, March 30, March 31, (millions) Unallocated restructuring and other charges: North America-related $ (1.2 ) $ (27.0 ) $ (15.5 ) Europe-related (3.3 ) (14.9 ) (4.6 ) Asia-related (0.9 ) (0.9 ) 2.5 Other non-reportable segment-related (0.8 ) (4.5 ) (8.4 ) Corporate operations-related (31.4 ) (46.3 ) (53.2 ) Unallocated restructuring charges (37.6 ) (93.6 ) (79.2 ) Other charges (see Note 9) (29.6 ) (36.5 ) (28.8 ) Total unallocated restructuring and other charges $ (67.2 ) $ (130.1 ) $ (108.0 ) The following tables summarize depreciation and amortization expense and capital expenditures for each of the Company's segments: Fiscal Years Ended March 28, March 30, March 31, (millions) Depreciation and amortization expense: North America $ 74.6 $ 81.8 $ 82.5 Europe 32.8 33.6 34.9 Asia 59.3 49.1 50.3 Other non-reportable segments 5.4 7.2 10.6 Unallocated corporate 97.4 95.5 102.8 Unallocated restructuring and other charges (see Note 9) — 14.1 14.1 Total depreciation and amortization expense $ 269.5 $ 281.3 $ 295.2 Fiscal Years Ended March 28, March 30, March 31, (millions) Capital expenditures: North America $ 48.5 $ 74.6 $ 41.9 Europe 34.3 26.6 28.8 Asia 59.6 45.2 40.7 Other non-reportable segments 7.3 5.0 5.0 Unallocated corporate 120.6 46.3 45.2 Total capital expenditures $ 270.3 $ 197.7 $ 161.6 Net revenues and long-lived assets by geographic location of the reporting subsidiary are as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Net revenues (a) : The Americas (b) $ 3,516.4 $ 3,602.2 $ 3,652.1 Europe (c) 1,625.3 1,668.6 1,595.2 Asia (d) 1,018.1 1,042.2 935.0 Total net revenues $ 6,159.8 $ 6,313.0 $ 6,182.3 March 28, March 30, (millions) Long-lived assets (a)(e) : The Americas (b) $ 1,383.6 $ 789.6 Europe (c) 772.9 140.0 Asia (d) 334.6 109.6 Total long-lived assets $ 2,491.1 $ 1,039.2 (a) Net revenues and long-lived assets 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. were $3.308 billion , $3.379 billion , and $3.427 billion in Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively. Long-lived assets located in the U.S. were $1.327 billion and $766.1 million as of March 28, 2020 and March 30, 2019 , respectively. (c) Includes the Middle East. (d) Includes Australia and New Zealand. (e) Long-lived assets as of March 28, 2020 reflect operating lease ROU assets resulting from the Company’s adoption of ASU 2016-02 (see Note 4). |
Additional Financial Informatio
Additional Financial Information | 12 Months Ended |
Mar. 28, 2020 | |
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 March 28, 2020 and March 30, 2019 from the consolidated balance sheets to the consolidated statements of cash flows is as follows: March 28, March 30, (millions) Cash and cash equivalents $ 1,620.4 $ 584.1 Restricted cash included within prepaid expenses and other current assets 1.4 11.9 Restricted cash included within other non-current assets 8.0 30.5 Total cash, cash equivalents, and restricted cash $ 1,629.8 $ 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: Fiscal Years Ended March 28, March 30, March 31, (millions) Cash paid for interest $ 15.4 $ 17.3 $ 11.7 Cash paid for income taxes 135.5 102.0 54.0 Non-cash Transactions Operating and finance lease ROU assets recorded in connection with the recognition of new lease liabilities were $374.0 million and $64.0 million , respectively, during Fiscal 2020 . Additionally, during Fiscal 2018 , the Company recorded new finance (formerly referred to as "capital") lease assets of $3.3 million within its consolidated balance sheet. Non-cash investing activities also included capital expenditures incurred but not yet paid of $29.1 million , $47.6 million , and $37.0 million as of the end of Fiscal 2020 , Fiscal 2019 , and Fiscal 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 Fiscal 2020 , as discussed in Note 16 . There were no other significant non-cash investing or financing activities for any of the fiscal years presented. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 28, 2020 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation |
Fiscal Year | Fiscal Year The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2020 ended on March 28, 2020 and was a 52 -week period ("Fiscal 2020 "); fiscal year 2019 ended on March 30, 2019 and was a 52 -week period ("Fiscal 2019 "); fiscal year 2018 ended on March 31, 2018 and was a 52 -week period ("Fiscal 2018 "); and fiscal year 2021 will end on March 27, 2021 and will be a 52-week period ("Fiscal 2021 "). |
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 forfeiture rates; reserves for restructuring activity; and accounting for business combinations, among others. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior periods' 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 20 . |
Revenue Recognition | Deferred Income 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. |
Cost of Goods Sold and Selling Expenses | Cost of Goods Sold and Selling Expenses Cost of goods sold includes the expenses incurred to acquire and produce inventory for sale, including product costs, freight-in, and import costs, as well as changes in reserves for shrinkage and inventory realizability. Gains and losses associated with forward foreign currency exchange contracts that are designated as qualifying cash flow hedges of inventory transactions are also recognized within cost of goods sold when the hedged inventory is sold. The costs of selling merchandise, including those associated with preparing merchandise for sale, such as picking, packing, warehousing, and order charges ("handling costs"), are included in selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations. |
Shipping and Handling Costs | Shipping and Handling Costs |
Advertising and Marketing Costs | Advertising and Marketing Costs Advertising costs, including the costs to produce advertising, are expensed when the advertisement is first exhibited. Advertising costs paid to wholesale customers under cooperative advertising programs are not included in advertising costs, but rather are reflected as a reduction of revenue since generally the benefits are not sufficiently separable from the purchases of the Company's products by customers. Costs associated with the marketing and promotion of the Company's products are included within SG&A expenses. |
Foreign Currency Translations and Transactions | Foreign Currency Translation and Transactions The financial position and operating results of the Company's foreign operations are accounted for in their respective functional currencies, which are primarily consistent with the local currency. For purposes of consolidation, local currency assets and liabilities are translated to U.S. Dollars at the rates of exchange in effect on the balance sheet date, and local currency revenues and expenses are translated to U.S. Dollars at average rates of exchange in effect during the period. The resulting translation gains or losses are included in the consolidated statements of comprehensive income as a component of other comprehensive income (loss) ("OCI") and in the consolidated statements of equity within accumulated other comprehensive income (loss) ("AOCI"). Gains and losses on the translation of intercompany loans made to foreign subsidiaries that are of a long-term investment nature are also included within this component of equity. The Company also recognizes gains and losses on both third-party and intercompany balances that are denominated in a currency other than the respective entity's functional currency. Such foreign currency transactional gains and losses are recognized within other income (expense), net in the consolidated statements of operations, inclusive of the effects of any related hedging activities, and reflected net losses of $1.1 million and $2.8 million in Fiscal 2020 and Fiscal 2019 , respectively, and net gains of $4.5 million in Fiscal 2018 . |
Comprehensive Income | Comprehensive Income Comprehensive income, which is reported in the consolidated statements of comprehensive income and consolidated statements of equity, consists of net income and certain other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income and referred to as OCI. Components of OCI consist of foreign currency translation gains (losses); net realized and unrealized gains (losses) on cash flow hedges, such as forward foreign currency exchange contracts; net realized and unrealized gains (losses) on available-for-sale investments; and net realized and unrealized gains (losses) related to the Company's defined benefit plans. |
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 restricted stock units ("RSUs"), stock options, and any other potentially dilutive instruments, only in the periods in which such effects are dilutive. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes expense for all stock-based compensation awards granted to employees and non-employee directors based on the grant date fair value of the awards over the requisite service period, adjusted for forfeitures which are estimated based on an analysis of historical experience and expected future trends. The grant date fair value of the Company's market-based RSU awards, for which vesting is dependent upon total shareholder return ("TSR") of its Class A common stock over a three-year performance period relative to that of a pre-established peer group, is estimated using a Monte Carlo simulation model. The grant date fair values of restricted stock awards, service-based RSUs, and performance-based RSUs are determined 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 Company uses the Black-Scholes valuation model to estimate the grant date fair value of any stock option awards. Compensation expense for all performance-based RSUs is recognized over the requisite service period when attainment of the performance goal is deemed probable, net of estimated forfeitures. Compensation expense for market-based RSUs, net of estimated forfeitures, is recognized over the requisite service period regardless of whether, and the extent to which, the market condition is ultimately satisfied. The Company recognizes compensation expense on an accelerated basis for all awards with graded vesting terms, including restricted stock, certain RSUs, and stock options. For RSU awards with cliff vesting terms, compensation expense is recognized on a straight-line basis. For certain RSU awards granted to retirement-eligible employees, or employees who will become retirement-eligible prior to the end of the awards' respective stated vesting periods, the related stock-based compensation expense is recognized on an accelerated basis over a term commensurate with the period that the employee is required to provide service in order to vest in the award. See Note 18 for further discussion of the Company's stock-based compensation plans. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities of 90 days or less, including investments in time deposits and debt securities. Investments in debt securities are diversified across high-credit quality issuers in accordance with the Company's risk-management policies. |
Restricted Cash | Restricted Cash The Company is periodically required to place cash in escrow with various banks as collateral, primarily to secure guarantees of corresponding amounts made by the banks to international tax authorities on behalf of the Company, such as to secure refunds of value-added tax payments in certain international tax jurisdictions or in the case of certain international tax audits, as well as to secure guarantees related to certain real estate leases. Such cash is classified as restricted cash and reported as a component of either prepaid expenses and other current assets or other non-current assets in the Company's consolidated balance sheets. |
Investments | Investments The Company's investment objectives include capital preservation, maintaining adequate liquidity, diversification to minimize liquidity and credit risk, and achievement of maximum returns within the guidelines set forth in the Company's investment policy. Short-term investments consist of investments which the Company expects to convert into cash within one year, including time deposits and debt securities, which have original maturities greater than 90 days. Non-current investments, which are classified within other non-current assets in the consolidated balance sheets, consist of those investments which the Company does not expect to convert into cash within one year. The Company classifies all of its investments at the time of purchase as available-for-sale. These investments are recorded at fair value with unrealized gains or losses classified as a component of AOCI in the consolidated balance sheets, and related realized gains or losses recorded within income (expense), net, in the consolidated statements of operations. Cash inflows and outflows related to the sale and purchase of investments are classified as investing activities in the Company's consolidated statements of cash flows. Equity-method Investments Investment ownership interests that provide the Company with significant influence, but less than a controlling interest, over an investee are accounted for using the equity method of accounting. Significant influence is generally presumed to exist when the Company owns between 20% and 50% of the investee. Under the equity method of accounting, the following amounts are generally recorded in the Company's consolidated financial statements: the Company's original investment, as subsequently adjusted for its share of the investee's earnings (losses) and reduced by any dividends received and other-than-temporary impairments recorded, is included in the consolidated balance sheets; the Company's share of the investee's periodic earnings (losses) is included in the consolidated statements of operations; and dividends and other cash distributions received from the investee and additional cash investments made in or other cash paid to the investee are included in the consolidated statements of cash flows. Impairment Assessment The Company evaluates its investments that are in unrealized loss positions, if any, and equity method investments for other-than-temporary impairment on a quarterly basis (see Note 12 ). Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers or investees. Factors considered by the Company include (i) the length of time and the extent to which an investment's fair value has been below its cost; (ii) the financial condition, credit worthiness, and near-term prospects of the issuer; (iii) the length of time to maturity; (iv) future economic conditions and market forecasts; (v) the Company's intent and ability to retain its investment for a period of time sufficient to allow for recovery of market value; (vi) an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value; and (vii) whether events or changes in circumstances indicate that the investment's carrying amount might not be recoverable. See Note 13 for further information relating to the Company's investments. |
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 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, specialty stores, and third-party digital partners. Substantially all of the Company's inventories consist of finished goods, which are stated at the lower of cost or estimated realizable value, with cost determined on a weighted-average cost basis. The estimated realizable value of inventory is determined based on an analysis of historical sales trends of the Company's individual product lines, the impact of market trends and economic conditions, and a forecast of future demand, giving consideration to the value of current in-house orders for future sales of inventory, as well as plans to sell inventory through the Company's factory stores, among other liquidation channels. Actual results may differ from estimates due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and actual economic and market conditions. In addition, reserves for inventory shrinkage, representing the risk of physical loss of inventory, are estimated based on historical experience and are adjusted based upon physical inventory counts. The Company's historical estimates of the realizable value of its inventory and its reserves for inventory shrinkage have not differed materially from actual results. However, unforeseen adverse future economic and market conditions, such as those resulting from disease pandemics and other catastrophic events, could result in the Company's actual results differing materially from its estimates. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method based upon the estimated useful lives of depreciable assets, which range from three to seven years for furniture and fixtures, machinery and equipment, and capitalized software; and from ten to forty years for buildings and improvements. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the respective assets or the term of the related lease. Property and equipment, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable (see Note 12 ). In evaluating long-lived assets for recoverability, including finite-lived intangibles as described below, the Company uses its best estimate of future cash flows expected to result from the use of the asset and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than its carrying value, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value, considering external market participant assumptions. Assets to be disposed of and for which there is a committed plan for disposal are reported at the lower of carrying value or fair value, less costs to sell. |
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 three to fifteen 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 not considered reasonably certain of exercising, as well as periods covered by renewal options for which it is considered 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 such 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 an amount equal to the lease payments 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 whenever events or circumstances indicate that their carrying values may not be fully recoverable (see Note 12 ). 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 14 for further discussion of the Company's leases. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets At acquisition, the Company estimates and records the fair value of purchased intangible assets, which typically consist of reacquired license agreements, customer relationships, non-compete agreements, and/or order backlog. The fair values of these intangible assets are estimated based on management's assessment, considering independent third-party appraisals when necessary. The excess of the purchase consideration over the fair value of net assets acquired, both tangible and intangible, is recorded as goodwill. Goodwill and certain other intangible assets deemed to have indefinite useful lives are not amortized. Rather, goodwill and such indefinite-lived intangible assets are assessed for impairment at least annually. The Company generally performs its annual goodwill and indefinite-lived intangible assets impairment analyses using a qualitative approach to determine whether it is more likely than not that the fair values of such assets are less than their respective carrying values. If, based on the results of the qualitative assessment, it is concluded that it is not more likely than not that the fair value of the asset exceeds its carrying value, a quantitative test is performed. Under the quantitative test, if the carrying value of the asset exceeds its fair value, an impairment loss is recognized in the amount of the excess. The Company also periodically performs a quantitative test to assess its goodwill for impairment in lieu of using the qualitative approach in order to reassess the fair values of its reporting units. Finite-lived intangible assets are amortized over their respective estimated useful lives and, along with other long-lived assets as noted above, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. See discussion of the Company's accounting policy for long-lived asset impairment as previously described under the caption " Property and Equipment, Net. " |
Income Taxes | Income Taxes Income taxes are provided using the asset and liability method. Under this method, income taxes (i.e., deferred tax assets and liabilities, current taxes payable/refunds receivable, and tax expense) are recorded based on amounts refundable or payable in the current year and include the results of any difference between U.S. GAAP and tax reporting. Deferred income taxes reflect the tax effect of certain net operating losses, capital losses, general business credit carryforwards, and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes, as determined under enacted tax laws and rates. The Company accounts for the financial effect of changes in tax laws or rates in the period of enactment. In addition, valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. Tax valuation allowances are analyzed periodically and adjusted as events occur or circumstances change that warrant adjustments. In determining the income tax benefit (provision) for financial reporting purposes, the Company establishes a reserve for uncertain tax positions. If the Company considers that a tax position is more likely than not of being sustained upon audit, based solely on the technical merits of the position, it recognizes the tax benefit. The Company measures the tax benefit by determining the largest amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position is examined by the appropriate taxing authority that has full knowledge of all relevant information. These assessments can be complex and the Company often obtains assistance from external advisors. To the extent that the Company's estimates change or the final tax outcome of these matters is different than the amounts recorded, such differences will impact the income tax benefit (provision) in the period in which such determinations are made. If the initial assessment fails to result in the recognition of a tax benefit, the Company regularly monitors its position and subsequently recognizes the tax benefit if (i) there are changes in tax law or analogous case law that sufficiently raise the likelihood of prevailing on the technical merits of the position to more likely than not; (ii) the statute of limitations expires; or (iii) there is a completion of an audit resulting in a settlement of that tax year with the appropriate agency. Uncertain tax positions are classified as current only when the Company expects to pay cash within the next twelve months. Interest and penalties are recorded within the income tax benefit (provision) in the Company's consolidated statements of operations and are classified on the consolidated balance sheets together with the related liability for unrecognized tax benefits. See Note 10 |
Derivative Financial Instruments | Derivative Financial Instruments The Company records derivative financial instruments on its consolidated balance sheets at fair value. Changes in the fair value of derivative instruments that are designated and qualify for hedge accounting are either (i) offset through earnings against the changes in fair value of the related hedged assets, liabilities, or firm commitments or (ii) recognized in equity as a component of AOCI until the hedged item is recognized in earnings, depending on whether the instrument is hedging 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 offsetting the risk associated with the related exposure. For each instrument that is designated as a hedge, the Company 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. Given 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 such 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 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. To the extent designated as cash flow hedges, related gains or losses on such instruments are initially deferred in equity as a component of AOCI and are subsequently recognized within cost of goods sold in the consolidated statements of operations when the related inventory is sold. If a derivative instrument is dedesignated or if hedge accounting is discontinued because the instrument is not expected to be highly effective in hedging the designated exposure, any further gains (losses) are recognized in earnings each period within other income (expense), net. Upon discontinuance of hedge accounting, the cumulative change in fair value of the derivative instrument recorded in AOCI is recognized in earnings when the related hedged item affects earnings, consistent with the hedging strategy, unless the related forecasted transaction is probable of not 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 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 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 The Company uses undesignated hedges primarily to hedge foreign currency exchange rate risk related to third-party and intercompany balances and exposures. Changes in the fair value of undesignated derivative instruments are recognized in earnings each period within other income (expense), net. See Note 13 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Summary of Significant Accounting Policies (Tables) [Abstract] | |
Contractually-Guaranteed Minimum Royalties | As of March 28, 2020 , contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows: Contractually-Guaranteed Minimum Royalties (a) (millions) Fiscal 2021 $ 119.0 Fiscal 2022 80.7 Fiscal 2023 45.1 Fiscal 2024 27.2 Fiscal 2025 and thereafter 1.1 Total $ 273.1 (a) Amounts presented do not contemplate anticipated contract renewals or royalties earned in excess of the contractually guaranteed minimums. |
Disaggregation of Revenue | 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: Fiscal Year Ended March 28, 2020 North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 1,727.3 $ 874.6 $ 948.0 $ 191.0 $ 3,740.9 Wholesale 1,413.2 757.6 69.2 10.8 2,250.8 Licensing — — — 168.1 168.1 Total $ 3,140.5 $ 1,632.2 $ 1,017.2 $ 369.9 $ 6,159.8 Fiscal Year Ended March 30, 2019 North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 1,688.5 $ 881.1 $ 969.9 $ 208.3 $ 3,747.8 Wholesale 1,514.4 801.9 71.1 5.1 2,392.5 Licensing — — — 172.7 172.7 Total $ 3,202.9 $ 1,683.0 $ 1,041.0 $ 386.1 $ 6,313.0 Fiscal Year Ended March 31, 2018 North America Europe Asia Other Total (millions) Sales Channel (a) : Retail $ 1,659.6 $ 857.9 $ 874.1 $ 224.8 $ 3,616.4 Wholesale 1,571.4 750.4 59.6 7.8 2,389.2 Licensing — — — 176.7 176.7 Total $ 3,231.0 $ 1,608.3 $ 933.7 $ 409.3 $ 6,182.3 (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 is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Shipping costs $ 46.7 $ 49.1 $ 39.1 Handling costs 154.0 153.1 155.4 |
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: Fiscal Years Ended March 28, March 30, March 31, (millions) Basic shares 75.8 80.6 81.7 Dilutive effect of RSUs and stock options 1.4 1.1 0.8 Diluted shares 77.2 81.7 82.5 |
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 and operational chargebacks | 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: Fiscal Years Ended March 28, March 30, March 31, (millions) Beginning reserve balance $ 176.5 $ 202.5 $ 202.8 Amount charged against revenue to increase reserve 580.1 543.8 585.0 Amount credited against customer accounts to decrease reserve (550.3 ) (563.0 ) (596.6 ) Foreign currency translation (1.6 ) (6.8 ) 11.3 Ending reserve balance $ 204.7 $ 176.5 $ 202.5 |
Allowance for Doubtful Accounts [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 and operational chargebacks | A rollforward of the activity in the Company's allowance for doubtful accounts is presented below: Fiscal Years Ended March 28, March 30, March 31, (millions) Beginning reserve balance $ 15.7 $ 19.7 $ 11.6 Amount recorded to expense to increase reserve (a) 58.7 0.4 10.2 Amount written-off against customer accounts to decrease reserve (2.6 ) (3.5 ) (3.2 ) Foreign currency translation (0.3 ) (0.9 ) 1.1 Ending reserve balance $ 71.5 $ 15.7 $ 19.7 (a) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net consists of the following: March 28, March 30, (millions) Land and improvements $ 15.3 $ 15.3 Buildings and improvements 309.0 387.8 Furniture and fixtures 629.5 626.4 Machinery and equipment 378.8 350.4 Capitalized software 543.3 534.0 Leasehold improvements 1,194.5 1,169.4 Construction in progress 37.5 58.7 3,107.9 3,142.0 Less: accumulated depreciation (2,128.4 ) (2,102.8 ) Property and equipment, net $ 979.5 $ 1,039.2 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The following table details the changes in goodwill for each of the Company's segments during Fiscal 2020 and Fiscal 2019 : North America Europe Asia Other Non-reportable Segments (a) Total (a) (millions) Balance at March 31, 2018 $ 421.8 $ 317.9 $ 78.8 $ 132.0 $ 950.5 Foreign currency translation — (27.9 ) (3.0 ) — (30.9 ) Balance at March 30, 2019 421.8 290.0 75.8 132.0 919.6 Foreign currency translation — (4.9 ) 0.8 — (4.1 ) Balance at March 28, 2020 $ 421.8 $ 285.1 $ 76.6 $ 132.0 $ 915.5 (a) The goodwill balance for each period presented is net of accumulated impairment charges of $5.2 million related to the Company's other non-reportable segments. |
Other Intangible Assets | Other intangible assets consist of the following: March 28, 2020 March 30, 2019 Gross Carrying Amount Accum. Amort. Net Gross Carrying Amount Accum. Amort. Net (millions) Intangible assets subject to amortization: Re-acquired licensed trademarks $ 231.6 $ (155.4 ) $ 76.2 $ 231.3 $ (146.8 ) $ 84.5 Customer relationships 253.9 (199.0 ) 54.9 253.2 (184.0 ) 69.2 Other 10.1 (7.5 ) 2.6 10.1 (7.4 ) 2.7 Total intangible assets subject to amortization 495.6 (361.9 ) 133.7 494.6 (338.2 ) 156.4 Intangible assets not subject to amortization: Trademarks and brands 7.3 N/A 7.3 7.3 N/A 7.3 Total intangible assets $ 502.9 $ (361.9 ) $ 141.0 $ 501.9 $ (338.2 ) $ 163.7 |
Amortization | Based on the balance of the Company's finite-lived intangible assets subject to amortization as of March 28, 2020 , the expected amortization expense for each of the next five fiscal years and thereafter is as follows: Amortization Expense (millions) Fiscal 2021 $ 19.8 Fiscal 2022 17.9 Fiscal 2023 14.4 Fiscal 2024 13.2 Fiscal 2025 12.9 Fiscal 2026 and thereafter 55.5 Total $ 133.7 |
Other Assets and Liabilities (T
Other Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following: March 28, March 30, (millions) Non-trade receivables $ 27.0 $ 30.8 Other taxes receivable 24.7 137.9 Prepaid software maintenance 23.2 19.8 Derivative financial instruments 13.7 19.8 Prepaid advertising and marketing 10.1 9.6 Inventory return asset 8.9 18.4 Prepaid occupancy expense 6.7 38.0 Tenant allowances receivable 1.8 8.2 Restricted cash 1.4 11.9 Assets held-for-sale (a) — 20.8 Other prepaid expenses and current assets 43.3 44.1 Total prepaid expenses and other current assets $ 160.8 $ 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 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 Ralph Lauren Corporate Foundation (formerly known as 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: March 28, March 30, (millions) Derivative financial instruments $ 48.6 $ 12.2 Security deposits 29.4 24.5 Restricted cash 8.0 30.5 Non-current investments — 44.9 Other non-current assets 25.9 46.4 Total other non-current assets $ 111.9 $ 158.5 |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: March 28, March 30, (millions) Accrued payroll and benefits $ 186.2 $ 232.5 Accrued operating expenses 176.4 235.2 Accrued inventory 167.1 141.0 Dividends payable 49.8 48.8 Other taxes payable 47.9 158.3 Accrued capital expenditures 29.1 47.6 Restructuring reserve 25.5 60.4 Deferred income 14.6 14.1 Finance lease obligations 9.8 22.3 Derivative financial instruments 6.9 3.6 Other accrued expenses and current liabilities 3.8 4.6 Total accrued expenses and other current liabilities $ 717.1 $ 968.4 |
Schedule of other non-current liabilities | Other non-current liabilities consist of the following: March 28, March 30, (millions) Finance lease obligations $ 189.4 $ 212.6 Deferred lease incentives and obligations 57.8 202.7 Accrued benefits and deferred compensation 19.5 26.2 Deferred tax liabilities 10.0 50.2 Restructuring reserve 2.0 11.4 Derivative financial instruments — 11.9 Other non-current liabilities 29.8 25.9 Total other non-current liabilities $ 308.5 $ 540.9 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Fiscal 2019 Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | A summary of the 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: Fiscal Year Ended Cumulative Charges March 28, March 30, (millions) Cash-related restructuring charges: Severance and benefit costs $ 30.1 $ 60.2 $ 90.3 Lease termination and store closure costs 0.5 1.8 2.3 Other cash charges 3.4 7.4 10.8 Total cash-related restructuring charges 34.0 69.4 103.4 Non-cash charges: Impairment of assets (see Note 8) 8.7 10.3 19.0 Inventory-related charges (a) 2.2 6.0 8.2 Accelerated stock-based compensation expense (b) 3.6 — 3.6 Loss on sale of property (c) — 11.6 11.6 Total non-cash charges 14.5 27.9 42.4 Total charges $ 48.5 $ 97.3 $ 145.8 (a) Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. (b) Accelerated stock-based compensation expense, 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 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 [Table Text Block] | A summary of the 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 31, 2018 $ — $ — $ — $ — Additions charged to expense 60.2 1.8 7.4 69.4 Cash payments charged against reserve (19.0 ) (2.1 ) (7.3 ) (28.4 ) Non-cash adjustments (0.2 ) 0.8 — 0.6 Balance at March 30, 2019 41.0 0.5 0.1 41.6 Additions charged to expense 30.1 0.5 3.4 34.0 Cash payments charged against reserve (47.6 ) (0.6 ) (2.9 ) (51.1 ) Non-cash adjustments (a) — (0.4 ) — (0.4 ) Balance at March 28, 2020 $ 23.5 $ — $ 0.6 $ 24.1 (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 ). |
Way Forward Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | A summary of the charges recorded in connection with the Way Forward Plan during the fiscal periods presented, as well as the cumulative charges recorded since its inception, is as follows: Fiscal Years Ended Cumulative Charges March 30, March 31, (millions) Cash-related restructuring charges: Severance and benefits costs $ 7.0 $ 39.0 $ 228.7 Lease termination and store closure costs 1.4 33.2 121.9 Other cash charges 0.8 6.3 26.2 Total cash-related restructuring charges 9.2 78.5 376.8 Non-cash charges: Impairment of assets (see Note 8) 0.4 16.0 251.0 Inventory-related charges (a) 1.2 7.6 206.7 Accelerated stock-based compensation expense (b) — 0.7 0.7 Other non-cash charges 3.4 — 3.4 Total non-cash charges 5.0 24.3 461.8 Total charges $ 14.2 $ 102.8 $ 838.6 (a) Cumulative inventory-related charges include $155.2 million associated with the destruction of inventory out of current liquidation channels. Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. (b) Accelerated stock-based compensation expense, 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. |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | A summary of the activity in the restructuring reserve related to the Way Forward Plan is as follows: Severance and Benefits Costs Lease Termination and Store Closure Costs Other Cash Charges Total (millions) Balance at April 1, 2017 $ 94.3 $ 34.3 $ 6.6 $ 135.2 Additions charged to expense 39.0 33.2 6.3 78.5 Cash payments charged against reserve (97.9 ) (22.8 ) (11.1 ) (131.8 ) Non-cash adjustments 2.2 8.8 — 11.0 Balance at March 31, 2018 37.6 53.5 1.8 92.9 Additions charged to expense 7.0 1.4 0.8 9.2 Cash payments charged against reserve (37.7 ) (33.6 ) (2.2 ) (73.5 ) Non-cash adjustments (0.4 ) 0.6 — 0.2 Balance at March 30, 2019 6.5 21.9 0.4 28.8 Additions charged to expense — — — — Cash payments charged against reserve (4.9 ) (2.1 ) (0.1 ) (7.1 ) Non-cash adjustments (a) — (18.3 ) — (18.3 ) Balance at March 28, 2020 $ 1.6 $ 1.5 $ 0.3 $ 3.4 (a) Includes $17.7 million of certain lease-related liabilities previously recognized in connection with the Company's closure and cessation of use of real estate locations that were reclassified and reflected as reductions of the respective operating lease ROU assets initially recognized upon adoption of ASU 2016-02 (see Note 4 ). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Domestic and foreign pretax income (loss) | Domestic and foreign pretax income are as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Domestic $ (82.9 ) $ 66.6 $ 16.4 Foreign 409.3 515.9 472.8 Total income before income taxes $ 326.4 $ 582.5 $ 489.2 |
Benefits (provisions) for current and deferred income taxes | Benefits (provisions) for current and deferred income taxes are as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Current: Federal $ 1.5 $ (37.3 ) $ (154.6 ) State and local (19.8 ) (11.9 ) (5.0 ) Foreign (92.6 ) (93.9 ) (82.7 ) (110.9 ) (143.1 ) (242.3 ) Deferred: Federal 18.0 (5.0 ) (64.1 ) State and local 5.6 (6.9 ) (12.6 ) Foreign 145.2 3.4 (7.4 ) 168.8 (8.5 ) (84.1 ) Total income tax benefit (provision) $ 57.9 $ (151.6 ) $ (326.4 ) |
Tax rate reconciliation | The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as set forth below: Fiscal Years Ended March 28, March 30, March 31, (millions) Provision for income taxes at the U.S. federal statutory rate (a) $ (68.5 ) $ (122.3 ) $ (154.3 ) Change due to: State and local income taxes, net of federal benefit (1.5 ) (12.4 ) (1.6 ) Foreign income taxed at different rates, net of U.S. foreign tax credits 24.7 27.6 74.7 Unrecognized tax benefits and settlements of tax examinations (9.2 ) (3.4 ) (14.4 ) Changes in valuation allowance on deferred tax assets (1.7 ) (1.4 ) 2.5 TCJA enactment-related charges — (27.6 ) (221.4 ) Swiss Tax Act benefit 125.3 — — Compensation-related adjustments (10.7 ) (11.6 ) (15.4 ) Other (0.5 ) (0.5 ) 3.5 Total income tax benefit (provision) $ 57.9 $ (151.6 ) $ (326.4 ) Effective tax rate (b) (17.7 %) 26.0 % 66.7 % (a) The U.S. federal statutory income tax rate was 21.0% during Fiscal 2020 and Fiscal 2019. The previous statutory rate of 35.0% was reduced to 21.0% by the TCJA effective January 1, 2018, resulting in a blended statutory rate of 31.5% for the Company's Fiscal 2018. (b) Effective tax rate is calculated by dividing the income tax benefit (provision) by income (loss) before income taxes. |
Deferred taxes | Significant components of the Company's deferred tax assets and liabilities are as follows: March 28, March 30, (millions) Lease liabilities $ 428.9 $ 44.6 Inventory basis difference 54.0 19.0 Deferred compensation 50.2 53.4 Receivable allowances and reserves 45.6 25.6 Net operating loss carryforwards 42.6 48.9 Unrecognized tax benefits 17.1 8.1 Accrued expenses 10.5 11.8 Transfer pricing 9.0 9.0 Property and equipment 3.0 (24.6 ) Deferred income 0.2 1.2 Deferred rent — 7.3 Lease right-of-use assets (353.0 ) — Goodwill and other intangible assets (30.0 ) (149.8 ) Cumulative translation adjustment and hedges (17.6 ) (7.8 ) Undistributed foreign earnings (3.3 ) (4.7 ) Other 15.3 13.2 Valuation allowance (37.3 ) (38.4 ) Net deferred tax assets (a) $ 235.2 $ 16.8 (a) Net deferred tax balances as of March 28, 2020 and March 30, 2019 were comprised of non-current deferred tax assets of $245.2 million and $67.0 million , respectively, recorded within deferred tax assets, and non-current deferred tax liabilities of $10.0 million and $50.2 million , respectively, recorded within other non-current liabilities in the consolidated balance sheets. |
Reconciliation of unrecognized tax benefits, excluding interest and penalties | Reconciliations of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 are presented below: Fiscal Years Ended March 28, March 30, March 31, (millions) Unrecognized tax benefits beginning balance $ 65.2 $ 64.2 $ 49.9 Additions related to current period tax positions 6.0 4.9 6.8 Additions related to prior period tax positions 30.5 11.7 9.5 Reductions related to prior period tax positions (18.7 ) (5.5 ) (1.3 ) Reductions related to expiration of statutes of limitations (1.2 ) (4.1 ) (3.3 ) Reductions related to settlements with taxing authorities (8.8 ) (3.1 ) (0.7 ) Additions (reductions) related to foreign currency translation (0.3 ) (2.9 ) 3.3 Unrecognized tax benefits ending balance $ 72.7 $ 65.2 $ 64.2 |
Reconciliation of accrued interest and penalties related to unrecognized tax benefits | Reconciliations of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 are presented below: Fiscal Years Ended March 28, March 30, March 31, (millions) Accrued interest and penalties beginning balance $ 13.6 $ 15.0 $ 12.8 Net additions charged to expense 7.0 3.0 3.8 Reductions related to prior period tax positions (1.9 ) (3.4 ) (1.6 ) Reductions related to settlements with taxing authorities (2.5 ) (0.8 ) (0.3 ) Additions (reductions) related to foreign currency translation — (0.2 ) 0.3 Accrued interest and penalties ending balance $ 16.2 $ 13.6 $ 15.0 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt consists of the following: March 28, March 30, (millions) $300 million 2.625% Senior Notes (a) $ 299.6 $ 293.4 $400 million 3.750% Senior Notes (b) 396.4 395.7 Borrowings outstanding under credit facilities 475.0 — Total debt 1,171.0 689.1 Less: short-term debt and current portion of long-term debt 774.6 — Total long-term debt $ 396.4 $ 689.1 (a) The carrying value of the 2.625% Senior Notes as of March 28, 2020 and March 30, 2019 reflects adjustments of $0.2 million and $5.9 million , respectively, associated with the Company's related interest rate swap contract (see Note 13 ). The carrying value of the 2.625% Senior Notes is also presented net of unamortized debt issuance costs and discount of $0.2 million and $0.7 million as of March 28, 2020 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 $3.6 million and $4.3 million as of March 28, 2020 and March 30, 2019 , respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
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: March 28, March 30, (millions) Investments in commercial paper (a)(b) $ 243.6 $ 290.7 Derivative assets (a) 62.3 32.0 Derivative liabilities (a) 6.9 15.5 (a) Based on Level 2 measurements. (b) Amount as of March 28, 2020 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: March 28, 2020 March 30, 2019 Carrying Value (a) Fair Value (b) Carrying Value (a) Fair Value (b) (millions) $300 million 2.625% Senior Notes $ 299.6 $ 299.8 $ 293.4 $ 299.1 $400 million 3.750% Senior Notes 396.4 415.1 395.7 410.0 Borrowings outstanding under credit facilities 475.0 473.0 — — (a) See Note 11 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 charges recorded by the Company during the fiscal years presented in order to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date: Fiscal Years Ended March 28, 2020 March 30, 2019 March 31, 2018 Long-Lived Asset Category Fair Value As of Impairment Date Total Impairments (a) Fair Value As of Impairment Date Total Impairments (a) Fair Value As of Impairment Date Total Impairments (a) (millions) Property and equipment, net (b) $ 2.4 $ 16.8 $ 20.8 $ 25.8 $ — $ 41.2 Operating lease right-of-use assets (c) 120.8 239.9 N/A N/A N/A N/A Intangible assets, net (d) N/A — N/A — 2.9 8.8 Equity method investment 1.3 7.1 N/A — N/A — (a) Impairment of equity method investment is recorded within other income (expense), net in the consolidated statements of operations. All other impairment charges are recorded within impairments of assets in the consolidated statements of operations, unless otherwise noted. (b) Total impairment charges for Fiscal 2019 includes $4.6 million recorded to reduce the carrying value of the Company's held-for-sale corporate jet to its estimated fair value less costs to sell of $20.8 million as of March 30, 2019. Balance was reclassified from property and equipment, net to prepaid expenses and other current assets in the consolidated balance sheet upon being classified as an asset held-for-sale. The asset was subsequently sold during Fiscal 2020 (see Note 7 ). (c) Total impairment charges for Fiscal 2020 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 ). (d) Non-cash impairment charge recorded during Fiscal 2018 relates a change in the planned usage of a certain intangible asset. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
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 recorded on its consolidated balance sheets as of March 28, 2020 and March 30, 2019 : Notional Amounts Derivative Assets Derivative Liabilities Derivative Instrument (a) March 28, 2020 March 30, 2019 March 28, March 30, March 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 $ 229.0 $ 636.3 PP $ 7.4 PP $ 19.5 AE $ 0.4 AE $ 2.3 IRS — Fixed-rate debt 300.0 300.0 — — AE 0.2 ONCL 5.9 Net investment hedges (c) 683.6 695.3 ONCA 48.6 ONCA 12.2 AE 4.0 ONCL 6.0 Total Designated Hedges 1,212.6 1,631.6 56.0 31.7 4.6 14.2 Undesignated Hedges: FC — Undesignated hedges (d) 473.5 146.6 PP 6.3 PP 0.3 AE 2.3 AE 1.3 Total Hedges $ 1,686.1 $ 1,778.2 $ 62.3 $ 32.0 $ 6.9 $ 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) Relates to third-party and intercompany foreign currency-denominated exposures and balances. |
Offsetting Assets | The Company presents the fair values of its derivative assets and liabilities recorded on 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 March 28, 2020 and March 30, 2019 would be adjusted from the current gross presentation as detailed in the following table: March 28, 2020 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 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements Net (millions) Derivative assets $ 62.3 $ (6.1 ) $ 56.2 $ 32.0 $ (4.8 ) $ 27.2 Derivative liabilities 6.9 (6.1 ) 0.8 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 fiscal years presented: Gains (Losses) Fiscal Years Ended March 28, March 30, March 31, (millions) Designated Hedges: FC — Cash flow hedges $ 24.0 $ 47.5 $ (45.5 ) Net investment hedges — effective portion 7.7 64.5 (90.9 ) Net investment hedges — portion excluded from assessment of hedge effectiveness 30.7 1.6 — Total Designated Hedges $ 62.4 $ 113.6 $ (136.4 ) Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings Fiscal Years Ended March 28, 2020 March 30, 2019 March 31, 2018 Cost of goods sold Other income (expense), net Cost of Other income (expense), net Cost of 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 $ (2,506.5 ) $ (7.4 ) $ (2,427.0 ) $ 0.6 $ (2,430.6 ) $ (3.1 ) Effects of cash flow hedging: FC — Cash flow hedges 24.9 1.1 5.0 1.7 (8.2 ) (2.9 ) Gains (Losses) from Net Investment Hedges Recognized in Earnings Location of Gains (Losses) Recognized in Earnings Fiscal Years Ended March 28, March 30, March 31, (millions) Net Investment Hedges: Net investment hedges — portion excluded from assessment of hedge effectiveness (a) $ 19.0 $ 19.0 $ 10.5 Interest expense Total Net Investment Hedges $ 19.0 $ 19.0 $ 10.5 (a) Amounts recognized in OCI relating 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 fiscal years presented: Gains (Losses) Recognized in Earnings Location of Gains (Losses) Recognized in Earnings Fiscal Years Ended March 28, March 30, March 31, (millions) Undesignated Hedges: FC — Undesignated hedges $ 16.0 $ 3.1 $ 2.4 Other income (expense), net Total Undesignated Hedges $ 16.0 $ 3.1 $ 2.4 |
Fair Value Hedging Adjustments | The following table summarizes the carrying values of the 2.625% Senior Notes and the impacts of the related fair value hedging adjustments as of March 28, 2020 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 March 28, March 30, March 28, March 30, (millions) $300 million 2.625% Senior Notes Current portion of long-term debt $ 299.6 N/A $ (0.2 ) N/A $300 million 2.625% Senior Notes Long-term debt N/A $ 293.4 N/A $ (5.9 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
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 March 28, 2020 : March 28, Location Recorded on Balance Sheet (millions) Assets: Operating leases $ 1,511.6 Operating lease right-of-use assets Finance leases 166.4 Property and equipment, net Total lease assets $ 1,678.0 Liabilities: Operating leases : Current portion $ 288.4 Current operating lease liabilities Non-current portion 1,568.3 Long-term operating lease liabilities Total operating lease liabilities 1,856.7 Finance leases : Current portion 9.8 Accrued expenses and other current liabilities Non-current portion 189.4 Other non-current liabilities Total finance lease liabilities 199.2 Total lease liabilities $ 2,055.9 |
Lease Cost | The following table summarizes the composition of net lease cost during Fiscal 2020 : Fiscal Year Ended March 28, Location Recorded in Earnings Operating lease cost $ 322.0 (a) Finance lease costs : Depreciation of leased assets 18.1 SG&A expenses Accretion of lease liabilities 8.1 Interest expense Variable lease cost 298.0 (b) Short-term lease cost 5.5 SG&A expenses Sublease income (2.9 ) Restructuring and other charges Total lease cost $ 648.8 (a) $4.4 million included within cost of goods sold, $307.3 million included within SG&A expenses, and $10.3 million included within restructuring and other charges. (b) $4.7 million included within cost of goods sold, $290.3 million included within SG&A expenses, and $3.0 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 during Fiscal 2020 : Fiscal Year Ended March 28, (millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 383.9 Operating cash flows from finance leases 8.0 Financing cash flows from finance leases 13.6 |
Lease Liability Maturity | The following table presents a maturity analysis summary of the Company's lease liabilities recorded on the consolidated balance sheet as of March 28, 2020 : March 28, 2020 Operating Leases Finance Leases (millions) Fiscal 2021 $ 323.6 $ 16.0 Fiscal 2022 325.4 22.6 Fiscal 2023 292.6 22.3 Fiscal 2024 259.2 22.3 Fiscal 2025 206.8 22.3 Fiscal 2026 and thereafter 615.7 153.8 Total lease payments 2,023.3 259.3 Less: interest (166.6 ) (60.1 ) Total lease liabilities $ 1,856.7 $ 199.2 |
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 March 28, 2020 : March 28, 2020 Operating Leases Finance Leases Weighted-average remaining lease term (years) 7.6 12.7 Weighted-average discount rate 2.1 % 4.1 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
US Tax Reform [Member] | |
Other Commitments [Line Items] | |
Mandatory transition tax payments | In connection with the TCJA's provision that subjects previously deferred foreign earnings to a one-time mandatory transition tax, the Company recorded cumulative charges of approximately $241 million within its income tax provision in prior fiscal years (as described in Note 10 ). The remaining related income tax payable obligation of $146.7 million as of March 28, 2020 , which was reduced by foreign tax credits and other federal income tax activity, is expected to be paid as follows: Mandatory Transition Tax Payments (a) (millions) Fiscal 2021 $ 14.0 Fiscal 2022 14.0 Fiscal 2023 14.0 Fiscal 2024 26.2 Fiscal 2025 34.9 Fiscal 2026 and thereafter 43.6 Total mandatory transition tax payments $ 146.7 (a) Included within current and non-current income tax payable in the consolidated balance sheets based upon the estimated timing of payments. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
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: Fiscal Years Ended March 28, March 30, March 31, (in millions) Cost of shares repurchased $ 650.3 $ 470.0 $ — Number of shares repurchased 6.2 3.8 0.0 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
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, 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 April 1, 2017 $ (206.2 ) $ 14.6 $ (6.8 ) $ (198.4 ) Other comprehensive income (loss), net of tax: OCI before reclassifications 126.9 (40.5 ) 0.9 87.3 Amounts reclassified from AOCI to earnings — 9.9 2.7 12.6 Other comprehensive income (loss), net of tax 126.9 (30.6 ) 3.6 99.9 Balance at March 31, 2018 (79.3 ) (16.0 ) (3.2 ) (98.5 ) Other comprehensive income (loss), net of tax: OCI before reclassifications (39.2 ) 42.2 (2.0 ) 1.0 Amounts reclassified from AOCI to earnings — (6.0 ) 0.1 (5.9 ) Other comprehensive income (loss), net of tax (39.2 ) 36.2 (1.9 ) (4.9 ) Balance at March 30, 2019 (118.5 ) 20.2 (5.1 ) (103.4 ) Other comprehensive income (loss), net of tax: OCI before reclassifications (7.0 ) 21.2 (1.6 ) 12.6 Amounts reclassified from AOCI to earnings (4.9 ) (23.4 ) 0.9 (27.4 ) Other comprehensive loss, net of tax (11.9 ) (2.2 ) (0.7 ) (14.8 ) Balance at March 28, 2020 $ (130.4 ) $ 18.0 $ (5.8 ) $ (118.2 ) (a) OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes income tax provisions of $9.2 million and $10.8 million for Fiscal 2020 and Fiscal 2019 , respectively, and includes an income tax benefit of $23.3 million for Fiscal 2018 . OCI before reclassifications to earnings includes gains of $29.0 million (net of a $9.4 million income tax provision) and $50.2 million (net of a $15.9 million income tax provision) for Fiscal 2020 and Fiscal 2019 , respectively, and includes a loss of $59.6 million (net of a $31.3 million income tax benefit) for Fiscal 2018 , related to the effective portion of changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 13 ). Amounts reclassified from AOCI to earnings related to foreign currency translation gains (losses) during Fiscal 2020 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 $2.8 million and $5.3 million for Fiscal 2020 and Fiscal 2019 , respectively, and are presented net of an income tax benefit of $5.0 million for Fiscal 2018 . 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 all 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: Fiscal Years Ended March 28, March 30, March 31, Location of Gains (Losses) Reclassified from AOCI to Earnings (millions) Gains (losses) on cash flow hedges (a) : FC — Cash flow hedges $ 24.9 $ 5.0 $ (8.2 ) Cost of goods sold FC — Cash flow hedges 1.1 1.7 (2.9 ) Other income (expense), net Tax effect (2.6 ) (0.7 ) 1.2 Income tax benefit (provision) Net of tax $ 23.4 $ 6.0 $ (9.9 ) (a) FC = Forward foreign currency exchange contracts. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangement [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 is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Compensation expense (a) $ 100.6 $ 88.6 $ 74.5 Income tax benefit (15.3 ) (13.1 ) (25.3 ) (a) Fiscal 2020 and Fiscal 2018 includes $3.6 million and $2.8 million , respectively, of accelerated stock-based compensation expense recorded within restructuring and other charges in the consolidated statements of operations (see Note 9 ). 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 during Fiscal 2020 is as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (a) (thousands) (years) (millions) Options outstanding at March 30, 2019 834 $ 162.53 1.5 $ — Granted — N/A Exercised — N/A Cancelled/Forfeited (316 ) 151.48 Options outstanding at March 28, 2020 518 $ 169.37 0.9 $ — Options vested at March 28, 2020 (b) 518 $ 169.37 0.9 $ — Options exercisable at March 28, 2020 518 $ 169.37 0.9 $ — (a) Aggregate intrinsic value is the amount by which the market price of the Company's Class A common stock at the end of the period exceeds the exercise price of the stock option, multiplied by the number of options. (b) There were no nonvested stock options as of March 28, 2020 . Accordingly, there was no related unrecognized compensation expense as of March 28, 2020 . |
Additional information pertaining to the Company's stock option plans | Additional information pertaining to the Company's stock option plans is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Aggregate intrinsic value of stock options exercised (a) $ — $ 1.2 $ — Cash received from the exercise of stock options — 21.8 0.1 Tax benefits realized on exercise of stock options — 3.7 — (a) Aggregate intrinsic value is the amount by which the market price of the Company's Class A common stock exceeded the stock option's exercise price when exercised, multiplied by the number of options. |
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 Fiscal 2020 is as follows: Restricted Stock Service- based RSUs Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value (thousands) (thousands) Nonvested at March 30, 2019 10 $ 86.01 1,112 $ 94.99 Granted — N/A 543 102.27 Vested (6 ) 88.30 (480 ) 90.64 Forfeited — N/A (81 ) 100.28 Nonvested at March 28, 2020 4 $ 81.78 1,094 $ 100.92 |
Additional information pertaining to the restricted stock and restricted stock unit activity | Restricted Stock Service- based RSUs Total unrecognized compensation expense at March 28, 2020 (millions) $ — $ 36.6 Weighted-average period expected to be recognized over (years) 0.0 1.6 Additional information pertaining to restricted stock and service-based RSU activity is as follows: Fiscal Years Ended March 28, March 30, March 31, Restricted Stock: Weighted-average grant date fair value of awards granted N/A N/A N/A Total fair value of awards vested (millions) $ 0.9 $ 1.0 N/A Service-based RSUs: Weighted-average grant date fair value of awards granted $ 102.27 $ 113.38 $ 73.59 Total fair value of awards vested (millions) $ 52.5 $ 50.0 $ 30.0 |
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 Fiscal 2020 is as follows: Performance-based RSUs Number of Shares Weighted-Average Grant Date Fair Value (thousands) Nonvested at March 30, 2019 1,011 $ 84.16 Granted 289 83.16 Change due to performance condition achievement 123 86.65 Vested (482 ) 86.91 Forfeited (7 ) 76.40 Nonvested at March 28, 2020 934 $ 82.83 |
Additional information pertaining to the restricted stock and restricted stock unit activity | Performance-based RSUs Total unrecognized compensation expense at March 28, 2020 (millions) $ 28.2 Weighted-average period expected to be recognized over (years) 1.5 Additional information pertaining to performance-based RSU activity is as follows: Fiscal Years Ended March 28, March 30, March 31, Performance-based RSUs: Weighted-average grant date fair value of awards granted $ 83.16 $ 129.78 $ 69.40 Total fair value of awards vested (millions) $ 52.8 $ 31.8 $ 12.9 |
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 Fiscal 2020 and Fiscal 2019 were as follows: Fiscal Year Ended March 28, March 30, 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 % Weighted-average grant date fair value $ 90.59 $ 177.13 |
Summary of restricted stock and restricted stock unit activity | A summary of market-based RSU activity during Fiscal 2020 is as follows: Market-based RSUs Number of Shares Weighted-Average Grant Date Fair Value (thousands) Nonvested at March 30, 2019 76 $ 177.31 Granted 159 90.59 Change due to market condition achievement — N/A Vested — N/A Forfeited (1 ) 137.35 Nonvested at March 28, 2020 234 $ 118.46 |
Additional information pertaining to the restricted stock and restricted stock unit activity | Market-based RSUs Total unrecognized compensation expense at March 28, 2020 (millions) $ 14.1 Weighted-average period expected to be recognized over (years) 1.8 Additional information pertaining to market-based RSU activity is as follows: Fiscal Years Ended March 28, March 30, March 31, Market-based RSUs: Weighted-average grant date fair value of awards granted $ 90.59 $ 177.13 N/A Total fair value of awards vested (millions) N/A N/A N/A |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Net revenues by segment | Net revenues for each of the Company's segments are as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Net revenues: North America $ 3,140.5 $ 3,202.9 $ 3,231.0 Europe 1,632.2 1,683.0 1,608.3 Asia 1,017.2 1,041.0 933.7 Other non-reportable segments 369.9 386.1 409.3 Total net revenues $ 6,159.8 $ 6,313.0 $ 6,182.3 |
Net operating income (loss) by segment | Operating income for each of the Company's segments is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Operating income (a) : North America $ 486.6 $ 682.8 $ 677.6 Europe 336.3 392.8 361.0 Asia 124.8 161.0 137.2 Other non-reportable segments 85.2 118.7 103.2 1,032.9 1,355.3 1,279.0 Unallocated corporate expenses (648.7 ) (663.4 ) (672.8 ) Unallocated restructuring and other charges (b) (67.2 ) (130.1 ) (108.0 ) Total operating income $ 317.0 $ 561.8 $ 498.2 (a) Segment operating income during Fiscal 2020 reflects bad debt expense of $38.7 million , $15.2 million , $1.7 million , and $3.1 million related to North America, Europe, Asia, and other non-reportable segments, respectively, primarily related to adverse impacts associated with COVID-19 business disruptions. Segment operating income during Fiscal 2020 also reflects higher inventory charges of approximately $108 million , $42 million , $17 million , and $8 million as compared to the prior fiscal year related to North America, Europe, Asia, and other non-reportable segments, respectively, primarily related to adverse impacts associated with COVID-19 business disruptions. Segment operating income and unallocated corporate expenses during the fiscal years presented also included asset impairment charges (see Note 8 ), which are detailed below: Fiscal Years Ended March 28, March 30, March 31, (millions) Asset impairment charges: North America $ (1.9 ) $ (3.1 ) $ (4.7 ) Europe — (5.4 ) (1.2 ) Asia (3.7 ) (4.4 ) (1.0 ) Other non-reportable segments (19.3 ) (7.0 ) (22.4 ) Unallocated corporate expenses (6.7 ) (5.9 ) (20.7 ) Total asset impairment charges $ (31.6 ) $ (25.8 ) $ (50.0 ) (b) The fiscal years presented included certain unallocated restructuring and other charges (see Note 9 ), which are detailed below: Fiscal Years Ended March 28, March 30, March 31, (millions) Unallocated restructuring and other charges: North America-related $ (1.2 ) $ (27.0 ) $ (15.5 ) Europe-related (3.3 ) (14.9 ) (4.6 ) Asia-related (0.9 ) (0.9 ) 2.5 Other non-reportable segment-related (0.8 ) (4.5 ) (8.4 ) Corporate operations-related (31.4 ) (46.3 ) (53.2 ) Unallocated restructuring charges (37.6 ) (93.6 ) (79.2 ) Other charges (see Note 9) (29.6 ) (36.5 ) (28.8 ) Total unallocated restructuring and other charges $ (67.2 ) $ (130.1 ) $ (108.0 ) |
Asset impairment charges by segment | Segment operating income and unallocated corporate expenses during the fiscal years presented also included asset impairment charges (see Note 8 ), which are detailed below: Fiscal Years Ended March 28, March 30, March 31, (millions) Asset impairment charges: North America $ (1.9 ) $ (3.1 ) $ (4.7 ) Europe — (5.4 ) (1.2 ) Asia (3.7 ) (4.4 ) (1.0 ) Other non-reportable segments (19.3 ) (7.0 ) (22.4 ) Unallocated corporate expenses (6.7 ) (5.9 ) (20.7 ) Total asset impairment charges $ (31.6 ) $ (25.8 ) $ (50.0 ) |
Schedule of unallocated restructuring and other charges | The fiscal years presented included certain unallocated restructuring and other charges (see Note 9 ), which are detailed below: Fiscal Years Ended March 28, March 30, March 31, (millions) Unallocated restructuring and other charges: North America-related $ (1.2 ) $ (27.0 ) $ (15.5 ) Europe-related (3.3 ) (14.9 ) (4.6 ) Asia-related (0.9 ) (0.9 ) 2.5 Other non-reportable segment-related (0.8 ) (4.5 ) (8.4 ) Corporate operations-related (31.4 ) (46.3 ) (53.2 ) Unallocated restructuring charges (37.6 ) (93.6 ) (79.2 ) Other charges (see Note 9) (29.6 ) (36.5 ) (28.8 ) Total unallocated restructuring and other charges $ (67.2 ) $ (130.1 ) $ (108.0 ) |
Depreciation and amortization by segment | The following tables summarize depreciation and amortization expense and capital expenditures for each of the Company's segments: Fiscal Years Ended March 28, March 30, March 31, (millions) Depreciation and amortization expense: North America $ 74.6 $ 81.8 $ 82.5 Europe 32.8 33.6 34.9 Asia 59.3 49.1 50.3 Other non-reportable segments 5.4 7.2 10.6 Unallocated corporate 97.4 95.5 102.8 Unallocated restructuring and other charges (see Note 9) — 14.1 14.1 Total depreciation and amortization expense $ 269.5 $ 281.3 $ 295.2 |
Schedule of capital expenditures, by segment | Fiscal Years Ended March 28, March 30, March 31, (millions) Capital expenditures: North America $ 48.5 $ 74.6 $ 41.9 Europe 34.3 26.6 28.8 Asia 59.6 45.2 40.7 Other non-reportable segments 7.3 5.0 5.0 Unallocated corporate 120.6 46.3 45.2 Total capital expenditures $ 270.3 $ 197.7 $ 161.6 |
Net revenues and long-lived assets by geographic location | Net revenues and long-lived assets by geographic location of the reporting subsidiary are as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Net revenues (a) : The Americas (b) $ 3,516.4 $ 3,602.2 $ 3,652.1 Europe (c) 1,625.3 1,668.6 1,595.2 Asia (d) 1,018.1 1,042.2 935.0 Total net revenues $ 6,159.8 $ 6,313.0 $ 6,182.3 March 28, March 30, (millions) Long-lived assets (a)(e) : The Americas (b) $ 1,383.6 $ 789.6 Europe (c) 772.9 140.0 Asia (d) 334.6 109.6 Total long-lived assets $ 2,491.1 $ 1,039.2 (a) Net revenues and long-lived assets 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. were $3.308 billion , $3.379 billion , and $3.427 billion in Fiscal 2020 , Fiscal 2019 , and Fiscal 2018 , respectively. Long-lived assets located in the U.S. were $1.327 billion and $766.1 million as of March 28, 2020 and March 30, 2019 , respectively. (c) Includes the Middle East. (d) Includes Australia and New Zealand. (e) Long-lived assets as of March 28, 2020 reflect operating lease ROU assets resulting from the Company’s adoption of ASU 2016-02 (see Note 4). |
Additional Financial Informat_2
Additional Financial Information (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | A reconciliation of cash, cash equivalents, and restricted cash as of March 28, 2020 and March 30, 2019 from the consolidated balance sheets to the consolidated statements of cash flows is as follows: March 28, March 30, (millions) Cash and cash equivalents $ 1,620.4 $ 584.1 Restricted cash included within prepaid expenses and other current assets 1.4 11.9 Restricted cash included within other non-current assets 8.0 30.5 Total cash, cash equivalents, and restricted cash $ 1,629.8 $ 626.5 |
Cash Interest and Taxes | Cash paid for interest and income taxes is as follows: Fiscal Years Ended March 28, March 30, March 31, (millions) Cash paid for interest $ 15.4 $ 17.3 $ 11.7 Cash paid for income taxes 135.5 102.0 54.0 |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Mar. 28, 2020Segment | |
Description of Business [Abstract] | |
Number of reportable segments | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Millions | Mar. 28, 2020USD ($) |
Accounting Policies [Abstract] | |
Contractually-Guaranteed Minimum Royalties - Fiscal 2021 | $ 119 |
Contractually-Guaranteed Minimum Royalties - Fiscal 2022 | 80.7 |
Contractually-Guaranteed Minimum Royalties - Fiscal 2023 | 45.1 |
Contractually-Guaranteed Minimum Royalties - Fiscal 2024 | 27.2 |
Contractually-Guaranteed Minimum Royalties - Fiscal 2025 and Thereafter | 1.1 |
Contractually-Guaranteed Minimum Royalties - Total | $ 273.1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Net revenues | $ 6,159.8 | $ 6,313 | $ 6,182.3 |
North America Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 3,140.5 | 3,202.9 | 3,231 |
Europe Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 1,632.2 | 1,683 | 1,608.3 |
Asia Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 1,017.2 | 1,041 | 933.7 |
Other Non-Reportable Segment-Related [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 369.9 | 386.1 | 409.3 |
Transferred at Point in Time [Member] | Retail [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 3,740.9 | 3,747.8 | 3,616.4 |
Transferred at Point in Time [Member] | Retail [Member] | North America Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 1,727.3 | 1,688.5 | 1,659.6 |
Transferred at Point in Time [Member] | Retail [Member] | Europe Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 874.6 | 881.1 | 857.9 |
Transferred at Point in Time [Member] | Retail [Member] | Asia Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 948 | 969.9 | 874.1 |
Transferred at Point in Time [Member] | Retail [Member] | Other Non-Reportable Segment-Related [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 191 | 208.3 | 224.8 |
Transferred at Point in Time [Member] | Wholesale [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 2,250.8 | 2,392.5 | 2,389.2 |
Transferred at Point in Time [Member] | Wholesale [Member] | North America Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 1,413.2 | 1,514.4 | 1,571.4 |
Transferred at Point in Time [Member] | Wholesale [Member] | Europe Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 757.6 | 801.9 | 750.4 |
Transferred at Point in Time [Member] | Wholesale [Member] | Asia Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 69.2 | 71.1 | 59.6 |
Transferred at Point in Time [Member] | Wholesale [Member] | Other Non-Reportable Segment-Related [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 10.8 | 5.1 | 7.8 |
Transferred over Time [Member] | Licensing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 168.1 | 172.7 | 176.7 |
Transferred over Time [Member] | Licensing [Member] | North America Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Transferred over Time [Member] | Licensing [Member] | Europe Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Transferred over Time [Member] | Licensing [Member] | Asia Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | 0 | 0 | 0 |
Transferred over Time [Member] | Licensing [Member] | Other Non-Reportable Segment-Related [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net revenues | $ 168.1 | $ 172.7 | $ 176.7 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | |||
Shipping Costs | $ 46.7 | $ 49.1 | $ 39.1 |
Handling Costs | $ 154 | $ 153.1 | $ 155.4 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - shares shares in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Summary of basic and diluted shares | |||
Basic shares | 75.8 | 80.6 | 81.7 |
Dilutive effect of RSUs and stock options | 1.4 | 1.1 | 0.8 |
Diluted shares | 77.2 | 81.7 | 82.5 |
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.8 | 1.4 | 2 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 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 | $ 176.5 | $ 202.5 | $ 202.8 |
Amount charged against revenue to increase reserve | 580.1 | 543.8 | 585 |
Amount credited against customer accounts to decrease reserve | (550.3) | (563) | (596.6) |
Foreign currency translation | (1.6) | (6.8) | 11.3 |
Ending reserve balance | 204.7 | 176.5 | 202.5 |
Allowance for Doubtful Accounts [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 | 15.7 | 19.7 | 11.6 |
Amount recorded to expense to increase reserve | 58.7 | 0.4 | 10.2 |
Amount credited against customer accounts to decrease reserve | (2.6) | (3.5) | (3.2) |
Foreign currency translation | (0.3) | (0.9) | 1.1 |
Ending reserve balance | $ 71.5 | $ 15.7 | $ 19.7 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020USD ($)Customer | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | |
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Deferred income | $ 14.6 | $ 14.8 | |
Amount of revenue recognized that was previously reported as deferred income | 9.3 | ||
Advertising and marketing expenses | 278 | 272.8 | $ 241.1 |
Prepaid advertising and marketing | 10.1 | 9.6 | |
Foreign currency gains (losses) | (1.1) | (2.8) | 4.5 |
Income (loss) from equity-method investees | 0.1 | $ 2.9 | $ (4.5) |
Impairment of Equity Method Investment | $ 7.1 | ||
Wholesale customer payment terms | 30 to 120 days | ||
Number of Key Wholesale Customers | Customer | 3 | ||
Minimum [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Initial lease term | 3 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property and equipment, useful lives | 3 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property and equipment, useful lives | 3 years | ||
Minimum [Member] | Computer Software & Equipment [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property and equipment, useful lives | 3 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property and equipment, useful lives | 10 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Initial lease term | 15 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property and equipment, useful lives | 7 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property and equipment, useful lives | 7 years | ||
Maximum [Member] | Computer Software & Equipment [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property and equipment, useful lives | 7 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property and equipment, useful lives | 40 years | ||
Total Net Revenue [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Contribution of Key Wholesale Customers | 18.00% | ||
Accounts Receivable [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Contribution of Key Wholesale Customers | 32.00% |
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 ASU 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 ASU 2016-02 | $ 49.7 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Property and equipment, net | |||
Land and improvements | $ 15.3 | $ 15.3 | |
Buildings and improvements | 309 | 387.8 | |
Furniture and fixtures | 629.5 | 626.4 | |
Machinery and equipment | 378.8 | 350.4 | |
Capitalized software | 543.3 | 534 | |
Leasehold improvements | 1,194.5 | 1,169.4 | |
Construction in progress | 37.5 | 58.7 | |
Property plant and equipment, gross | 3,107.9 | 3,142 | |
Less: accumulated depreciation | (2,128.4) | (2,102.8) | |
Property and equipment, net | 979.5 | 1,039.2 | |
Operating costs and expenses | |||
Depreciation expense | $ 246.6 | $ 257.8 | $ 271.2 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 919.6 | $ 950.5 |
Foreign currency translation | (4.1) | (30.9) |
Goodwill, ending balance | 915.5 | 919.6 |
Accumulated goodwill impairment | 5.2 | |
North America Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 421.8 | 421.8 |
Foreign currency translation | 0 | 0 |
Goodwill, ending balance | 421.8 | 421.8 |
Europe Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 290 | 317.9 |
Foreign currency translation | (4.9) | (27.9) |
Goodwill, ending balance | 285.1 | 290 |
Asia Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 75.8 | 78.8 |
Foreign currency translation | 0.8 | (3) |
Goodwill, ending balance | 76.6 | 75.8 |
Other non-reportable segments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 132 | 132 |
Foreign currency translation | 0 | 0 |
Goodwill, ending balance | $ 132 | $ 132 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross | $ 495.6 | $ 494.6 |
Accumulated Amortization | (361.9) | (338.2) |
Intangible assets subject to amortization, Net | 133.7 | 156.4 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 502.9 | 501.9 |
Intangible assets, net | 141 | 163.7 |
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Intangible assets not subject to amortization, excluding goodwill | 7.3 | 7.3 |
Reacquired Licensed Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross | 231.6 | 231.3 |
Accumulated Amortization | (155.4) | (146.8) |
Intangible assets subject to amortization, Net | 76.2 | 84.5 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross | 253.9 | 253.2 |
Accumulated Amortization | (199) | (184) |
Intangible assets subject to amortization, Net | 54.9 | 69.2 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross | 10.1 | 10.1 |
Accumulated Amortization | (7.5) | (7.4) |
Intangible assets subject to amortization, Net | $ 2.6 | $ 2.7 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 22.9 | $ 23.5 | $ 24 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Fiscal 2021 | 19.8 | ||
Fiscal 2022 | 17.9 | ||
Fiscal 2023 | 14.4 | ||
Fiscal 2024 | 13.2 | ||
Fiscal 2025 | 12.9 | ||
Fiscal 2026 and thereafter | 55.5 | ||
Intangible assets subject to amortization, Net | $ 133.7 | $ 156.4 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Finite-lived intangible assets, weighted-average useful life | 9 years 2 months 12 days | ||
Reacquired Licensed Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, weighted-average useful life | 9 years 10 months 24 days | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, weighted-average useful life | 7 years 10 months 24 days |
Other Assets and Liabilities (D
Other Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |||
Gain (loss) on disposal of property | $ 0 | ||
Proceeds from sale of property | 20.8 | $ 20 | $ 0 |
Prepaid Expense and Other Current Assets | |||
Non-trade receivables | 27 | 30.8 | |
Other taxes receivable | 24.7 | 137.9 | |
Prepaid software maintenance | 23.2 | 19.8 | |
Derivative financial instruments, current | 13.7 | 19.8 | |
Prepaid advertising and marketing | 10.1 | 9.6 | |
Inventory return asset | 8.9 | 18.4 | |
Prepaid occupancy expense | 6.7 | 38 | |
Tenant allowances receivable | 1.8 | 8.2 | |
Restricted cash, current | 1.4 | 11.9 | |
Assets held-for-sale | 0 | 20.8 | |
Other prepaid expenses and current assets | 43.3 | 44.1 | |
Total prepaid expenses and other current assets | 160.8 | 359.3 | |
Other Non-current Assets | |||
Derivative financial instruments, noncurrent | 48.6 | 12.2 | |
Security deposits | 29.4 | 24.5 | |
Restricted cash, noncurrent | 8 | 30.5 | |
Non-current investments | 0 | 44.9 | |
Other non-current assets | 25.9 | 46.4 | |
Total other non-current assets | 111.9 | 158.5 | |
Accrued Expenses and Other Current Liabilities | |||
Accrued payroll and benefits | 186.2 | 232.5 | |
Accrued operating expenses | 176.4 | 235.2 | |
Accrued inventory | 167.1 | 141 | |
Dividends payable | 49.8 | 48.8 | |
Other taxes payable | 47.9 | 158.3 | |
Accrued capital expenditures | 29.1 | 47.6 | |
Restructuring reserve, current | 25.5 | 60.4 | |
Deferred income | 14.6 | 14.1 | |
Finance lease obligations, current | 9.8 | 22.3 | |
Derivative financial instruments, current | 6.9 | 3.6 | |
Other accrued expenses and current liabilities | 3.8 | 4.6 | |
Total accrued expenses and other current liabilities | 717.1 | 968.4 | |
Other Non-Current Liabilities | |||
Finance lease obligations, non-current | 189.4 | 212.6 | |
Deferred lease incentives and obligations | 57.8 | 202.7 | |
Accrued benefits and deferred compensation, noncurrent | 19.5 | 26.2 | |
Deferred tax liabilities | 10 | 50.2 | |
Restructuring reserve, noncurrent | 2 | 11.4 | |
Derivative financial instruments, non-current | 0 | 11.9 | |
Other non-current liabilities | 29.8 | 25.9 | |
Total other non-current liabilities | $ 308.5 | $ 540.9 |
Impairment of Assets (Details T
Impairment of Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Impairment of Long-Lived Assets Held-for-Use | $ 31.6 | $ 21.2 | $ 41.2 |
Impairment of Equity Method Investment | 7.1 | ||
Impairment of Long-Lived Assets to be Disposed of | 4.6 | ||
Impairment of intangible assets | 8.8 | ||
Restructuring Plan-Related [Member] | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Impairment of Long-Lived Assets Held-for-Use | 8.7 | 10.7 | 16 |
Other non-restructuring related [Member] | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Impairment of Long-Lived Assets Held-for-Use | $ 22.9 | $ 10.5 | $ 25.2 |
Restructuring and Other Charg_3
Restructuring and Other Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Proceeds from sale of property | $ 20.8 | $ 20 | $ 0 |
Fiscal 2019 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash-related restructuring charges | 34 | 69.4 | |
Cash-related Restructuring Charges, Cost Incurred to Date | 103.4 | ||
Non-cash charges | 14.5 | 27.9 | |
Non-cash Charges, Cost Incurred to Date | 42.4 | ||
Restructuring and non-cash charges | 48.5 | 97.3 | |
Restructuring and Related Cost, Cost Incurred to Date | 145.8 | ||
Fiscal 2019 Restructuring Plan [Member] | Severance and benefit costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash-related restructuring charges | 30.1 | 60.2 | |
Cash-related Restructuring Charges, Cost Incurred to Date | 90.3 | ||
Fiscal 2019 Restructuring Plan [Member] | Lease termination and store closure costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash-related restructuring charges | 0.5 | 1.8 | |
Cash-related Restructuring Charges, Cost Incurred to Date | 2.3 | ||
Fiscal 2019 Restructuring Plan [Member] | Other cash charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash-related restructuring charges | 3.4 | 7.4 | |
Cash-related Restructuring Charges, Cost Incurred to Date | 10.8 | ||
Fiscal 2019 Restructuring Plan [Member] | Impairment of Assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | 8.7 | 10.3 | |
Non-cash Charges, Cost Incurred to Date | 19 | ||
Fiscal 2019 Restructuring Plan [Member] | Inventory-related charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | 2.2 | 6 | |
Non-cash Charges, Cost Incurred to Date | 8.2 | ||
Fiscal 2019 Restructuring Plan [Member] | Accelerated stock-based compensation expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | 3.6 | 0 | |
Non-cash Charges, Cost Incurred to Date | 3.6 | ||
Fiscal 2019 Restructuring Plan [Member] | Loss on sale of property [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | 0 | 11.6 | |
Non-cash Charges, Cost Incurred to Date | 11.6 | ||
Way Forward Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash-related restructuring charges | 0 | 9.2 | 78.5 |
Cash-related Restructuring Charges, Cost Incurred to Date | 376.8 | ||
Non-cash charges | 5 | 24.3 | |
Non-cash Charges, Cost Incurred to Date | 461.8 | ||
Restructuring and non-cash charges | 14.2 | 102.8 | |
Restructuring and Related Cost, Cost Incurred to Date | 838.6 | ||
Way Forward Plan [Member] | Severance and benefit costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash-related restructuring charges | 0 | 7 | 39 |
Cash-related Restructuring Charges, Cost Incurred to Date | 228.7 | ||
Way Forward Plan [Member] | Lease termination and store closure costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash-related restructuring charges | 0 | 1.4 | 33.2 |
Cash-related Restructuring Charges, Cost Incurred to Date | 121.9 | ||
Way Forward Plan [Member] | Other cash charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cash-related restructuring charges | 0 | 0.8 | 6.3 |
Cash-related Restructuring Charges, Cost Incurred to Date | 26.2 | ||
Way Forward Plan [Member] | Impairment of Assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | 0.4 | 16 | |
Non-cash Charges, Cost Incurred to Date | 251 | ||
Way Forward Plan [Member] | Inventory-related charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | 1.2 | 7.6 | |
Non-cash Charges, Cost Incurred to Date | 206.7 | ||
Way Forward Plan [Member] | Inventory-related charges [Member] | Reduction of inventory out of current liquidation channels [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Cumulative inventory-related charges, reduction of inventory out of current liquidation channels | 155.2 | ||
Way Forward Plan [Member] | Accelerated stock-based compensation expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | 0 | 0.7 | |
Non-cash Charges, Cost Incurred to Date | 0.7 | ||
Way Forward Plan [Member] | Other non-cash charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | $ 3.4 | $ 0 | |
Non-cash Charges, Cost Incurred to Date | $ 3.4 |
Restructuring and Other Charg_4
Restructuring and Other Charges (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Fiscal 2019 Restructuring Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring reserve | $ 41.6 | $ 0 | |
Additions charged to expense | 34 | 69.4 | |
Cash payments charged against reserve | (51.1) | (28.4) | |
Non-cash adjustments | (0.4) | 0.6 | |
Ending restructuring reserve | 24.1 | 41.6 | $ 0 |
Fiscal 2019 Restructuring Plan [Member] | Severance and benefit costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring reserve | 41 | 0 | |
Additions charged to expense | 30.1 | 60.2 | |
Cash payments charged against reserve | (47.6) | (19) | |
Non-cash adjustments | 0 | (0.2) | |
Ending restructuring reserve | 23.5 | 41 | 0 |
Fiscal 2019 Restructuring Plan [Member] | Lease termination and store closure costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring reserve | 0.5 | 0 | |
Additions charged to expense | 0.5 | 1.8 | |
Cash payments charged against reserve | (0.6) | (2.1) | |
Non-cash adjustments | (0.4) | 0.8 | |
Ending restructuring reserve | 0 | 0.5 | 0 |
Fiscal 2019 Restructuring Plan [Member] | Other cash charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring reserve | 0.1 | 0 | |
Additions charged to expense | 3.4 | 7.4 | |
Cash payments charged against reserve | (2.9) | (7.3) | |
Non-cash adjustments | 0 | 0 | |
Ending restructuring reserve | 0.6 | 0.1 | 0 |
Way Forward Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring reserve | 28.8 | 92.9 | 135.2 |
Additions charged to expense | 0 | 9.2 | 78.5 |
Cash payments charged against reserve | (7.1) | (73.5) | (131.8) |
Non-cash adjustments | (18.3) | 0.2 | 11 |
Ending restructuring reserve | 3.4 | 28.8 | 92.9 |
Lease-related liabilities reclassified as reductions to operating lease ROU assets | (17.7) | ||
Way Forward Plan [Member] | Severance and benefit costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring reserve | 6.5 | 37.6 | 94.3 |
Additions charged to expense | 0 | 7 | 39 |
Cash payments charged against reserve | (4.9) | (37.7) | (97.9) |
Non-cash adjustments | 0 | (0.4) | 2.2 |
Ending restructuring reserve | 1.6 | 6.5 | 37.6 |
Way Forward Plan [Member] | Lease termination and store closure costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring reserve | 21.9 | 53.5 | 34.3 |
Additions charged to expense | 0 | 1.4 | 33.2 |
Cash payments charged against reserve | (2.1) | (33.6) | (22.8) |
Non-cash adjustments | (18.3) | 0.6 | 8.8 |
Ending restructuring reserve | 1.5 | 21.9 | 53.5 |
Way Forward Plan [Member] | Other cash charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring reserve | 0.4 | 1.8 | 6.6 |
Additions charged to expense | 0 | 0.8 | 6.3 |
Cash payments charged against reserve | (0.1) | (2.2) | (11.1) |
Non-cash adjustments | 0 | 0 | 0 |
Ending restructuring reserve | $ 0.3 | $ 0.4 | $ 1.8 |
Restructuring and Other Charg_5
Restructuring and Other Charges (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | $ 29.6 | $ 36.5 | $ 28.8 | |
Reversal of reserves associated with the settlement of certain non-income tax issues | (2.2) | |||
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 | 8.8 | |||
Depreciation expense associated with 711 Fifth Avenue [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | 14.1 | 14.1 | ||
Primarily related to Customs Audit [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | 4.2 | |||
Primarily related to new sabbatical leave program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | 18.2 | |||
Customs Audit [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | 10.2 | |||
Charges primarily related to CEO departure [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | 6.7 | |||
Charges primarily related to CEO departure [Member] | Accelerated stock-based compensation expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Charges | 2.1 | |||
Way Forward Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 3.4 | 28.8 | 92.9 | $ 135.2 |
Restructuring and non-cash charges | 14.2 | 102.8 | ||
Payments for Restructuring | 7.1 | 73.5 | 131.8 | |
Lease-related liabilities reclassified as reductions to operating lease ROU assets | (17.7) | |||
Way Forward Plan [Member] | Inventory-related charges [Member] | Reduction of inventory out of current liquidation channels [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative inventory-related charges, reduction of inventory out of current liquidation channels | 155.2 | |||
Other Restructuring Plans [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 0 | |||
Restructuring and non-cash charges | 0 | 0 | 0 | |
Payments for Restructuring | 0.2 | $ 3.2 | $ 7.6 | |
Lease-related liabilities reclassified as reductions to operating lease ROU assets | $ (1.2) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (82.9) | $ 66.6 | $ 16.4 |
Foreign | 409.3 | 515.9 | 472.8 |
Income before income taxes | $ 326.4 | $ 582.5 | $ 489.2 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Current: | |||
Federal | $ 1.5 | $ (37.3) | $ (154.6) |
State and local | (19.8) | (11.9) | (5) |
Foreign | (92.6) | (93.9) | (82.7) |
Total Current Provision for Income Taxes | (110.9) | (143.1) | (242.3) |
Deferred: | |||
Federal | 18 | (5) | (64.1) |
State and local | 5.6 | (6.9) | (12.6) |
Foreign | 145.2 | 3.4 | (7.4) |
Total deferred benefit (provision) for income taxes | 168.8 | (8.5) | (84.1) |
Income tax benefit (provision) | $ 57.9 | $ (151.6) | $ (326.4) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 31.50% | 35.00% |
Provision for income taxes at the U.S. federal statutory rate | $ (68.5) | $ (122.3) | $ (154.3) | |
Change due to: | ||||
State and local income taxes, net of federal benefit | (1.5) | (12.4) | (1.6) | |
Foreign income taxed at different rates, net of U.S. foreign tax credits | 24.7 | 27.6 | 74.7 | |
Unrecognized tax benefits and settlements of tax examinations | (9.2) | (3.4) | (14.4) | |
Change in valuation allowance on deferred tax assets | (1.7) | (1.4) | 2.5 | |
TCJA enactment-related charges | 0 | (27.6) | (221.4) | |
Swiss Tax Act benefit | 125.3 | 0 | 0 | |
Compensation-related adjustments | (10.7) | (11.6) | (15.4) | |
Other | (0.5) | (0.5) | 3.5 | |
Income tax benefit (provision) | $ 57.9 | $ (151.6) | $ (326.4) | |
Effective tax rate | (17.70%) | 26.00% | 66.70% |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Non-current deferred tax assets (liabilities): | ||
Lease liabilities | $ 428.9 | $ 44.6 |
Inventory basis difference | 54 | 19 |
Deferred compensation | 50.2 | 53.4 |
Receivable allowances and reserves | 45.6 | 25.6 |
Net operating loss carryforwards | 42.6 | 48.9 |
Unrecognized tax benefits | 17.1 | 8.1 |
Accrued expenses | 10.5 | 11.8 |
Transfer pricing | 9 | 9 |
Property and equipment - DTA | 3 | |
Property and equipment - DTL | (24.6) | |
Deferred income | 0.2 | 1.2 |
Deferred rent | 0 | 7.3 |
Lease right-of-use assets | (353) | 0 |
Goodwill and other intangible assets | (30) | (149.8) |
Cumulative translation adjustment and hedges | (17.6) | (7.8) |
Undistributed foreign earnings | (3.3) | (4.7) |
Other | 15.3 | 13.2 |
Valuation allowance | (37.3) | (38.4) |
Net deferred tax assets | 235.2 | 16.8 |
Deferred tax assets, gross | 245.2 | 67 |
Deferred tax liabilities, gross | $ 10 | $ 50.2 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Reconciliation of unrecognized tax benefits, excluding interest and penalties | |||
Unrecognized tax benefits beginning balance | $ 65.2 | $ 64.2 | $ 49.9 |
Additions related to current period tax positions | 6 | 4.9 | 6.8 |
Additions related to prior period tax positions | 30.5 | 11.7 | 9.5 |
Reductions related to prior period tax positions | (18.7) | (5.5) | (1.3) |
Reductions related to expiration of statutes of limitations | (1.2) | (4.1) | (3.3) |
Reductions related to settlements with taxing authorities | (8.8) | (3.1) | (0.7) |
Additions related to foreign currency translation | 3.3 | ||
Reductions related to foreign currency translation | (0.3) | (2.9) | |
Unrecognized tax benefits ending balance | 72.7 | 65.2 | 64.2 |
Reconciliation of accrued interest and penalties related to unrecognized tax benefits | |||
Accrued interest and penalties beginning balance | 13.6 | 15 | 12.8 |
Net additions charged to expense | 7 | 3 | 3.8 |
Reductions related to prior period tax positions | (1.9) | (3.4) | (1.6) |
Reductions related to settlements with taxing authorities | (2.5) | (0.8) | (0.3) |
Additions (reductions) related to foreign currency translation | 0 | (0.2) | 0.3 |
Accrued interest and penalties ending balance | $ 16.2 | $ 13.6 | $ 15 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 29, 2018 | Sep. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||||||
Provisional One-Time Swiss Tax Reform Benefit - Revaluation of Deferred Tax Assets | $ 122.9 | |||||||
Effective Income Tax Rate Reconciliation - Swiss Tax Reform Benefit, Percent | (37.60%) | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 31.50% | 35.00% | ||||
Provisional U.S. Tax Reform Charge - Total | $ 32.3 | $ 231.3 | $ 221.4 | |||||
Provisional U.S. Tax Reform Charge - Mandatory Transition Tax | $ (6.2) | 215.5 | ||||||
Provisional U.S. Tax Reform Charge - Revaluation of Deferred Tax Assets and Liabilities | $ (4.7) | (5.5) | $ 15.8 | |||||
Provisional U.S. Tax Reform Charge - Expected Future Remittance of Certain Previously Deferred Foreign Earnings | $ 1.8 | |||||||
Effective Income Tax Rate Reconciliation - TCJA Enactment-Related Charges, Percent | 4.70% | 45.20% | ||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 3.3 | $ 4.7 | ||||||
Undistributed earnings of foreign subsidiaries expected to be permanently reinvested | 924 | |||||||
Non-current liability for unrecognized tax benefits | 88.9 | 78.8 | ||||||
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 71.7 | 70.7 | ||||||
State and Local Jurisdiction [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0.7 | |||||||
Operating Loss Carryforwards, Valuation Allowance | 7.8 | |||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 0.6 | |||||||
Foreign Tax Authority [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5.9 | |||||||
Operating Loss Carryforwards, Valuation Allowance | 28.1 | |||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ (1.1) | |||||||
US Tax Reform [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Cumulative One-Time U.S. Tax Reform Charge - Mandatory Transition Tax | $ 241 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Debt Instrument [Line Items] | ||
Borrowings outstanding under credit facilities | $ 475 | $ 0 |
Total debt | 1,171 | 689.1 |
Short-term debt and current portion of long-term debt | 774.6 | 0 |
Long-term debt | 396.4 | 689.1 |
2.625% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 299.6 | 293.4 |
Cumulative amount of fair value hedging adjustment included in carrying value of hedged item | (0.2) | (5.9) |
Unamortized Debt Issuance Costs | (0.2) | (0.7) |
3.750% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 396.4 | 395.7 |
Unamortized Debt Issuance Costs | $ (3.6) | $ (4.3) |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 28, 2020 | Sep. 26, 2018 | |
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) ¥ in Millions, $ in Millions, ₩ in Billions | 1 Months Ended | 12 Months Ended | |||
May 31, 2020USD ($) | Mar. 28, 2020USD ($)Quarter | May 26, 2020USD ($) | Mar. 28, 2020KRW (â‚©) | Mar. 28, 2020CNY (Â¥) | |
Credit Facilities (Textual) [Abstract] | |||||
Maximum expected combined borrowings outstanding - Commercial Paper Program and Global Credit Facility | $ 500 | ||||
Commercial Paper | 0 | ||||
Line of credit facility, contingent liability for outstanding LOCs | 9 | ||||
Commercial Paper [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Maximum borrowing capacity | $ 500 | ||||
Commercial Paper [Member] | Maximum [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Short-term Debt, Term | 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 | $ 475 | ||||
Line of credit facility, contingent liability for outstanding LOCs | 9 | ||||
Line of credit facility, remaining borrowing capacity | $ 16 | ||||
Commitment fee, percentage | 0.065% | ||||
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 | ||||
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. As originally implemented, the Global Credit Facility also required 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)Â income tax expense, (ii)Â net interest expense, (iii)Â depreciation and amortization expense, (iv)Â 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 | ||||
China Credit Facility [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Maximum borrowing capacity | $ 7 | ¥ 50 | |||
Line of credit facility, expiration date | Apr. 3, 2021 | ||||
South Korea Credit Facility [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Maximum borrowing capacity | $ 25 | â‚© 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% | ||||
Subsequent Event [Member] | Global Credit Facility Amendment [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Commitment fee, percentage | 0.25% | ||||
Maximum Ratio Of Adjusted Debt To Consolidated EBITDAR As Of Date Of Measurement For Two Most Recent Consecutive Quarters | 4.25 | ||||
Minimum Liquidity Covenant | $ 750 | ||||
Subsequent Event [Member] | 364 Day Facility [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Borrowing capacity under unsecured revolving line of credit | $ 500 | ||||
Unrestricted Cash and Liquid Investments Limit | $ 1,000 | ||||
Line of credit facility, expiration date | May 25, 2021 | ||||
Commitment fee, percentage | 0.25% | ||||
Subsequent Event [Member] | Adjusted LIBOR [Member] | Global Credit Facility Amendment [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Percentage of variable rate | 1.875% | ||||
Subsequent Event [Member] | Adjusted LIBOR [Member] | 364 Day Facility [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Percentage of variable rate | 1.875% | ||||
Subsequent Event [Member] | Alternate base rate [Member] | Global Credit Facility Amendment [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Percentage of variable rate | 0.875% | ||||
Subsequent Event [Member] | Alternate base rate [Member] | 364 Day Facility [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Percentage of variable rate | 0.875% | ||||
Subsequent Event [Member] | Quarter Ending September 30, 2021 [Member] | Global Credit Facility Amendment [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Maximum ratio of adjusted debt to consolidated EBITDAR as of date of measurement for four consecutive quarters | 5.25 | ||||
Subsequent Event [Member] | Quarter Ending December 31, 2021 [Member] | Global Credit Facility Amendment [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Maximum ratio of adjusted debt to consolidated EBITDAR as of date of measurement for four consecutive quarters | 4.75 | ||||
Subsequent Event [Member] | Quarter Ending June 30, 2022 [Member] | Global Credit Facility Amendment [Member] | |||||
Credit Facilities (Textual) [Abstract] | |||||
Maximum ratio of adjusted debt to consolidated EBITDAR as of date of measurement for four consecutive quarters | 4.25 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Financial assets recorded at fair value: | ||
Derivative assets, fair value | $ 62.3 | $ 32 |
Financial liabilities recorded at fair value | ||
Derivative liabilities, fair value | 6.9 | 15.5 |
Fair Value, Inputs, Level 2 [Member] | Fair Value Measurements, Recurring [Member] | ||
Financial assets recorded at fair value: | ||
Derivative assets, fair value | 62.3 | 32 |
Financial liabilities recorded at fair value | ||
Derivative liabilities, fair value | 6.9 | 15.5 |
Fair Value, Inputs, Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Commercial Paper [Member] | ||
Financial assets recorded at fair value: | ||
Investments recorded at fair value | 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 recorded at fair value | 54.7 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value Measurements, Recurring [Member] | Commercial Paper, Included in Short-term Investments | ||
Financial assets recorded at fair value: | ||
Investments recorded at fair value | $ 243.6 | $ 236 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Borrowings outstanding under credit facilities | $ 475 | $ 0 |
2.625% Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes, Carrying Value, Current | 299.6 | |
Senior Notes, Carrying Value, Noncurrent | 293.4 | |
3.750% Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes, Carrying Value, Noncurrent | 396.4 | 395.7 |
Global Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Borrowings outstanding under credit facilities | 475 | 0 |
Fair Value, Inputs, Level 2 [Member] | 2.625% Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes, Fair Value | 299.8 | 299.1 |
Fair Value, Inputs, Level 2 [Member] | 3.750% Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes, Fair Value | 415.1 | 410 |
Fair Value, Inputs, Level 2 [Member] | Global Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Borrowings outstanding under credit facilities, Fair Value | $ 473 | $ 0 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-Use | $ 31.6 | $ 21.2 | $ 41.2 | |
Impairment of Equity Method Investment | 7.1 | |||
Impairment of Long-Lived Assets to be Disposed of | 4.6 | |||
Fair value, less costs to sell, of asset held-for-sale | 20.8 | |||
Property, Plant and Equipment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value as of Impairment Date | 2.4 | 20.8 | 0 | |
Impairment of Long-Lived Assets Held-for-Use | 16.8 | 25.8 | 41.2 | |
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 | 120.8 | |||
Impairment of Long-Lived Assets Held-for-Use | 239.9 | |||
Indefinite-lived Intangible Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value as of Impairment Date | 2.9 | |||
Impairment of Long-Lived Assets Held-for-Use | 0 | 0 | 8.8 | |
Equity Method Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value as of Impairment Date | 1.3 | |||
Impairment of Equity Method Investment | $ 7.1 | $ 0 | $ 0 | |
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] | ||||
ROU Asset impairment, impact of adoption of ASU 2016-02 | $ 225.1 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (169.4) |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Annual Goodwill Impairment Assessment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | $ 1,686.1 | $ 1,778.2 |
Derivative Assets | ||
Derivative assets, fair value | 62.3 | 32 |
Derivative Liabilities | ||
Derivative liabilities, fair value | 6.9 | 15.5 |
Designated [Member] | ||
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | 1,212.6 | 1,631.6 |
Derivative Assets | ||
Derivative assets, fair value | 56 | 31.7 |
Derivative Liabilities | ||
Derivative liabilities, fair value | 4.6 | 14.2 |
Designated [Member] | Interest Rate Swaps [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 Swaps [Member] | Accrued expenses and other [Member] | ||
Derivative Liabilities | ||
Interest Rate Fair Value Hedge Liability at Fair Value | 0.2 | |
Designated [Member] | Interest Rate Swaps [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 | 473.5 | 146.6 |
Undesignated [Member] | Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Assets | ||
Derivative assets, fair value | 6.3 | 0.3 |
Undesignated [Member] | Foreign Exchange Forward [Member] | Accrued expenses and other [Member] | ||
Derivative Liabilities | ||
Derivative liabilities, fair value | 2.3 | 1.3 |
Cash Flow Hedging [Member] | Designated [Member] | Foreign Exchange Forward [Member] | ||
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | 229 | 636.3 |
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 | 7.4 | 19.5 |
Cash Flow Hedging [Member] | Designated [Member] | Foreign Exchange Forward [Member] | Accrued expenses and other [Member] | ||
Derivative Liabilities | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0.4 | 2.3 |
Net Investment Hedging [Member] | Designated [Member] | ||
Notional Amounts of Derivative Financial Instruments | ||
Notional amount of hedges | 683.6 | 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 | 48.6 | 12.2 |
Net Investment Hedging [Member] | Designated [Member] | Accrued expenses and other [Member] | ||
Derivative Liabilities | ||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | $ 4 | |
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 | Mar. 28, 2020 | Mar. 30, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets, gross amount in the balance sheet | $ 62.3 | $ 32 |
Gross amount of derivatives assets subject to master netting arrangements not offset | (6.1) | (4.8) |
Derivative Asset, net basis | 56.2 | 27.2 |
Derivative Liability, gross amount in the balance sheet | 6.9 | 15.5 |
Gross amount of derivative liabilities subject to master netting arrangements not offset | (6.1) | (4.8) |
Derivative Liability, net basis | $ 0.8 | $ 10.7 |
Financial Instruments (Detail_2
Financial Instruments (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Reclassification of hedge gain (loss) from accumulated OCI into income | |||
Cost of goods sold | $ (2,506.5) | $ (2,427) | $ (2,430.6) |
Other income (expense), net | (7.4) | 0.6 | (3.1) |
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 | 62.4 | 113.6 | (136.4) |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 19 | 19 | 10.5 |
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 | 24 | 47.5 | (45.5) |
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 | 24.9 | 5 | (8.2) |
Other income (expense), net | 1.1 | 1.7 | (2.9) |
Effective portion | 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 | 7.7 | 64.5 | (90.9) |
Portion excluded from assessment of hedge effectiveness | 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 | 30.7 | 1.6 | 0 |
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | $ 19 | $ 19 | $ 10.5 |
Financial Instruments (Detail_3
Financial Instruments (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 16 | $ 3.1 | $ 2.4 |
Foreign Exchange Forward [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 16 | $ 3.1 | $ 2.4 |
Financial Instruments (Detail_4
Financial Instruments (Details 4) - 2.625% Senior Notes [Member] - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Schedule of Fair Value Hedging Adjustments [Line Items] | ||
Senior Notes, Carrying Value, Current | $ 299.6 | |
Senior Notes, Carrying Value, Noncurrent | $ 293.4 | |
Cumulative amount of fair value hedging adjustment included in carrying value of hedged item | $ (0.2) | $ (5.9) |
Financial Instruments (Detail_5
Financial Instruments (Details Textual) € in Millions, $ in Millions | 12 Months Ended | |||||
Mar. 28, 2020USD ($)counterparty | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 28, 2020EUR (€)counterparty | Sep. 26, 2018USD ($) | Sep. 26, 2018EUR (€) | |
Derivative [Line Items] | ||||||
Number of counterparties to master netting arrangements | counterparty | 8 | 8 | ||||
Net gains (losses) deferred in AOCI for derivative financial instruments expected to be recognized in the earnings over the next 12 months | $ 20.7 | |||||
Maximum length of time hedged in cash flow hedge | 12 months | |||||
Derivative, Notional Amount | $ 1,686.1 | $ 1,778.2 | ||||
Interest Rate Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Net impact on earnings of fair value hedges | $ 0 | 0 | $ 0 | |||
Interest Rate Swap - 2.125% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Maturity Date | Sep. 26, 2018 | |||||
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 | |||||
2.125% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.125% | 2.125% | ||||
Debt Instrument, Face Amount | $ 300 | |||||
2.625% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.625% | 2.625% | ||||
Debt Instrument, Face Amount | $ 300 | |||||
3.750% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | ||||
Debt Instrument, Face Amount | $ 400 | |||||
Cross-Currency Swap - 3.750% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fixed Interest Rate | 1.29% | 1.29% | ||||
Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 1,212.6 | 1,631.6 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 300 | $ 300 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap - 2.125% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 300 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap - 2.625% Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 300 | |||||
Designated as Hedging Instrument [Member] | Cross-Currency Swap - 2.125% Senior Note [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | € | € 280 | |||||
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 | |||||
Minimum [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Term of Contract | 2 months | |||||
Maximum [Member] | Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Term of Contract | 1 year |
Financial Instruments (Detail_6
Financial Instruments (Details Textual 1) - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Short-term investments | $ 495.9 | $ 1,403.4 |
Non-current investments | 0 | 44.9 |
Bank Time Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term investments | 252.3 | 1,167 |
Non-current investments | 44.9 | |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term investments | $ 243.6 | $ 236 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | Mar. 28, 2020 | Mar. 30, 2019 |
Lessee Disclosure [Abstract] | ||
Operating lease right-of-use assets | $ 1,511.6 | $ 0 |
Finance lease right-of-use assets | 166.4 | |
Total lease assets | 1,678 | |
Current operating lease liabilities | 288.4 | 0 |
Long-term operating lease liabilities | 1,568.3 | 0 |
Total operating lease liabilities | 1,856.7 | |
Current portion of finance lease liabilities | 9.8 | 22.3 |
Long-term finance lease liabilities | 189.4 | $ 212.6 |
Total finance lease liabilities | 199.2 | |
Total lease liabilities | $ 2,055.9 |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 322 | ||
Variable lease cost | 298 | ||
Total lease cost | 648.8 | ||
Rent expense | $ 449.3 | $ 443.1 | |
Contingent rent | $ 192 | $ 175.9 | |
Cost of goods sold | |||
Lease, Cost [Abstract] | |||
Operating lease cost | 4.4 | ||
Variable lease cost | 4.7 | ||
SG&A expenses | |||
Lease, Cost [Abstract] | |||
Operating lease cost | 307.3 | ||
Variable lease cost | 290.3 | ||
Short-term lease cost | 5.5 | ||
Finance Lease Cost [Abstract] | |||
Depreciation of finance lease assets | 18.1 | ||
Restructuring and other charges | |||
Lease, Cost [Abstract] | |||
Operating lease cost | 10.3 | ||
Variable lease cost | 3 | ||
Sublease income | (2.9) | ||
Interest expense | |||
Finance Lease Cost [Abstract] | |||
Accretion of finance lease liabilities | $ 8.1 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Lessee Disclosure [Abstract] | |||
Operating cash flows from operating leases | $ 383.9 | ||
Operating cash flows from finance leases | 8 | ||
Financing cash flows from finance leases | $ 13.6 | $ 19.6 | $ 28.2 |
Leases (Details 3)
Leases (Details 3) $ in Millions | Mar. 28, 2020USD ($) |
Operating Lease Liabilities, Payments, Due [Abstract] | |
Fiscal 2021 | $ 323.6 |
Fiscal 2022 | 325.4 |
Fiscal 2023 | 292.6 |
Fiscal 2024 | 259.2 |
Fiscal 2025 | 206.8 |
Fiscal 2026 and thereafter | 615.7 |
Total lease payments | 2,023.3 |
Less: interest | (166.6) |
Total lease liabilities | 1,856.7 |
Finance Lease Liabilities, Payments, Due [Abstract] | |
Fiscal 2021 | 16 |
Fiscal 2022 | 22.6 |
Fiscal 2023 | 22.3 |
Fiscal 2024 | 22.3 |
Fiscal 2025 | 22.3 |
Fiscal 2026 and thereafter | 153.8 |
Total lease payments | 259.3 |
Less: interest | (60.1) |
Total lease liabilities | 199.2 |
Future payment obligation for leases not commenced | $ 119 |
Leases 4 (Details)
Leases 4 (Details) | Mar. 28, 2020 |
Lessee Disclosure [Abstract] | |
Operating leases - weighted-average remaining lease term (years) | 7 years 7 months 6 days |
Operating leases - weighted-average discount rate | 2.10% |
Finance leases - weighted-average remaining lease term (years) | 12 years 8 months 12 days |
Finance leases - weighted-average discount rate | 4.10% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 30, 2019 | Mar. 28, 2020 | |
Other Commitments [Abstract] | ||
Contractual Obligation | $ 665.6 | |
Line of credit facility, contingent liability for outstanding LOCs | 9 | |
Inventory-related commitments [Member] | ||
Other Commitments [Abstract] | ||
Contractual Obligation | 534.9 | |
Interest payment | ||
Other Commitments [Abstract] | ||
Contractual Obligation | 90.6 | |
Other Commitments [Member] | ||
Other Commitments [Abstract] | ||
Contractual Obligation | 31.1 | |
US Tax Reform [Member] | ||
Loss Contingencies [Line Items] | ||
Cumulative One-Time U.S. Tax Reform Charge - Mandatory Transition Tax | $ 241 | |
Mandatory Transition Tax Payments Due in Fiscal 2021 | 14 | |
Mandatory Transition Tax Payments Due in Fiscal 2022 | 14 | |
Mandatory Transition Tax Payments Due in Fiscal 2023 | 14 | |
Mandatory Transition Tax Payments Due in Fiscal 2024 | 26.2 | |
Mandatory Transition Tax Payments Due in Fiscal 2025 | 34.9 | |
Mandatory Transition Tax Payments Due in Fiscal 2026 and thereafter | 43.6 | |
Mandatory Transition Tax Payments Due under the Tax Reform, Net of Foreign Tax Credit Carryover | $ 146.7 |
Equity (Details)
Equity (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | May 13, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Cost of shares repurchased | $ 694.8 | $ 502.6 | $ 17.1 | |
Stock Repurchase Program, Authorized Amount | $ 600 | |||
Stock Repurchase Program, Remaining Available Amount | 580 | |||
General repurchase program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Cost of shares repurchased | $ 650.3 | $ 470 | $ 0 | |
Number of shares repurchased | 6.2 | 3.8 | 0 | |
Withholding in satisfaction of taxes on vested equity award [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Cost of shares repurchased | $ 44.5 | $ 32.6 | $ 17.1 | |
Number of shares repurchased | 0.4 | 0.3 | 0.2 |
Equity (Details Textual)
Equity (Details Textual) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 28, 2020$ / sharesshares | Mar. 30, 2019$ / shares | Mar. 28, 2020USD ($)class_of_stockvote$ / sharesshares | Mar. 30, 2019USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | |
Class of Stock [Line Items] | |||||
Number of classes of stock | class_of_stock | 2 | ||||
Conversion of Stock, Conversion Ratio | 1 | ||||
Conversion of Stock, Shares Converted | 1 | ||||
Quarterly dividend per share | $ / shares | $ 0.6875 | $ 0.625 | $ 2.75 | $ 2.50 | $ 2 |
Dividends paid | $ | $ 203.9 | $ 190.7 | $ 162.4 | ||
Common stock, Class A | |||||
Class of Stock [Line Items] | |||||
Common stock authorized to be issued | 500 | 500 | |||
Number of votes per share | vote | 1 | ||||
Common stock, Class B | |||||
Class of Stock [Line Items] | |||||
Common stock authorized to be issued | 100 | 100 | |||
Number of votes per share | vote | 10 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ (103.4) | ||
OCI before reclassifications | 12.6 | $ 1 | $ 87.3 |
Amounts reclassified from AOCI to earnings | (27.4) | (5.9) | 12.6 |
Other comprehensive income (loss), net of tax | (14.8) | (4.9) | 99.9 |
Ending balance | (118.2) | (103.4) | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 9.2 | 10.8 | (23.3) |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 29 | 50.2 | (59.6) |
Gain (Loss) on Derivative Used in Net Investment Hedge, Tax | 9.4 | 15.9 | (31.3) |
Other Comprehensive Income (Loss), Cash Flow Hedges, Tax | 2.8 | 5.3 | (5) |
Foreign Currency Translation Gains (Losses) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (118.5) | (79.3) | (206.2) |
OCI before reclassifications | (7) | (39.2) | 126.9 |
Amounts reclassified from AOCI to earnings | (4.9) | 0 | 0 |
Other comprehensive income (loss), net of tax | (11.9) | (39.2) | 126.9 |
Ending balance | (130.4) | (118.5) | (79.3) |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 20.2 | (16) | 14.6 |
OCI before reclassifications | 21.2 | 42.2 | (40.5) |
Amounts reclassified from AOCI to earnings | (23.4) | (6) | 9.9 |
Other comprehensive income (loss), net of tax | (2.2) | 36.2 | (30.6) |
Ending balance | 18 | 20.2 | (16) |
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) | (6.8) |
OCI before reclassifications | (1.6) | (2) | 0.9 |
Amounts reclassified from AOCI to earnings | 0.9 | 0.1 | 2.7 |
Other comprehensive income (loss), net of tax | (0.7) | (1.9) | 3.6 |
Ending balance | (5.8) | (5.1) | (3.2) |
AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (103.4) | (98.5) | (198.4) |
Other comprehensive income (loss), net of tax | (14.8) | (4.9) | 99.9 |
Ending balance | $ (118.2) | $ (103.4) | $ (98.5) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of goods sold | $ (2,506.5) | $ (2,427) | $ (2,430.6) |
Other income (expense), net | (7.4) | 0.6 | (3.1) |
Income tax benefit (provision) | 57.9 | (151.6) | (326.4) |
Net income | 384.3 | 430.9 | 162.8 |
Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income tax benefit (provision) | (2.6) | (0.7) | 1.2 |
Net income | 23.4 | 6 | (9.9) |
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) [Line Items] | |||
Cost of goods sold | 24.9 | 5 | (8.2) |
Other income (expense), net | $ 1.1 | $ 1.7 | $ (2.9) |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Summary of the total compensation expense and the associated income tax benefits recognized related to stock-based compensation arrangements | |||
Compensation expense | $ 100.6 | $ 88.6 | $ 74.5 |
Income tax benefit | (15.3) | $ (13.1) | (25.3) |
Accelerated stock-based compensation expense | $ 3.6 | $ 2.8 |
Stock-based Compensation (Det_2
Stock-based Compensation (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Restricted Stock [Member] | |||
Number of Shares | |||
Nonvested, beginning balance | 10 | ||
Granted | 0 | ||
Vested | (6) | ||
Forfeited | 0 | ||
Nonvested, ending balance | 4 | 10 | |
Weighted Average Grant Date Fair Value | |||
Nonvested, weighted average grant date fair value, Beginning Balance | $ 86.01 | ||
Vested, weighted average grant date fair value | 88.30 | ||
Nonvested, weighted average grant date fair value, Ending Balance | $ 81.78 | $ 86.01 | |
Unrecognized compensation expenses related to nonvested restricted stock and nonvested restricted stock units granted | $ 0 | ||
Unrecognized compensation expenses related to nonvested restricted stock and restricted stock units granted, weighted average recognition period | 0 years | ||
Service-based Restricted Stock Units [Member] | |||
Number of Shares | |||
Nonvested, beginning balance | 1,112 | ||
Granted | 543 | ||
Vested | (480) | ||
Forfeited | (81) | ||
Nonvested, ending balance | 1,094 | 1,112 | |
Weighted Average Grant Date Fair Value | |||
Nonvested, weighted average grant date fair value, Beginning Balance | $ 94.99 | ||
Granted, weighted-average grant date fair value | 102.27 | $ 113.38 | $ 73.59 |
Vested, weighted average grant date fair value | 90.64 | ||
Forfeited, weighted average grant date fair value | 100.28 | ||
Nonvested, weighted average grant date fair value, Ending Balance | $ 100.92 | $ 94.99 | |
Unrecognized compensation expenses related to nonvested restricted stock and nonvested restricted stock units granted | $ 36.6 | ||
Unrecognized compensation expenses related to nonvested restricted stock and restricted stock units granted, weighted average recognition period | 1 year 7 months 6 days |
Stock-based Compensation (Det_3
Stock-based Compensation (Details 2) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of awards vested | $ 0.9 | $ 1 | |
Service-based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, weighted-average grant date fair value | $ 102.27 | $ 113.38 | $ 73.59 |
Total fair value of awards vested | $ 52.5 | $ 50 | $ 30 |
Stock-based Compensation (Det_4
Stock-based Compensation (Details 3) - Performance-based restricted stock units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Number of Shares | |||
Nonvested, beginning balance | 1,011 | ||
Granted | 289 | ||
Change due to performance condition achievement | 123 | ||
Vested | (482) | ||
Forfeited | (7) | ||
Nonvested, ending balance | 934 | 1,011 | |
Weighted Average Grant Date Fair Value | |||
Nonvested, weighted average grant date fair value, Beginning Balance | $ 84.16 | ||
Granted, weighted-average grant date fair value | 83.16 | $ 129.78 | $ 69.40 |
Change due to performance condition achievement, weighted average grant date fair value | 86.65 | ||
Vested, weighted average grant date fair value | 86.91 | ||
Forfeited, weighted average grant date fair value | 76.40 | ||
Nonvested, weighted average grant date fair value, Ending Balance | $ 82.83 | $ 84.16 | |
Unrecognized compensation expenses related to nonvested restricted stock and nonvested restricted stock units granted | $ 28.2 | ||
Unrecognized compensation expenses related to nonvested restricted stock and restricted stock units granted, weighted average recognition period | 1 year 6 months |
Stock-based Compensation (Det_5
Stock-based Compensation (Details 4) - Performance-based restricted stock units [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, weighted-average grant date fair value | $ 83.16 | $ 129.78 | $ 69.40 |
Total fair value of awards vested | $ 52.8 | $ 31.8 | $ 12.9 |
Stock-based Compensation (Det_6
Stock-based Compensation (Details 5) - Market-based restricted stock units [Member] - $ / shares | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
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% |
Granted, weighted-average grant date fair value | $ 90.59 | $ 177.13 |
Stock-based Compensation (Det_7
Stock-based Compensation (Details 6) - Market-based restricted stock units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Number of Shares | ||
Nonvested, beginning balance | 76 | |
Granted | 159 | |
Change due to market condition achievement | 0 | |
Vested | 0 | |
Forfeited | (1) | |
Nonvested, ending balance | 234 | 76 |
Weighted Average Grant Date Fair Value | ||
Nonvested, weighted average grant date fair value, Beginning Balance | $ 177.31 | |
Granted, weighted-average grant date fair value | 90.59 | $ 177.13 |
Forfeited, weighted average grant date fair value | 137.35 | |
Nonvested, weighted average grant date fair value, Ending Balance | $ 118.46 | $ 177.31 |
Unrecognized compensation expenses related to nonvested restricted stock and nonvested restricted stock units granted | $ 14.1 | |
Unrecognized compensation expenses related to nonvested restricted stock and restricted stock units granted, weighted average recognition period | 1 year 9 months 18 days |
Stock-based Compensation (Det_8
Stock-based Compensation (Details 7) - $ / shares | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Market-based restricted stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, weighted-average grant date fair value | $ 90.59 | $ 177.13 |
Stock-based Compensation (Det_9
Stock-based Compensation (Details 8) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Number of Shares | |||
Options beginning outstanding | 834 | ||
Granted | 0 | 0 | 0 |
Exercised | 0 | ||
Cancelled/Forfeited | (316) | ||
Options ending outstanding | 518 | 834 | |
Options vested | 518 | ||
Options exercisable | 518 | ||
Weighted Average Exercise Price | |||
Options outstanding, weighted average exercise price, Beginning balance | $ 162.53 | ||
Cancelled/Forfeited, weighted average exercise price | 151.48 | ||
Options outstanding, weighted average exercise price, Ending balance | 169.37 | $ 162.53 | |
Options vested, weighted average exercise price | 169.37 | ||
Options exercisable, weighted average exercise price | $ 169.37 | ||
Weighted Average Remaining Contractual Term | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 months 24 days | 1 year 6 months | |
Options vested, weighted average remaining contractual term | 10 months 24 days | ||
Options exercisable, weighted average remaining contractual term | 10 months 24 days | ||
Aggregate Intrinsic Value | |||
Options outstanding, aggregate intrinsic value, period start | $ 0 | ||
Options outstanding, aggregate intrinsic value, period end | 0 | $ 0 | |
Options vested, aggregate intrinsic value | 0 | ||
Options exercisable, aggregate intrinsic value | $ 0 |
Stock-based Compensation (De_10
Stock-based Compensation (Details 9) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Aggregate intrinsic value of stock option exercised | $ 0 | $ 1.2 | $ 0 |
Proceeds from exercise of stock options | 0 | 21.8 | 0.1 |
Tax benefits realized on exercise of stock options | $ 0 | $ 3.7 | $ 0 |
Stock-based Compensation (De_11
Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 31, 2018 | Aug. 01, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for future issuance | 3,800,000 | ||
Nonvested options | 0 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation expenses related to nonvested stock options granted | $ 0 | ||
Unrecognized compensation expenses related to nonvested stock options granted, weighted average recognition period | 0 years | ||
Service-based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation expenses related to nonvested stock options granted | $ 36.6 | ||
Unrecognized compensation expenses related to nonvested stock options granted, weighted average recognition period | 1 year 7 months 6 days | ||
Performance-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Period | 3 years | ||
Unrecognized compensation expenses related to nonvested stock options granted | $ 28.2 | ||
Unrecognized compensation expenses related to nonvested stock options granted, weighted average recognition period | 1 year 6 months | ||
Performance-based restricted stock units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | 0.00% | |
Performance-based restricted stock units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | 150.00% | |
Market-based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation expenses related to nonvested stock options granted | $ 14.1 | ||
Unrecognized compensation expenses related to nonvested stock options granted, weighted average recognition period | 1 year 9 months 18 days | ||
Market-based restricted stock units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||
Market-based restricted stock units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock options expiration period | 7 years | ||
Unrecognized compensation expenses related to nonvested stock options granted | $ 0 | ||
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 | 1,200,000 | ||
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 | 3,000,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Maximum amount of employee contributions eligible for the Company's discretionary match | 6.00% | ||
Required service period for participants to become fully vested | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 8.7 | $ 11.2 | $ 10.6 |
Defined benefit plans, net assets (liabilities) | (4) | (2.8) | |
Aggregate projected benefit obligations | 52.4 | 48.1 | |
Aggregate fair value of plan assets | 48.4 | 45.3 | |
Total defined benefit plan expense | 5 | 4.2 | 6.6 |
Defined benefit plan expense - service cost | $ 4.7 | 4.4 | $ 4.6 |
Above target performance - minimum match | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 67.00% | ||
Above target performance - maximum match | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Non Qualified Supplemental Retirement Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Amounts accrued under compensation plan | $ 3.4 | $ 5.1 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Net revenues by segment | |||
Total net revenues | $ 6,159.8 | $ 6,313 | $ 6,182.3 |
North America Segment [Member] | |||
Net revenues by segment | |||
Total net revenues | 3,140.5 | 3,202.9 | 3,231 |
Europe Segment [Member] | |||
Net revenues by segment | |||
Total net revenues | 1,632.2 | 1,683 | 1,608.3 |
Asia Segment [Member] | |||
Net revenues by segment | |||
Total net revenues | 1,017.2 | 1,041 | 933.7 |
Other non-reportable segments [Member] | |||
Net revenues by segment | |||
Total net revenues | $ 369.9 | $ 386.1 | $ 409.3 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Operating income (loss) by segment | |||
Operating income | $ 317 | $ 561.8 | $ 498.2 |
Restructuring and other charges | (67.2) | (130.1) | (108) |
Bad debt expense | (58.7) | (0.4) | (10.2) |
Unallocated charges [Member] | |||
Operating income (loss) by segment | |||
Unallocated corporate expenses | (648.7) | (663.4) | (672.8) |
Restructuring and other charges | (67.2) | (130.1) | (108) |
North America Segment [Member] | |||
Operating income (loss) by segment | |||
Operating income | 486.6 | 682.8 | 677.6 |
Bad debt expense | (38.7) | ||
Increase in inventory-related charges | (108) | ||
Europe Segment [Member] | |||
Operating income (loss) by segment | |||
Operating income | 336.3 | 392.8 | 361 |
Bad debt expense | (15.2) | ||
Increase in inventory-related charges | (42) | ||
Asia Segment [Member] | |||
Operating income (loss) by segment | |||
Operating income | 124.8 | 161 | 137.2 |
Bad debt expense | (1.7) | ||
Increase in inventory-related charges | (17) | ||
Other non-reportable segments [Member] | |||
Operating income (loss) by segment | |||
Operating income | 85.2 | 118.7 | 103.2 |
Bad debt expense | (3.1) | ||
Increase in inventory-related charges | (8) | ||
Operating Segments [Member] | |||
Operating income (loss) by segment | |||
Operating income | $ 1,032.9 | $ 1,355.3 | $ 1,279 |
Segment Information (Details 2)
Segment Information (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | $ (31.6) | $ (25.8) | $ (50) |
Unallocated corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | (6.7) | (5.9) | (20.7) |
North America Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | (1.9) | (3.1) | (4.7) |
Europe Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | 0 | (5.4) | (1.2) |
Asia Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | (3.7) | (4.4) | (1) |
Other non-reportable segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Asset Impairment Charges | $ (19.3) | $ (7) | $ (22.4) |
Segment Information (Details 3)
Segment Information (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Unallocated restructuring charges | $ (37.6) | $ (93.6) | $ (79.2) |
Other Charges | (29.6) | (36.5) | (28.8) |
Restructuring and other charges | (67.2) | (130.1) | (108) |
North America-Related [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Unallocated restructuring charges | (1.2) | (27) | (15.5) |
Europe-Related [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Unallocated restructuring charges | (3.3) | (14.9) | (4.6) |
Asia-Related [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Unallocated restructuring charges | (0.9) | (0.9) | 2.5 |
Other Non-Reportable Segment-Related [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Unallocated restructuring charges | (0.8) | (4.5) | (8.4) |
Corporate-Related [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Unallocated restructuring charges | $ (31.4) | $ (46.3) | $ (53.2) |
Segment Information (Details 4)
Segment Information (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 269.5 | $ 281.3 | $ 295.2 |
North America Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 74.6 | 81.8 | 82.5 |
Europe Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 32.8 | 33.6 | 34.9 |
Asia Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 59.3 | 49.1 | 50.3 |
Other non-reportable segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 5.4 | 7.2 | 10.6 |
Unallocated corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 97.4 | 95.5 | 102.8 |
Unallocated restructuring and other charges [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 0 | $ 14.1 | $ 14.1 |
Segment Information (Details 5)
Segment Information (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 270.3 | $ 197.7 | $ 161.6 |
North America Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 48.5 | 74.6 | 41.9 |
Europe Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 34.3 | 26.6 | 28.8 |
Asia Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 59.6 | 45.2 | 40.7 |
Other non-reportable segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 7.3 | 5 | 5 |
Unallocated corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 120.6 | $ 46.3 | $ 45.2 |
Segment Information (Details 6)
Segment Information (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 2,491.1 | $ 1,039.2 | |
Total net revenues | 6,159.8 | 6,313 | $ 6,182.3 |
Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 1,383.6 | 789.6 | |
Total net revenues | 3,516.4 | 3,602.2 | 3,652.1 |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 772.9 | 140 | |
Total net revenues | 1,625.3 | 1,668.6 | 1,595.2 |
Asia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 334.6 | 109.6 | |
Total net revenues | 1,018.1 | 1,042.2 | 935 |
U.S. [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 1,327 | 766.1 | |
Total net revenues | $ 3,308 | $ 3,379 | $ 3,427 |
Segment Information (Details Te
Segment Information (Details Textual) | 12 Months Ended |
Mar. 28, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Additional Financial Informat_3
Additional Financial Information (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and Cash Equivalents | $ 1,620.4 | $ 584.1 | ||
Restricted cash, current | 1.4 | 11.9 | ||
Restricted cash, noncurrent | 8 | 30.5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,629.8 | 626.5 | $ 1,355.5 | $ 711.8 |
Cash Interest and Taxes | ||||
Cash paid for interest | 15.4 | 17.3 | 11.7 | |
Cash paid for income taxes | 135.5 | 102 | 54 | |
Additional Financial Information (Textual) [Abstract] | ||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 374 | |||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 64 | 3.3 | ||
Capital expenditures incurred but not yet paid | $ 29.1 | $ 47.6 | $ 37 | |
Conversion of Stock, Shares Converted | 1 |