0001037038-20-000030 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 26, 2020	Oct. 30, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 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	--03-27
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2622036
Entity Address, Address Line One	650 Madison Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	318-7000
Title of 12(b) Security	Class A Common Stock, $.01 par value
Trading Symbol	RL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A common stock
Entity Common Stock, Shares Outstanding		48,222,564
Class B common stock
Entity Common Stock, Shares Outstanding		24,881,276

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Current assets:
Cash and cash equivalents	$ 2,012.0	$ 1,620.4
Short-term investments	434.1	495.9
Accounts receivable, net of allowances of $218.2 million and $276.2 million	354.0	277.1
Inventories	887.0	736.2
Income tax receivable	61.1	84.8
Prepaid expenses and other current assets	158.9	160.8
Total current assets	3,907.1	3,375.2
Property and equipment, net	921.5	979.5
Operating lease right-of-use assets	1,406.3	1,511.6
Deferred tax assets	352.9	245.2
Goodwill	935.0	915.5
Intangible assets, net	131.1	141.0
Other non-current assets	97.7	111.9
Total assets	7,751.6	7,279.9
Current liabilities:
Short-term debt	0.0	475.0
Current portion of long-term debt	0.0	299.6
Accounts payable	284.5	246.8
Income tax payable	82.4	65.1
Current operating lease liabilities	317.7	288.4
Accrued expenses and other current liabilities	869.1	717.1
Total current liabilities	1,553.7	2,092.0
Long-term debt	1,631.0	396.4
Long-term operating lease liabilities	1,460.0	1,568.3
Income tax payable	118.7	132.7
Non-current liability for unrecognized tax benefits	87.6	88.9
Other non-current liabilities	356.5	308.5
Commitments and contingencies (Note 13)
Total liabilities	5,207.5	4,586.8
Equity:
Additional paid-in-capital	2,629.0	2,594.4
Retained earnings	5,827.2	5,994.0
Treasury stock, Class A, at cost; 57.8 million and 57.3 million shares	(5,813.9)	(5,778.4)
Accumulated other comprehensive loss	(99.5)	(118.2)
Total equity	2,544.1	2,693.1
Total liabilities and equity	7,751.6	7,279.9
Class A common stock, par value $.01 per share; 106.0 million and 104.9 million shares issued; 48.2 million and 47.6 million shares outstanding
Equity:
Common stock	1.0	1.0
Class B common stock, par value $.01 per share; 24.9 million shares issued and outstanding
Equity:
Common stock	$ 0.3	$ 0.3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Allowance on accounts receivable	$ 218.2	$ 276.2
Class A common stock, par value $.01 per share; 106.0 million and 104.9 million shares issued; 48.2 million and 47.6 million shares outstanding
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	106.0	104.9
Common stock, shares outstanding	48.2	47.6
Treasury stock, shares	57.8	57.3
Class B common stock, par value $.01 per share; 24.9 million shares issued and outstanding
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	24.9	24.9
Common stock, shares outstanding	24.9	24.9

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Net revenues	$ 1,193.5	$ 1,706.2	$ 1,681.0	$ 3,135.0
Cost of goods sold	(394.1)	(657.2)	(532.9)	(1,165.2)
Gross profit	799.4	1,049.0	1,148.1	1,969.8
Other costs and expenses
Selling, general, and administrative expenses	(628.2)	(795.3)	(1,135.8)	(1,542.0)
Impairment of assets	(31.0)	(6.1)	(33.1)	(7.3)
Restructuring and other charges	(160.5)	(14.5)	(167.5)	(44.1)
Total other operating expenses, net	(819.7)	(815.9)	(1,336.4)	(1,593.4)
Operating income (loss)	(20.3)	233.1	(188.3)	376.4
Interest expense	(12.8)	(4.4)	(22.4)	(8.6)
Interest income	2.2	9.6	5.1	21.2
Other income (expense), net	1.8	(1.7)	3.9	(5.8)
Income (loss) before income taxes	(29.1)	236.6	(201.7)	383.2
Income tax benefit (provision)	(10.0)	(54.5)	34.9	(84.0)
Net income (loss)	$ (39.1)	$ 182.1	$ (166.8)	$ 299.2
Net income (loss) per common share:
Basic	$ (0.53)	$ 2.37	$ (2.27)	$ 3.86
Diluted	$ (0.53)	$ 2.34	$ (2.27)	$ 3.79
Weighted average common shares outstanding:
Basic	73.5	76.7	73.3	77.4
Diluted	73.5	77.9	73.3	78.9
Dividends declared per share	$ 0	$ 0.6875	$ 0	$ 1.375

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (39.1)	$ 182.1	$ (166.8)	$ 299.2
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation gains (losses)	17.3	(19.9)	30.3	(15.9)
Net gains (losses) on cash flow hedges	(7.3)	13.6	(11.3)	3.9
Net gains (losses) on defined benefit plans	(0.2)	0.1	(0.3)	0.0
Other comprehensive income (loss), net of tax	9.8	(6.2)	18.7	(12.0)
Total comprehensive income (loss)	$ (29.3)	$ 175.9	$ (148.1)	$ 287.2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Cash flows from operating activities:
Net income (loss)	$ (166.8)	$ 299.2
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	125.2	132.8
Deferred income tax benefit	(86.9)	(15.4)
Non-cash stock-based compensation expense	34.6	50.8
Non-cash impairment of assets	33.1	7.3
Bad debt expense (benefit)	(25.4)	1.5
Other non-cash charges (benefits)	(2.1)	1.6
Changes in operating assets and liabilities:
Accounts receivable	(49.7)	(91.0)
Inventories	(129.3)	(202.3)
Prepaid expenses and other current assets	11.1	(47.1)
Accounts payable and accrued liabilities	221.6	47.3
Income tax receivables and payables	12.8	17.1
Deferred income	(2.0)	0.9
Other balance sheet changes	11.1	1.4
Net cash provided by (used in) operating activities	(12.7)	204.1
Cash flows from investing activities:
Capital expenditures	(53.9)	(130.6)
Purchases of investments	(407.0)	(571.6)
Proceeds from sales and maturities of investments	471.5	976.1
Acquisitions and ventures	(0.5)	0.9
Proceeds from sale of property	0.0	20.8
Settlement of net investment hedges	3.7	0.0
Net cash provided by investing activities	13.8	295.6
Cash flows from financing activities:
Repayments of borrowings on credit facilities	(475.0)	0.0
Proceeds from issuance of long-term debt	1,241.9	0.0
Repayments of long-term debt	(300.0)	0.0
Payments of finance lease obligations	(5.7)	(7.7)
Payments of dividends	(49.8)	(101.9)
Repurchases of common stock, including shares surrendered for tax withholdings	(35.5)	(442.7)
Other financing activities	(8.6)	(0.7)
Net cash provided by (used in) financing activities	367.3	(553.0)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	23.6	(9.9)
Net increase (decrease) in cash, cash equivalents, and restricted cash	392.0	(63.2)
Cash, cash equivalents, and restricted cash at beginning of period	1,629.8	626.5
Cash, cash equivalents, and restricted cash at end of period	$ 2,021.8	$ 563.3

Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions

Total

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Treasury Stock [Member]

AOCI [Member]

^[2]

Beginning balance, shares at Mar. 30, 2019

128.8

^[1]

50.7

Beginning balance at Mar. 30, 2019

$ 3,287.2

$ 1.3

^[1]

$ 2,493.8

$ 5,979.1

$ (5,083.6)

$ (103.4)

Comprehensive Income

Net income (loss)

299.2

Other comprehensive income (loss)

(12.0)

Total comprehensive income (loss)

287.2

Dividends declared

(104.4)

Repurchases of common stock, shares

4.4

Repurchases of common stock

(442.7)

$ (442.7)

Stock-based compensation

50.8

Shares issued pursuant to stock-based compensation plans, shares

^[1]

0.9

Shares issued pursuant to stock-based compensation plans

0.0

$ 0.0

^[1]

0.0

Cumulative adjustment from adoption of new accounting standards

(164.5)

Ending balance, shares at Sep. 28, 2019

129.7

^[1]

55.1

Ending balance at Sep. 28, 2019

2,913.6

$ 1.3

^[1]

2,544.6

6,009.4

$ (5,526.3)

(115.4)

Beginning balance, shares at Jun. 29, 2019

129.6

^[1]

52.4

Beginning balance at Jun. 29, 2019

3,012.8

$ 1.3

^[1]

2,516.8

5,878.6

$ (5,274.7)

(109.2)

Comprehensive Income

Net income (loss)

182.1

Other comprehensive income (loss)

(6.2)

Total comprehensive income (loss)

175.9

Dividends declared

(51.3)

Repurchases of common stock, shares

2.7

Repurchases of common stock

(251.6)

$ (251.6)

Stock-based compensation

27.8

Shares issued pursuant to stock-based compensation plans, shares

^[1]

0.1

Shares issued pursuant to stock-based compensation plans

0.0

$ 0.0

^[1]

0.0

Ending balance, shares at Sep. 28, 2019

129.7

^[1]

55.1

Ending balance at Sep. 28, 2019

2,913.6

$ 1.3

^[1]

2,544.6

6,009.4

$ (5,526.3)

(115.4)

Beginning balance, shares at Mar. 28, 2020

129.8

^[1]

57.3

Beginning balance at Mar. 28, 2020

2,693.1

$ 1.3

^[1]

2,594.4

5,994.0

$ (5,778.4)

(118.2)

Comprehensive Income

Net income (loss)

(166.8)

Other comprehensive income (loss)

18.7

Total comprehensive income (loss)

(148.1)

Dividends declared

0.0

Repurchases of common stock, shares

0.5

Repurchases of common stock

(35.5)

$ (35.5)

Stock-based compensation

34.6

Shares issued pursuant to stock-based compensation plans, shares

^[1]

1.1

Shares issued pursuant to stock-based compensation plans

0.0

$ 0.0

^[1]

0.0

Ending balance, shares at Sep. 26, 2020

130.9

^[1]

57.8

Ending balance at Sep. 26, 2020

2,544.1

$ 1.3

^[1]

2,629.0

5,827.2

$ (5,813.9)

(99.5)

Beginning balance, shares at Jun. 27, 2020

130.9

^[1]

57.8

Beginning balance at Jun. 27, 2020

2,555.5

$ 1.3

^[1]

2,609.5

5,866.3

$ (5,812.3)

(109.3)

Comprehensive Income

Net income (loss)

(39.1)

Other comprehensive income (loss)

9.8

Total comprehensive income (loss)

(29.3)

Dividends declared

0.0

Repurchases of common stock, shares

0.0

Repurchases of common stock

(1.6)

$ (1.6)

Stock-based compensation

19.5

Ending balance, shares at Sep. 26, 2020

130.9

^[1]

57.8

Ending balance at Sep. 26, 2020

$ 2,544.1

$ 1.3

^[1]

$ 2,629.0

$ 5,827.2

$ (5,813.9)

$ (99.5)

[1]	^(a) Includes Class A and Class B common stock. During the six months ended September 28, 2019, 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 14).
[2]	^(b) Accumulated other comprehensive income (loss).

Consolidated Statements of Equity (Unaudited) (Parenthetical) - shares shares in Millions	3 Months Ended	6 Months Ended
	Sep. 28, 2019	Sep. 28, 2019
Statement of Stockholders' Equity [Abstract]
Conversion of Stock, Shares Converted	0.5	1.0

Description of Business	6 Months Ended
Description of Business	Sep. 26, 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 17 for further discussion of the Company's segment reporting structure.

Basis of Presentation

6 Months Ended

Sep. 26, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Interim Financial Statements

These interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and are unaudited. In the opinion of management, these consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position, income (loss), comprehensive income (loss), and cash flows of the Company for the interim periods presented. In addition, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") and the notes thereto have been condensed or omitted from this report as is permitted by the SEC's rules and regulations. However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading.

This report should be read in conjunction with the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended March 28, 2020 (the "Fiscal 2020 10-K").

Basis of Consolidation

These unaudited interim consolidated financial statements present the consolidated financial position, income (loss), comprehensive income (loss), and cash flows of the Company, including all entities in which the Company has a controlling financial interest and is determined to be the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Fiscal Periods

The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2021 will end on March 27, 2021 and will be a 52-week period ("Fiscal 2021"). Fiscal year 2020 ended on March 28, 2020 and was also a

52-week period ("Fiscal 2020"). The second quarter of Fiscal 2021 ended on September 26, 2020 and was a 13-week period. The second quarter of Fiscal 2020 ended on September 28, 2019 and was also a 13-week period.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Actual results could differ materially from those estimates.

Significant estimates inherent in the preparation of the consolidated financial statements include reserves for bad debt, customer returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances; the realizability of inventory; reserves for litigation and other contingencies; useful lives and impairments of long-lived tangible and intangible assets; fair value measurements; accounting for income taxes and related uncertain tax positions; valuation of stock-based compensation awards and related forfeiture rates; reserves for restructuring activity; and accounting for business combinations, among others.

Reclassifications

Certain reclassifications have been made to prior period financial information in order to conform to the current period's presentation.

Seasonality of Business

The Company's business is typically affected by seasonal trends, with higher levels of retail sales in its second and third fiscal quarters and higher wholesale sales in its second and fourth fiscal quarters. These trends result primarily from the timing of key vacation travel, back-to-school, and holiday shopping periods impacting its retail business and the timing of seasonal wholesale shipments. As a result of changes in its business, consumer spending patterns, and the macroeconomic environment, including those resulting from disease pandemics and other catastrophic events, historical quarterly operating trends and working capital requirements may not be indicative of the Company's future performance. In addition, fluctuations in sales, operating income (loss), and cash flows in any fiscal quarter may be affected by other events affecting retail sales, such as changes in weather patterns. Accordingly, the Company's operating results and cash flows for the three-month and six-month periods ended September 26, 2020 are not necessarily indicative of the operating results and cash flows that may be expected for the full Fiscal 2021.

COVID-19 Pandemic

A novel strain of coronavirus commonly referred to as COVID-19 has spread rapidly across the globe in recent months, including throughout all major geographies in which the Company operates (North America, Europe, and Asia), resulting in adverse economic conditions and business disruptions, as well as significant volatility in global financial markets. Governments worldwide have imposed varying degrees of preventative and protective actions, such as temporary travel bans, forced business closures, and stay-at-home orders, all in an effort to reduce the spread of the virus. Such factors, among others, have resulted in a significant decline in retail traffic, tourism, and consumer spending on discretionary items. Additionally, during this period of uncertainty, companies across a wide array of industries have implemented various initiatives to reduce operating expenses and preserve cash balances, including work furloughs and reduced pay, which could lower consumers' disposable income levels or willingness to purchase discretionary items. Further, even after such government restrictions and company initiatives are lifted, consumer behavior, spending levels, and/or shopping preferences, such as willingness to congregate in shopping centers or other populated locations, could be adversely affected.

In connection with the COVID-19 pandemic, the Company has experienced varying degrees of business disruptions and periods of closure of its stores, distribution centers, and corporate facilities, as have the Company's wholesale customers, licensing partners, suppliers, and vendors. During the first quarter of Fiscal 2021, the majority of the Company's stores in key markets were closed for an average of 8 to 10 weeks, resulting in significant adverse impacts to its operating results. Although nearly all of the Company's stores were reopened by the end of the first quarter of Fiscal 2021, the majority are still operating at limited hours and customer capacity levels in accordance with local health guidelines, with traffic remaining challenged. The Company's wholesale business has also been adversely affected, particularly in North America and Europe, as a result of department store closures and lower traffic and consumer demand. Additionally, there has recently been a resurgence in the number of cases of COVID-19 in

certain parts of the world, which could result in further shutdowns and business disruptions for the Company and/or its wholesale customers, licensing partners, suppliers, and vendors.

Throughout the pandemic, the Company's priority has been to ensure the safety and well-being of its employees, consumers, and the communities in which it operates around the world. The Company continues to take into account the guidance of local governments and global health organizations and has implemented new health and safety protocols in its stores, distribution centers, and corporate facilities. The Company has also taken various preemptive actions to preserve cash and strengthen its liquidity position, including:


•	amending its Global Credit Facility in May 2020 to temporarily waive its leverage ratio requirement (see Note 10);


•	issuing $1.250 billion of unsecured senior notes in June 2020, the proceeds of which are being used for general corporate purposes, including repayment of certain of the Company's outstanding borrowings (see Note 10);


•	temporarily suspending its quarterly cash dividend and common stock repurchase program, effective beginning in the first quarter of Fiscal 2021 (see Note 14);


•	temporarily reducing the base compensation of its executives and senior management team, as well as its Board of Directors, for the first quarter of Fiscal 2021;


•	furloughing or reducing work hours for a significant portion of its employees, who nevertheless remain eligible to receive employee benefits during such period;


•	carefully managing its expense structure across all key areas of spend, including aligning inventory levels with anticipated demand, negotiating rent abatements with certain of its landlords, and postponing non-critical capital build-out and other investments and activities;


•	pursuing relevant government subsidy programs related to COVID-19 business disruptions; and


•	improving upon its cash conversion cycle largely driven by its accounts receivable collection efforts and extended vendor payment terms.

The COVID-19 pandemic remains highly volatile and continues to evolve. Accordingly, the Company cannot predict for how long and to what extent the pandemic will impact its business operations or the global economy as a whole. The Company will continue to assess its operations location-by-location, taking into account the guidance of local governments and global health organizations to determine when its operations can begin returning to normal levels of business.

Summary of Significant Accounting Policies

6 Months Ended

Sep. 26, 2020

Accounting Policies [Abstract]

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 generally recognized as revenue ratably over the respective 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 September 26, 2020, contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows:



	Contractually-Guaranteed Minimum Royalties^(a)
	(millions)
Remainder of Fiscal 2021	$	36.4
Fiscal 2022	68.4
Fiscal 2023	44.4
Fiscal 2024	26.6
Fiscal 2025 and thereafter	1.1
Total	$	176.9


^(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:



	Three Months Ended
	September 26, 2020										September 28, 2019
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel^(a):
Retail	$	314.7	$	174.2	$	219.3	$	21.1	$	729.3	$	457.9	$	238.6	$	233.3	$	45.4	$	975.2
Wholesale	228.2		185.3		17.3		2.3		433.1		423.3		241.6		22.0		1.9		688.8
Licensing	—		—		—		31.1		31.1		—		—		—		42.2		42.2
Total	$	542.9	$	359.5	$	236.6	$	54.5	$	1,193.5	$	881.2	$	480.2	$	255.3	$	89.5	$	1,706.2



	Six Months Ended
	September 26, 2020										September 28, 2019
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel^(a):
Retail	$	457.3	$	253.4	$	385.8	$	27.6	$	1,124.1	$	861.0	$	457.1	$	479.8	$	94.9	$	1,892.8
Wholesale	250.7		226.8		22.7		2.8		503.0		739.6		383.9		34.1		3.7		1,161.3
Licensing	—		—		—		53.9		53.9		—		—		—		80.9		80.9
Total	$	708.0	$	480.2	$	408.5	$	84.3	$	1,681.0	$	1,600.6	$	841.0	$	513.9	$	179.5	$	3,135.0


^(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 $13.2 million and $14.6 million as of September 26, 2020 and March 28, 2020, respectively, and were primarily recorded within accrued expenses and other current liabilities within the consolidated balance sheets. During the three-month and six-month periods ended September 26, 2020, the Company recognized $2.5 million and $5.9 million, respectively, of net revenues from amounts recorded as deferred income as of March 28, 2020. The majority of the deferred income balance as of September 26, 2020 is expected to be recognized as revenue within the next twelve months.

Shipping and Handling Costs

Costs associated with shipping goods to the Company's customers are accounted for as fulfillment activities and reflected as a component of selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations. Costs of preparing merchandise for sale, such as picking, packing, warehousing, and order charges ("handling costs"), are also included in SG&A expenses. Shipping and handling costs billed to customers are included in revenue.

A summary of shipping and handling costs for the fiscal periods presented is as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Shipping costs	$	12.2	$	12.5	$	20.6	$	22.4
Handling costs	33.3		39.5		59.8		75.7

Net Income (Loss) per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) 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 (loss) per common share adjusts basic net income (loss) 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 (loss) per common share is reconciled to shares used to calculate diluted net income (loss) per common share as follows:



	Three Months Ended			Six Months Ended
	September 26, 2020		September 28, 2019	September 26, 2020		September 28, 2019
	(millions)
Basic shares	73.5		76.7	73.3		77.4
Dilutive effect of RSUs and stock options	—	^(a)	1.2	—	^(a)	1.5
Diluted shares	73.5		77.9	73.3		78.9


^(a)	Incremental shares of 0.9 million and 1.2 million attributable to outstanding RSUs were excluded from the computation of diluted shares for the three-month and six-month periods ended September 26, 2020, respectively, as such shares would not be dilutive as a result of the net losses incurred.

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 (loss) per common share. As of September 26, 2020 and September 28, 2019, there were 0.6 million and 1.1 million, respectively, of additional shares issuable contingent upon vesting of performance-based RSUs and upon exercise of anti-dilutive stock options, that were excluded from the diluted shares calculations.

Accounts Receivable

In the normal course of business, the Company extends credit to wholesale customers that satisfy defined credit criteria. Payment is generally due within 30 to 120 days and does not include a significant financing component. Accounts receivable is recorded at amortized cost, which approximates fair value, and is presented in the Company's consolidated balance sheets net of certain reserves and allowances. These reserves and allowances consist of (i) reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances (see the "Revenue Recognition" section above for further discussion of related accounting policies) and (ii) allowances for doubtful accounts.

A rollforward of the activity in the Company's reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances is presented below:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Beginning reserve balance	$	184.0		$	165.5		$	204.7		$	176.5
Amount charged against revenue to increase reserve	72.6			168.6			83.9			282.5
Amount credited against customer accounts to decrease reserve	(88.2		)	(135.8		)	(122.1		)	(261.7		)
Foreign currency translation	3.5			(2.8		)	5.4			(1.8		)
Ending reserve balance	$	171.9		$	195.5		$	171.9		$	195.5

An allowance for doubtful accounts is determined through analysis of accounts receivable aging, assessments of collectability based on evaluation of historical 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 current and forecasted economic and market conditions over the related asset's contractual life, among other factors. The Company's estimated allowance for doubtful accounts as of September 26, 2020 reflects impacts associated with COVID-19 business disruptions, which include 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:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Beginning reserve balance	$	55.9		$	15.0		$	71.5		$	15.7
Amount recorded to expense to increase (decrease) reserve^(a)	(8.9		)	1.4			(25.4		)	1.5
Amount written-off against customer accounts to decrease reserve	(1.6		)	(0.4		)	(1.6		)	(1.4		)
Foreign currency translation	0.9			(0.4		)	1.8			(0.2		)
Ending reserve balance	$	46.3		$	15.6		$	46.3		$	15.6


^(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 September 26, 2020, these three key wholesale customers constituted approximately 29% of total gross accounts receivable.

Inventories

The Company holds inventory that is sold in its retail stores and digital commerce sites directly to consumers. The Company also holds inventory that is sold through wholesale distribution channels to major department stores, 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. Inventory held by the Company totaled $887.0 million, $736.2 million, and $1.013 billion as of September 26, 2020, March 28, 2020, and September 28, 2019, respectively.

Implementation Costs Incurred in Cloud Computing Arrangements

For cloud computing arrangements that are a service contract, the Company capitalizes certain implementation costs incurred (depending on their nature) during the application development stage of the related project, and expenses costs during the preliminary project and post-implementation stages as they are incurred. Capitalized implementation costs are expensed on a straight-line basis over the reasonably certain term of the hosting arrangement, beginning when the module is ready for its intended use. The Company's cloud computing arrangements relate to various areas, including certain retail store and digital commerce operations, and corporate and administrative functions. Capitalized amounts related to such arrangements are recorded within prepaid expenses and other current assets and within other non-current assets in the consolidated balance sheets (see Note 6). Capitalized implementation costs expensed during the three-month and six-month periods ended September 26, 2020 were $1.2 million and $3.7 million, respectively, and $0.8 million and $1.6 million during the three-month and six-month periods ended September 28, 2019, respectively, and were recorded in SG&A expenses in the consolidated statements of operations.

See Note 4 for discussion of the Company's adoption of a new accounting standard related to implementation costs incurred in connection with cloud computing arrangements that are a service contract as of the beginning of Fiscal 2021.

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 accumulated other comprehensive income (loss) ("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 for its forward foreign exchange contracts and within cash flows from investing activities for its cross-currency swap contracts, both as discussed below.

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 within other income (expense), net.

Hedges of Net Investments in Foreign Operations

The Company periodically uses cross-currency swap 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 12 for further discussion of the Company's derivative financial instruments.

Refer to Note 3 of the Fiscal 2020 10-K for a summary of all of the Company's significant accounting policies.

Recently Issued Accounting Standards	6 Months Ended
Recently Issued Accounting Standards	Sep. 26, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Implementation Costs Incurred 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 related project during which they are incurred. Any capitalized costs are to be expensed over the reasonably certain term of the hosting arrangement and presented in the same line within the statement of operations as the expense for the arrangement's fees. ASU 2018-15 also requires enhanced qualitative and quantitative disclosures surrounding hosting arrangements that are service contracts. The Company adopted ASU 2018-15 as of the beginning of Fiscal 2021. Prior to adoption, the Company had already generally accounted for implementation costs incurred in connection with cloud computing arrangements in a manner consistent with the new standard. Therefore, other than the new disclosure requirements, the adoption of ASU 2018-15 did not have an impact on the Company's consolidated financial statements. See Note 3 for further discussion of the Company's accounting for cloud computing arrangements. 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 contractual life based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability. 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. The Company adopted ASU 2016-13 as of the beginning of Fiscal 2021 using the modified retrospective basis. Overall, the adoption of ASU 2016-13 did not have a material impact on the Company's consolidated financial statements.

Property and Equipment

6 Months Ended

Sep. 26, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consists of the following:



	September 26, 2020			March 28, 2020
	(millions)
Land and improvements	$	15.3		$	15.3
Buildings and improvements	314.2			309.0
Furniture and fixtures	635.4			629.5
Machinery and equipment	388.1			378.8
Capitalized software	552.1			543.3
Leasehold improvements	1,239.9			1,194.5
Construction in progress	40.0			37.5
	3,185.0			3,107.9
Less: accumulated depreciation	(2,263.5		)	(2,128.4		)
Property and equipment, net	$	921.5		$	979.5

Depreciation expense was $56.3 million and $114.8 million during the three-month and six-month periods ended September 26, 2020, respectively, and $60.7 million and $121.0 million during the three-month and six-month periods ended September 28, 2019, respectively, and is recorded primarily within SG&A expenses in the consolidated statements of operations.

Other Assets and Liabilities

6 Months Ended

Sep. 26, 2020

Balance Sheet Related Disclosures [Abstract]

Other Assets and Liabilities

Prepaid expenses and other current assets consist of the following:



	September 26, 2020		March 28, 2020
	(millions)
Non-trade receivables	$	27.7	$	27.0
Other taxes receivable	25.6		24.7
Prepaid software maintenance	12.8		14.8
Prepaid advertising and marketing	10.2		10.1
Inventory return asset	10.0		8.9
Cloud computing arrangement implementation costs	7.9		8.4
Prepaid occupancy expense	6.3		6.7
Derivative financial instruments	1.1		13.7
Other prepaid expenses and current assets	57.3		46.5
Total prepaid expenses and other current assets	$	158.9	$	160.8

Other non-current assets consist of the following:



	September 26, 2020		March 28, 2020
	(millions)
Security deposits	$	30.0	$	29.4
Derivative financial instruments	27.3		48.6
Restricted cash	8.3		8.0
Cloud computing arrangement implementation costs	5.8		4.9
Other non-current assets	26.3		21.0
Total other non-current assets	$	97.7	$	111.9

Accrued expenses and other current liabilities consist of the following:



	September 26, 2020		March 28, 2020
	(millions)
Accrued inventory	$	203.7	$	167.1
Accrued operating expenses	202.5		176.4
Restructuring reserve	166.4		25.5
Accrued payroll and benefits	162.6		186.2
Other taxes payable	68.0		47.9
Accrued capital expenditures	27.4		29.1
Deferred income	13.1		14.6
Finance lease obligations	10.4		9.8
Derivative financial instruments	1.0		6.9
Dividends payable	—		49.8
Other accrued expenses and current liabilities	14.0		3.8
Total accrued expenses and other current liabilities	$	869.1	$	717.1

Other non-current liabilities consist of the following:



	September 26, 2020		March 28, 2020
	(millions)
Finance lease obligations	$	188.8	$	189.4
Deferred lease incentives and obligations	62.0		57.8
Derivative financial instruments	31.5		—
Accrued benefits and deferred compensation	29.0		19.5
Deferred tax liabilities	10.6		10.0
Other non-current liabilities	34.6		31.8
Total other non-current liabilities	$	356.5	$	308.5

Impairment of Assets	6 Months Ended
Impairment of Assets	Sep. 26, 2020
Asset Impairment Charges [Abstract]
Impairment of Assets	Impairment of Assets The Company recorded non-cash impairment charges of $22.2 million and $24.3 million during the three-month and six-month periods ended September 26, 2020, respectively, and $2.3 million and $3.5 million during the three-month and six-month periods ended September 28, 2019, respectively, to write-down certain long-lived assets in connection with its restructuring activities (see Note 8). Additionally, the Company recorded non-cash impairment charges of $8.8 million during the three-month and six-month periods ended September 26, 2020 to write-down long-lived assets primarily related to a certain previously exited real estate location for which the related lease agreement has not yet expired. During the three-month and six-month periods ended September 28, 2019, the Company recorded non-cash impairment charges of $3.8 million to write-down certain long-lived assets related to underperforming stores as a result of its on-going store portfolio evaluation. See Note 11 for further discussion of these impairment charges.

Restructuring and Other Charges

6 Months Ended

Sep. 26, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

A description of significant restructuring and other activities and their related costs is provided below.

Fiscal 2021 Strategic Realignment Plan

The Company has begun efforts to realign its resources to support future growth and profitability, and to create a sustainable cost structure. The key areas of the Company's evaluation include its: (i) team organizational structures and ways of working; (ii) real estate footprint and related costs across distribution centers, corporate offices, and direct-to-consumer retail and wholesale doors; and (iii) brand portfolio.

In connection with the first initiative, on September 17, 2020, the Company's Board of Directors approved a restructuring plan (the "Fiscal 2021 Strategic Realignment Plan") to reduce its global workforce by the end of Fiscal 2021. In connection with the reduction in workforce, the Company expects to incur total estimated pre-tax charges of up to approximately $160 million, primarily consisting of cash-related severance and benefit costs. Additionally, during its preliminary review of its store portfolio, the Company made the decision to close its Polo store on Regent Street in London.

In addition to these actions, the Company anticipates additional restructuring-related actions associated with the other aforementioned initiatives as part of the Fiscal 2021 Strategic Realignment Plan.

A summary of the charges recorded in connection with the Fiscal 2021 Strategic Realignment Plan during the fiscal periods presented (inclusive of immaterial other restructuring-related charges previously recorded during the first quarter of Fiscal 2021) is as follows:



	September 26, 2020
	Three Months Ended		Six Months Ended
	(millions)
Cash-related restructuring charges:
Severance and benefit costs	$	153.8	$	156.3
Other cash charges	3.8		3.9
Total cash-related restructuring charges	157.6		160.2
Non-cash charges:
Impairment of assets (see Note 7)	22.2		24.3
Inventory-related charges^(a)	—		1.3
Total non-cash charges	22.2		25.6
Total charges	$	179.8	$	185.8


^(a)	Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations.

A summary of current period activity in the restructuring reserve related to the Fiscal 2021 Strategic Realignment Plan is as follows:



	Severance and Benefit Costs			Other Cash Charges			Total
	(millions)
Balance at March 28, 2020	$	—		$	—		$	—
Additions charged to expense	156.3			3.9			160.2
Cash payments charged against reserve	(2.6		)	(0.2		)	(2.8		)
Non-cash adjustments	(0.3		)	—			(0.3		)
Balance at September 26, 2020	$	153.4		$	3.7		$	157.1

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 included 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:



	September 28, 2019
	Three Months Ended		Six Months Ended		Cumulative Charges
	(millions)
Cash-related restructuring charges:
Severance and benefit costs	$	9.0	$	14.9	$	90.3
Lease termination and store closure costs	0.2		0.5		2.3
Other cash charges	0.3		1.1		10.8
Total cash-related restructuring charges	9.5		16.5		103.4
Non-cash charges:
Impairment of assets (see Note 7)	2.3		3.5		19.0
Inventory-related charges^(a)	0.4		1.0		8.2
Accelerated stock-based compensation expense^(b)	3.6		3.6		3.6
Loss on sale of property^(c)	—		—		11.6
Total non-cash charges	6.3		8.1		42.4
Total charges	$	15.8	$	24.6	$	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, was incurred in connection with the sale of one of the Company's distribution centers in North America.

A summary of current period activity in the restructuring reserve related to the Fiscal 2019 Restructuring Plan is as follows:



	Severance and Benefit Costs			Other Cash Charges			Total
	(millions)
Balance at March 28, 2020	$	23.5		$	0.6		$	24.1
Additions charged to expense	—			—			—
Cash payments charged against reserve	(14.0		)	(0.6		)	(14.6		)
Balance at September 26, 2020	$	9.5		$	—		$	9.5

Other Charges

The Company recorded other charges of $2.9 million and $7.3 million during the three-month and six-month periods ended September 26, 2020, respectively, and $1.4 million and $3.2 million during the three-month and six-month periods ended September 28, 2019, respectively, primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired.

The Company also recorded other charges of $20.8 million during the six months ended September 28, 2019 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.

Income Taxes	6 Months Ended
Income Taxes	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate The Company's effective tax rate, which is calculated by dividing each fiscal period's income tax benefit (provision) by pretax income (loss), was (34.4%) and 17.3% during the three-month and six-month periods ended September 26, 2020, respectively, and 23.1% and 21.9% during the three-month and six-month periods ended September 28, 2019, respectively. The effective tax rates for the three-month and six-month periods ended September 26, 2020 were lower than the U.S. federal statutory income tax rate of 21% primarily due to valuation allowances recorded against certain deferred tax assets as a result of significant business disruptions attributable to COVID-19 that could impact the ultimate realizability of such assets, as well as tax impacts on stock based compensation and other permanent adjustments, partially offset by expected net operating loss carrybacks allowed under the CARES Act (as defined below). The effective tax rates for the three-month and six-month periods ended September 28, 2019 were slightly higher than the U.S. federal statutory income tax rate of 21% primarily due to additional income tax reserves largely associated with certain income tax audits. In response to the COVID-19 pandemic, various governments worldwide have enacted, or are in the process of enacting, measures to provide aid and economic relief to companies adversely impacted by the pandemic. For example, on March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). The CARES Act includes various provisions, including the modification of net operating loss carryback periods and limitation, modification to interest deduction limitations, and creation of refundable employee retention tax credits, among other provisions. Certain of these provisions will favorably impact the Company's Fiscal 2021 operating results. 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 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 the then estimated annual effective tax rate. Uncertain Income Tax Benefits The Company classifies interest and penalties related to unrecognized tax benefits as part of its income tax benefit (provision). The total amount of unrecognized tax benefits, including interest and penalties, was $87.6 million and $88.9 million as of September 26, 2020 and March 28, 2020, respectively, and is included within non-current liability for unrecognized tax benefits in the consolidated balance sheets. The total amount of unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate was $66.2 million and $71.7 million as of September 26, 2020 and March 28, 2020, 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Debt

6 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Debt

Debt consists of the following:



	September 26, 2020		March 28, 2020
	(millions)
$300 million 2.625% Senior Notes^(a)	$	—	$	299.6
$400 million 3.750% Senior Notes^(b)	396.7		396.4
$500 million 1.700% Senior Notes^(c)	497.7		—
$750 million 2.950% Senior Notes^(d)	736.6		—
Borrowings outstanding under credit facilities	—		475.0
Total debt	1,631.0		1,171.0
Less: short-term debt and current portion of long-term debt	—		774.6
Total long-term debt	$	1,631.0	$	396.4


^(a)	The carrying value of the 2.625% Senior Notes as of March 28, 2020 is presented net of unamortized debt issuance costs and original issue discount of $0.2 million and also reflects an adjustment of $0.2 million associated with a related interest rate swap contract (see Note 12).


^(b)	The carrying value of the 3.750% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $3.3 million and $3.6 million as of September 26, 2020 and March 28, 2020, respectively.


^(c)	The carrying value of the 1.700% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $2.3 million as of September 26, 2020.


^(d)	The carrying value of the 2.950% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $13.4 million as of September 26, 2020.

Senior Notes

In August 2018, the Company completed a registered public debt offering and issued $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").

In June 2020, the Company completed another registered public debt offering and issued an additional $500 million aggregate principal amount of unsecured senior notes due June 15, 2022, which bear interest at a fixed rate of 1.700%, payable semi-annually (the "1.700% Senior Notes"), and $750 million aggregate principal amount of unsecured senior notes due June 15, 2030, which bear interest at a fixed rate of 2.950%, payable semi-annually (the "2.950% Senior Notes"). The 1.700% Senior Notes and 2.950% Senior Notes were issued at prices equal to 99.880% and 98.995% of their principal amounts, respectively. The proceeds from these offerings are being used for general corporate purposes, which included the repayment of $475 million previously outstanding under the Company's Global Credit Facility (as defined below) on June 3, 2020 and repayment of its previously outstanding $300 million principal amount of unsecured 2.625% senior notes that matured August 18, 2020 (the "2.625% Senior Notes").

The Company has the option to redeem the 3.750% Senior Notes, 1.700% Senior Notes, and 2.950% 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 September 26, 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.

Under the Global Credit Facility as originally implemented, U.S. Dollar-denominated borrowings 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.

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 ratings. 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. The maximum permitted leverage ratio for that fiscal quarter would be 5.25. For the fiscal quarters ending December 31, 2021 and March 31, 2022, the maximum permitted leverage ratio would be 4.75. For each fiscal quarter ending on or after June 30, 2022, the leverage ratio test would return to 4.25. 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, repurchases, 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.

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. As of September 26, 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.

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 position in response to the COVID-19 pandemic. These borrowings were subsequently repaid in June 2020 with proceeds from the issuances of the 1.700% Senior Notes and 2.950% Senior Notes. As of September 26, 2020, there were no borrowings outstanding under the Global Credit Facility and the Company was contingently liable for $9.0 million of outstanding letters of credit.

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") as a preemptive measure to strengthen its liquidity in response to the COVID-19 pandemic. The 364 Day Facility provided for a $500 million senior unsecured revolving line of credit through May 25, 2021, provided that the maturity date may be earlier if the Company issues senior notes other than to refinance the previously outstanding 2.625% Senior Notes. In connection with the issuances of the 1.700% Senior Notes and 2.950% Senior Notes in June 2020, the 364 Day Facility automatically terminated in accordance with its terms because the aggregate proceeds received upon issuance of these senior notes exceeded the amount necessary to refinance the 2.625% Senior Notes.

Pan-Asia Borrowing Facilities

Certain of the Company's subsidiaries in Asia have uncommitted credit facilities with regional branches of JPMorgan Chase in China and South Korea (the "Pan-Asia Credit Facilities"). Additionally, the Company's Japan subsidiary has an uncommitted overdraft facility with Sumitomo Mitsui Banking Corporation (the "Japan Overdraft Facility"). The Pan-Asia Credit Facilities and Japan Overdraft Facility (collectively, the "Pan-Asia Borrowing Facilities") are subject to annual renewal and may be used to fund general working capital needs of the Company's operations in the respective countries. Borrowings under the Pan-Asia Borrowing Facilities are guaranteed by the parent company and are granted at the sole discretion of the respective banks, subject to availability of the banks' funds and satisfaction of certain regulatory requirements. The Pan-Asia Borrowing Facilities do not contain any financial covenants. A summary of the Company's Pan-Asia Borrowing Facilities by country is 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 $26 million) through October 29, 2021.


•	Japan Overdraft Facility — provides Ralph Lauren Corporation Japan with an overdraft amount of up to 5 billion Japanese Yen (approximately $47 million) though April 30, 2021.

As of September 26, 2020, there were no borrowings outstanding under the Pan-Asia Borrowing Facilities.

Refer to Note 11 of the Fiscal 2020 10-K for additional discussion of the terms and conditions of the Company's debt and credit facilities.

Fair Value Measurements

6 Months Ended

Sep. 26, 2020

Fair Value Disclosures [Abstract]

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:



	September 26, 2020		March 28, 2020
	(millions)
Investments in commercial paper^(a)(b)	$	—	$	243.6
Derivative assets^(a)	28.4		62.3
Derivative liabilities^(a)	32.5		6.9


^(a)	Based on Level 2 measurements.


^(b)	Amounts are 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:



	September 26, 2020				March 28, 2020
	Carrying Value^(a)		Fair Value^(b)		Carrying Value^(a)		Fair Value^(b)
	(millions)
$300 million 2.625% Senior Notes	$	—	$	—	$	299.6	$	299.8
$400 million 3.750% Senior Notes	396.7		450.7		396.4		415.1
$500 million 1.700% Senior Notes	497.7		509.4		—		—
$750 million 2.950% Senior Notes	736.6		780.5		—		—
Borrowings outstanding under credit facilities	—		—		475.0		473.0


^(a)	See Note 10 for discussion of the carrying values of the Company's senior notes.


^(b)	Based on Level 2 measurements.

Unrealized gains or losses resulting from changes in the fair value of the Company's debt instruments do not result in the realization or expenditure of cash, unless the debt is retired prior to its maturity.

Non-financial Assets and Liabilities

The Company's non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment, and lease-related right-of-use ("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 the three-month and six-month periods ended September 26, 2020 and September 28, 2019, 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 periods presented in order to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date:



	Three Months Ended
	September 26, 2020				September 28, 2019
Long-Lived Asset Category	Fair Value as of Impairment Date		Total Impairments		Fair Value as of Impairment Date		Total Impairments
	(millions)
Property and equipment, net	$	—	$	10.8	$	5.5	$	1.7
Operating lease right-of-use assets	33.9		20.2		19.2		4.4



	Six Months Ended
	September 26, 2020				September 28, 2019
Long-Lived Asset Category	Fair Value as of Impairment Date		Total Impairments		Fair Value as of Impairment Date		Total Impairments
	(millions)
Property and equipment, net	$	—	$	10.8	$	5.5	$	2.6
Operating lease right-of-use assets^(a)	33.9		22.3		112.1		229.8


^(a)	Total impairment charges for the six months ended September 28, 2019 includes $225.1 million recorded in connection with the Company's adoption of ASU No. 2016-02, "Leases" 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 7 for additional discussion regarding non-cash impairment charges recorded by the Company within the consolidated statements of operations during the fiscal periods presented.

No impairment charges associated with goodwill or other intangible assets were recorded during either of the six-month periods ended September 26, 2020 or September 28, 2019. The Company performed its annual goodwill impairment assessment using a qualitative approach as of the beginning of the second quarter of Fiscal 2021. 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 Company also considered the results of its most recent quantitative goodwill impairment test, which was performed as of the end of Fiscal 2020 and incorporated assumptions related to COVID-19 business disruptions, the results of which indicated that the fair values of these reporting units significantly exceeded their respective carrying values. Based on the results of its qualitative goodwill impairment assessment, the Company concluded that it is not more likely than not that the fair values of its reporting units are less than their respective carrying values and there were no reporting units at risk of impairment.

Financial Instruments

6 Months Ended

Sep. 26, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 September 26, 2020 and March 28, 2020:



	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument^(a)	September 26, 2020		March 28, 2020		September 26, 2020			March 28, 2020			September 26, 2020			March 28, 2020
					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	$	82.5	$	229.0	PP	$	0.6	PP	$	7.4	AE	$	0.7	AE	$	0.4
IRS — Fixed-rate debt	—		300.0			—			—			—		AE	0.2
Net investment hedges^(c)	717.5		683.6		ONCA	27.3		ONCA	48.6		ONCL	31.5		AE	4.0
Total Designated Hedges	800.0		1,212.6			27.9			56.0			32.2			4.6
Undesignated Hedges:
FC — Undesignated hedges^(d)	256.0		473.5		PP	0.5		PP	6.3		AE	0.3		AE	2.3
Total Hedges	$	1,056.0	$	1,686.1		$	28.4		$	62.3		$	32.5		$	6.9


^(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 ten separate counterparties, the amounts presented in the consolidated balance sheets as of September 26, 2020 and March 28, 2020 would be adjusted from the current gross presentation as detailed in the following table:



	September 26, 2020							March 28, 2020
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements			Net Amount		Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements			Net Amount
	(millions)
Derivative assets	$	28.4	$	(0.7	)	$	27.7	$	62.3	$	(6.1	)	$	56.2
Derivative liabilities	32.5		(0.7		)	31.8		6.9		(6.1		)	0.8

The Company's master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties. See Note 3 for further discussion of the Company's master netting arrangements.

The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the three-month and six-month periods ended September 26, 2020 and September 28, 2019:



	Gains (Losses) Recognized in OCI
	Three Months Ended					Six Months Ended
	September 26, 2020			September 28, 2019		September 26, 2020			September 28, 2019
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	(3.6	)	$	20.0	$	(6.6	)	$	15.6
Net investment hedges — effective portion	(25.0		)	27.1		(24.3		)	17.1
Net investment hedges — portion excluded from assessment of hedge effectiveness	(4.5		)	2.7		(21.3		)	5.2
Total Designated Hedges	$	(33.1	)	$	49.8	$	(52.2	)	$	37.9



	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Three Months Ended											Six Months Ended
	September 26, 2020					September 28, 2019						September 26, 2020						September 28, 2019
	Cost of goods sold			Other income (expense), net		Cost of goods sold			Other income (expense), net			Cost of goods sold			Other income (expense), net			Cost of goods sold			Other income (expense), net
	(millions)
Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded	$	(394.1	)	$	1.8	$	(657.2	)	$	(1.7	)	$	(532.9	)	$	3.9		$	(1,165.2	)	$	(5.8	)
Effects of cash flow hedging:
FC — Cash flow hedges	4.8			—		4.4			0.2			6.5			(0.3		)	10.6			0.4



	Gains (Losses) from Net Investment Hedges Recognized in Earnings								Location of Gains (Losses) Recognized in Earnings
	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Net Investment Hedges
Net investment hedges — portion excluded from assessment of hedge effectiveness^(a)	$	2.9	$	4.8	$	5.6	$	9.8	Interest expense
Total Net Investment Hedges	$	2.9	$	4.8	$	5.6	$	9.8


^(a)	Amounts recognized in other comprehensive income (loss) ("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 September 26, 2020, it is estimated that $7.8 million of pretax net gains on both outstanding and matured derivative instruments designated and qualifying as cash flow hedges deferred in AOCI will be recognized in earnings over the next twelve months. Amounts ultimately recognized in earnings will depend on exchange rates in effect when outstanding derivative instruments are settled.

The following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its consolidated financial statements for the three-month and six-month periods ended September 26, 2020 and September 28, 2019:



	Gains (Losses) Recognized in Earnings									Location of Gains (Losses) Recognized in Earnings
	Three Months Ended					Six Months Ended
	September 26, 2020			September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	(0.8	)	$	3.2	$	3.9	$	5.1	Other income (expense), net
Total Undesignated Hedges	$	(0.8	)	$	3.2	$	3.9	$	5.1

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

The Company periodically designates pay-floating rate, receive-fixed rate interest rate swap contracts as hedges against changes in the fair value of its fixed-rate debt attributed to changes in a benchmark interest rate. To the extent of their notional amount, such contracts effectively swap the fixed interest rate on certain of the Company's fixed-rate senior notes for a variable interest rate based on the 3-month London Interbank Offered Rate ("LIBOR") plus a fixed spread. Changes in the fair value of the Company's interest rate swap contracts were offset by changes in the fair value of the corresponding senior notes attributed to changes in the benchmark interest rate, with no resulting net impact reflected in earnings during any of the fiscal periods presented. The following table summarizes the carrying value of the hedged senior notes and the impacts of the related fair value hedging adjustments as of September 26, 2020 and March 28, 2020:

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

September 26,
2020

March 28,
2020

September 26,
2020

March 28,
2020

(millions)

$300 million 2.625% Senior Notes^(a)

Current portion of long-term debt

N/A

299.6

N/A

(0.2

)


^(a)	The interest rate swap contract designated as a fair value hedge of the Company's 2.625% Senior Notes was settled during the six months ended September 26, 2020 at a loss of $0.3 million.

Cross-Currency Swap Contracts

The Company periodically designates (i) pay-floating rate, receive-floating rate cross-currency swap contracts or (ii) pay-fixed rate, receive fixed-rate cross-currency swap contracts as hedges of its net investment in certain of its European subsidiaries.

The Company's pay-floating rate, receive-floating rate cross-currency swap contracts swap U.S. Dollar-denominated variable interest rate payments based on the contract's notional amount and 3-month LIBOR plus a fixed spread (as paid under a corresponding interest rate swap contract discussed above) for Euro-denominated variable interest rate payments based on 3-month Euro Interbank Offered Rate ("EURIBOR") plus a fixed spread, which, in combination with the corresponding interest rate swap contract, economically converts a portion of the Company's fixed-rate US-denominated senior note obligations to floating-rate Euro-denominated obligations.

The Company's pay-fixed rate, receive-fixed rate cross-currency swap contracts swap U.S. Dollar-denominated fixed interest rate payments based on the contract's notional amount and the fixed rate of interest payable on certain of the Company's senior notes for Euro-denominated fixed interest rate payments, thereby economically converting a portion of its fixed-rate US-denominated senior note obligations to fixed rate Euro-denominated obligations.

See Note 3 for further discussion of the Company's accounting policies relating to its derivative financial instruments.

Investments

As of September 26, 2020, the Company's investments were all classified as short-term and consisted of $434.1 million of time deposits. The Company's investments as of March 28, 2020 were also all classified as short-term and consisted of $252.3 million of time deposits and $243.6 million of commercial paper.

No significant realized or unrealized gains or losses on available-for-sale investments or impairment charges were recorded during any of the fiscal periods presented.

Refer to Note 3 of the Fiscal 2020 10-K for further discussion of the Company's accounting policies relating to its investments.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved, from time to time, in litigation, other legal claims, and proceedings involving matters associated with or incidental to its business, including, among other things, matters involving credit card fraud, trademark and other intellectual property, licensing, importation and exportation of its products, taxation, unclaimed property, and employee relations. The Company believes at present that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on its consolidated financial statements. However, the Company's assessment of any current litigation or other legal claims could potentially change in light of the discovery of facts not presently known or determinations by judges, juries, or other finders of fact which are not in accord with management's evaluation of the possible liability or outcome of such litigation or claims. In the normal course of business, the Company enters into agreements that provide general indemnifications. The Company has not made any significant indemnification payments under such agreements in the past and does not currently anticipate incurring any material indemnification payments.

Equity

6 Months Ended

Sep. 26, 2020

Equity [Abstract]

Equity

Class B Common Stock Conversion

During the six months ended September 28, 2019, the Lauren Family, L.L.C., a limited liability company managed by the children of Mr. Ralph Lauren, converted 1.0 million shares of Class B common stock into an equal number of shares of Class A common stock pursuant to the terms of the security. These conversions occurred in advance of a sales plan providing for the sale of such shares of Class A common stock pursuant to Rule 10b5-1 subject to the conditions set forth therein. These transactions resulted in a reclassification within equity and had no effect on the Company's consolidated balance sheet.

Common Stock Repurchase Program

A summary of the Company's repurchases of Class A common stock under its common stock repurchase program is as follows:



	Six Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Cost of shares repurchased	$	—	$	400.0
Number of shares repurchased	—		4.0

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 September 26, 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 certain restrictions under the Company's Global Credit Facility and more generally overall business and market conditions. Accordingly, as a result of current business disruptions related to the COVID-19 pandemic, effective beginning in the first quarter of Fiscal 2021 the Company temporarily suspended its common stock repurchase program as a preemptive action to preserve cash and strengthen its liquidity position.

In addition, during the six-month periods ended September 26, 2020 and September 28, 2019, 0.5 million and 0.4 million shares of Class A common stock, respectively, at a cost of $35.5 million and $42.7 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

Except as discussed below, the Company has maintained a regular quarterly cash dividend program on its common stock since 2003. 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.

As a result of current business disruptions related to the COVID-19 pandemic, effective beginning in the first quarter of Fiscal 2021 the Company temporarily suspended its quarterly cash dividend program as a preemptive action to preserve cash and strengthen its liquidity position. 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 Income (Loss)

6 Months Ended

Sep. 26, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

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 March 28, 2020	$	(130.4	)	$	18.0		$	(5.8	)	$	(118.2	)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	30.3			(5.8		)	(0.3		)	24.2
Amounts reclassified from AOCI to earnings	—			(5.5		)	—			(5.5		)
Other comprehensive income (loss), net of tax	30.3			(11.3		)	(0.3		)	18.7
Balance at September 26, 2020	$	(100.1	)	$	6.7		$	(6.1	)	$	(99.5	)

Balance at March 30, 2019	$	(118.5	)	$	20.2		$	(5.1	)	$	(103.4	)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(11.0		)	13.8			0.1			2.9
Amounts reclassified from AOCI to earnings	(4.9		)	(9.9		)	(0.1		)	(14.9		)
Other comprehensive income (loss), net of tax	(15.9		)	3.9			—			(12.0		)
Balance at September 28, 2019	$	(134.4	)	$	24.1		$	(5.1	)	$	(115.4	)

^(a)

OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes an income tax benefit of $11.2 million and an income tax provision of $4.3 million for the six-month periods ended September 26, 2020 and September 28, 2019, respectively. OCI before reclassifications to earnings for the six-month periods ended September 26, 2020 and September 28, 2019 include a loss of $34.8 million (net of a $10.8 million income tax benefit) and a gain of $17.0 million (net of a $5.3 million income tax provision), respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 12). Amounts reclassified from AOCI to earnings related to foreign currency translation gains (losses) for the six months ended September 28, 2019 relate to the reclassification to retained earnings of income tax effects stranded in AOCI.


^(b)	OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of an income tax benefit of $0.8 million and an income tax provision of $1.8 million for the six-month periods ended September 26, 2020 and September 28, 2019, respectively. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below.


^(c)	Activity is presented net of taxes, which were immaterial for both periods presented.

The following table presents reclassifications from AOCI to earnings for cash flow hedges, by component:



	Three Months Ended						Six Months Ended						Location of Gains (Losses) Reclassified from AOCI to Earnings
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Gains (losses) on cash flow hedges^(a):
FC — Cash flow hedges	$	4.8		$	4.4		$	6.5		$	10.6		Cost of goods sold
FC — Cash flow hedges	—			0.2			(0.3		)	0.4			Other income (expense), net
Tax effect	(0.5		)	(0.5		)	(0.7		)	(1.1		)	Income tax benefit (provision)
Net of tax	$	4.3		$	4.1		$	5.5		$	9.9

^(a)

FC = Forward foreign currency exchange contracts.

Stock-based Compensation

6 Months Ended

Sep. 26, 2020

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

The Company's stock-based compensation awards are currently issued under the 2019 Incentive Plan, which was approved by its stockholders on August 1, 2019. However, any prior awards granted under either the Company's 2010 Incentive Plan or 1997 Incentive Plan remain subject to the terms of those plans as applicable. Any awards that expire, are forfeited, or are surrendered to the Company in satisfaction of taxes are available for issuance under the 2019 Incentive Plan.

Refer to Note 18 of the Fiscal 2020 10-K for a detailed description of the Company's stock-based compensation awards, including information related to vesting terms, service, performance, and market conditions and payout percentages.

Impact on Results

A summary of total stock-based compensation expense and the related income tax benefits recognized during the three-month and six-month periods ended September 26, 2020 and September 28, 2019 is as follows:



	Three Months Ended							Six Months Ended
	September 26, 2020			September 28, 2019				September 26, 2020			September 28, 2019
	(millions)
Compensation expense	$	19.5		$	27.8		^(a)	$	34.6		$	50.8		^(a)
Income tax benefit	(3.6		)	(4.1		)		(6.7		)	(7.7		)


^(a)	Includes $3.6 million of accelerated stock-based compensation expense recorded within restructuring and other charges in the consolidated statements of operations during the second quarter of Fiscal 2020 (see Note 8). All other stock-based compensation expense was recorded within SG&A expenses.

The Company issues its annual grants of stock-based compensation awards in the first half of each fiscal year. Due to the timing of the annual grants and other factors, including the timing and magnitude of forfeiture and performance goal achievement adjustments, as well as changes to the size and composition of the eligible employee population, stock-based compensation expense recognized during any given fiscal period is not indicative of the level of compensation expense expected to be incurred in future periods.

Restricted Stock Awards and Service-based RSUs

Restricted stock awards were granted to non-employee directors prior to Fiscal 2019. Effective beginning Fiscal 2019, non-employee directors are now granted service-based RSUs in lieu of restricted shares.

The fair values of service-based RSUs granted to certain of the Company's senior executives and other employees, as well as non-employee directors, are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. The weighted-average grant date fair values of service-based RSU awards granted were $63.57 and $102.65 per share during the six-month periods ended September 26, 2020 and September 28, 2019, respectively.

A summary of restricted stock and service-based RSU activity during the six months ended September 26, 2020 is as follows:



	Number of Shares/Units
	Restricted Stock		Service-based RSUs
	(thousands)
Unvested at March 28, 2020	4		1,094
Granted	—		1,322
Vested	(4	)	(443	)
Forfeited	—		(33	)
Unvested at September 26, 2020	—		1,940

Performance-based RSUs

The fair values of the Company's performance-based RSUs granted to its senior executives and other key employees are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. The weighted-average grant date fair values of performance-based RSUs granted was $83.16 per share during the six months ended September 28, 2019. No such awards were granted during the six months ended September 26, 2020 as the Company has elected to temporarily issue service-based RSUs in lieu of performance-based RSUs as a result of business disruptions and uncertainty created by the COVID-19 pandemic.

A summary of performance-based RSU activity during the six months ended September 26, 2020 is as follows:



	Number of Performance-based RSUs
	(thousands)
Unvested at March 28, 2020	934
Granted	—
Change due to performance condition achievement	185
Vested	(720	)
Forfeited	(27	)
Unvested at September 26, 2020	372

Market-based RSUs

The Company grants market-based RSUs, which are based on TSR performance, to its senior executives and other key employees. The Company estimates the fair value of its TSR awards on the date of grant using a Monte Carlo simulation, which models multiple stock price paths of the Company's Class A common stock and that of its peer group to evaluate and determine its ultimate expected relative TSR performance ranking. Compensation expense, net of estimated forfeitures, is recorded regardless of whether, and the extent to which, the market condition is ultimately satisfied.

The weighted-average grant date fair values of market-based RSUs granted was $90.59 per share during the six months ended September 28, 2019. No such awards were granted during the six months ended September 26, 2020 as the Company has elected to temporarily issue service-based RSUs in lieu of market-based RSUs as a result of business disruptions and uncertainty created by the COVID-19 pandemic. The assumptions used to estimate the fair value of TSR awards granted during the six months ended September 28, 2019 were as follows:



	Six Months Ended
	September 28, 2019
Expected term (years)	2.6
Expected volatility	31.4	%
Expected dividend yield	3.2	%
Risk-free interest rate	1.4	%

A summary of market-based RSU activity during the six months ended September 26, 2020 is as follows:



		Number of Market-based RSUs
		(thousands)
Unvested at March 28, 2020		234
Granted		—
Change due to market condition achievement		—
Vested		—
Forfeited		—
Unvested at September 26, 2020		234

Stock Options

A summary of stock option activity under all plans during the six months ended September 26, 2020 is as follows:



	Number of Options
	(thousands)
Options outstanding at March 28, 2020	518
Granted	—
Exercised	—
Cancelled/Forfeited	(247	)
Options outstanding at September 26, 2020	271

Segment Information

6 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

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 various digital commerce sites. In addition, the Company sells its products online through various third-party digital partner commerce sites. In Asia, the Company's wholesale business is comprised primarily of sales to department stores, with related products distributed through shop-within-shops.

No operating segments were aggregated to form the Company's reportable segments. In addition to these reportable segments, the Company also has other non-reportable segments, which primarily consist of (i) sales of Club Monaco branded products made through its retail and wholesale businesses in the U.S., Canada, and Europe, and its licensing alliances in Europe and Asia, and (ii) royalty revenues earned through its global licensing alliances, excluding Club Monaco.

The Company's segment reporting structure is consistent with how it establishes its overall business strategy, allocates resources, and assesses performance of its business. The accounting policies of the Company's segments are consistent with those described in Notes 2 and 3 of the Fiscal 2020 10-K. Sales and transfers between segments are generally recorded at cost and treated as transfers of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. Each segment's performance is evaluated based upon net revenues and operating income before restructuring-related charges, impairment of assets, and certain other one-time items, if any. Certain corporate overhead expenses related to global functions, most notably the Company's executive office, information technology, finance and accounting, human resources, and legal departments, largely remain at corporate. Additionally, other costs that cannot be allocated to the segments based on specific usage are also maintained at corporate, including corporate advertising and marketing expenses, depreciation and amortization of corporate assets, and other general and administrative expenses resulting from corporate-level activities and projects.

Net revenues and operating income (loss) for each of the Company's segments are as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Net revenues:
North America	$	542.9	$	881.2	$	708.0	$	1,600.6
Europe	359.5		480.2		480.2		841.0
Asia	236.6		255.3		408.5		513.9
Other non-reportable segments	54.5		89.5		84.3		179.5
Total net revenues	$	1,193.5	$	1,706.2	$	1,681.0	$	3,135.0



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Operating income (loss)^(a):
North America	$	123.3		$	192.4		$	98.5		$	342.5
Europe	83.6			140.6			66.7			220.0
Asia	41.1			40.9			51.2			89.0
Other non-reportable segments	15.2			22.8			16.1			55.7
	263.2			396.7			232.5			707.2
Unallocated corporate expenses	(123.0		)	(149.1		)	(253.3		)	(286.7		)
Unallocated restructuring and other charges^(b)	(160.5		)	(14.5		)	(167.5		)	(44.1		)
Total operating income (loss)	$	(20.3	)	$	233.1		$	(188.3	)	$	376.4

^(a)

Segment operating income (loss) during the three months ended September 26, 2020 reflects net bad debt expense reversals of $5.3 million, $3.0 million, and $0.6 million related to North America, Europe, and other non-reportable segments, respectively, and $20.8 million, $4.0 million, and $0.6 million related to North America, Europe, and other non-reportable segments, respectively, during the six months ended September 26, 2020, primarily related to adjustments to reserves previously established in connection with COVID-19 business disruptions. Segment operating income (loss) and unallocated corporate expenses during the three-month and six-month periods ended September 26, 2020 and September 28, 2019 also included asset impairment charges (see Note 7), which are detailed below:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Asset impairment charges:
North America	$	(9.7	)	$	—		$	(9.9	)	$	—
Europe	(21.2		)	—			(21.2		)	—
Asia	—			—			(1.3		)	—
Other non-reportable segments	(0.1		)	(3.8		)	(0.7		)	(3.8		)
Unallocated corporate expenses	—			(2.3		)	—			(3.5		)
Total asset impairment charges	$	(31.0	)	$	(6.1	)	$	(33.1	)	$	(7.3	)


^(b)	The three-month and six-month periods ended September 26, 2020 and September 28, 2019 included certain unallocated restructuring and other charges (see Note 8), which are detailed below:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Unallocated restructuring and other charges:
North America-related	$	(41.2	)	$	—		$	(41.3	)	$	(0.7	)
Europe-related	(26.3		)	(1.3		)	(26.3		)	(3.1		)
Asia-related	(10.1		)	(0.3		)	(9.9		)	(0.8		)
Other non-reportable segment-related	(0.7		)	(0.7		)	(1.8		)	(0.7		)
Corporate operations-related	(79.3		)	(10.8		)	(80.9		)	(14.8		)
Unallocated restructuring charges	(157.6		)	(13.1		)	(160.2		)	(20.1		)
Other charges (see Note 8)	(2.9		)	(1.4		)	(7.3		)	(24.0		)
Total unallocated restructuring and other charges	$	(160.5	)	$	(14.5	)	$	(167.5	)	$	(44.1	)

Depreciation and amortization expense for the Company's segments is as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Depreciation and amortization expense:
North America	$	17.6	$	18.6	$	35.7	$	37.5
Europe	8.1		7.7		15.8		15.3
Asia	14.4		14.7		28.6		29.7
Other non-reportable segments	1.0		1.5		2.1		2.8
Unallocated corporate	20.4		24.1		43.0		47.5
Total depreciation and amortization expense	$	61.5	$	66.6	$	125.2	$	132.8

Net revenues by geographic location of the reporting subsidiary are as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Net revenues^(a):
The Americas^(b)	$	597.8	$	972.6	$	792.5	$	1,783.0
Europe^(c)	358.8		478.0		479.7		837.5
Asia^(d)	236.9		255.6		408.8		514.5
Total net revenues	$	1,193.5	$	1,706.2	$	1,681.0	$	3,135.0


^(a)	Net revenues for certain of the Company's licensed operations are included within the geographic location of the reporting subsidiary which holds the respective license.


^(b)	Includes the U.S., Canada, and Latin America. Net revenues earned in the U.S. during the three-month and six-month periods ended September 26, 2020 were $567.7 million and $753.8 million, respectively, and $911.1 million and $1.671 billion during the three-month and six-month periods ended September 28, 2019, respectively.


^(c)	Includes the Middle East.

^(d)

Includes Australia and New Zealand.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Additional Financial Information

6 Months Ended

Sep. 26, 2020

Supplemental Cash Flow Information [Abstract]

Additional Financial Information

Reconciliation of Cash, Cash Equivalents, and Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash as of September 26, 2020 and March 28, 2020 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:



	September 26, 2020		March 28, 2020
	(millions)
Cash and cash equivalents	$	2,012.0	$	1,620.4
Restricted cash included within prepaid expenses and other current assets	1.5		1.4
Restricted cash included within other non-current assets	8.3		8.0
Total cash, cash equivalents, and restricted cash	$	2,021.8	$	1,629.8

Restricted cash relates to cash held in escrow with certain banks as collateral, primarily to secure guarantees in connection with certain international tax matters and real estate leases.

Cash Interest and Taxes

Cash paid for interest and income taxes is as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Cash paid for interest	$	7.8	$	5.4	$	11.1	$	7.8
Cash paid for income taxes, net of refunds	46.8		59.8		27.9		82.1

Non-cash Transactions

Operating and finance lease ROU assets recorded in connection with the recognition of new lease liabilities were $26.6 million and $0.9 million during the six months ended September 26, 2020, respectively, and $263.6 million and $64.0 million, respectively, during the six months ended September 28, 2019, respectively.

Non-cash investing activities also included capital expenditures incurred but not yet paid of $27.4 million and $55.3 million for the six-month periods ended September 26, 2020 and September 28, 2019, respectively.

Non-cash financing activities during the six months ended September 28, 2019 included the conversion of 1.0 million shares of Class B common stock into an equal number of shares of Class A common stock, as discussed in Note 14.

There were no other significant non-cash investing or financing activities for any of the fiscal periods presented.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 26, 2020
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation These unaudited interim consolidated financial statements present the consolidated financial position, income (loss), comprehensive income (loss), and cash flows of the Company, including all entities in which the Company has a controlling financial interest and is determined to be the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.
Fiscal Periods	Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2021 will end on March 27, 2021 and will be a 52-week period ("Fiscal 2021"). Fiscal year 2020 ended on March 28, 2020 and was also a 52-week period ("Fiscal 2020"). The second quarter of Fiscal 2021 ended on September 26, 2020 and was a 13-week period. The second quarter of Fiscal 2020 ended on September 28, 2019 and was also a 13-week period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the consolidated financial statements include reserves for bad debt, customer returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances; the realizability of inventory; reserves for litigation and other contingencies; useful lives and impairments of long-lived tangible and intangible assets; fair value measurements; accounting for income taxes and related uncertain tax positions; valuation of stock-based compensation awards and related forfeiture rates; reserves for restructuring activity; and accounting for business combinations, among others.
Reclassifications	Reclassifications Certain reclassifications have been made to prior period financial information in order to conform to the current period's presentation
Revenue Recognition	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. 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 generally recognized as revenue ratably over the respective 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.
Shipping and Handling Costs	Shipping and Handling Costs Costs associated with shipping goods to the Company's customers are accounted for as fulfillment activities and reflected as a component of selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations. Costs of preparing merchandise for sale, such as picking, packing, warehousing, and order charges ("handling costs"), are also included in SG&A expenses. Shipping and handling costs billed to customers are included in revenue.
Net Income (Loss) per Common Share	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. Net Income (Loss) per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) 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 (loss) per common share adjusts basic net income (loss) 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.
Accounts Receivable	An allowance for doubtful accounts is determined through analysis of accounts receivable aging, assessments of collectability based on evaluation of historical 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 current and forecasted economic and market conditions over the related asset's contractual life, among other factors. 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 amortized cost, 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.
Cloud Computing	Implementation Costs Incurred in Cloud Computing Arrangements For cloud computing arrangements that are a service contract, the Company capitalizes certain implementation costs incurred (depending on their nature) during the application development stage of the related project, and expenses costs during the preliminary project and post-implementation stages as they are incurred. Capitalized implementation costs are expensed on a straight-line basis over the reasonably certain term of the hosting arrangement, beginning when the module is ready for its intended use. The Company's cloud computing arrangements relate to various areas, including certain retail store and digital commerce operations, and corporate and administrative functions. Capitalized amounts related to such arrangements are recorded within prepaid expenses and other current assets and within other non-current assets in the consolidated balance sheets (see Note 6).
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 accumulated other comprehensive income (loss) ("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 for its forward foreign exchange contracts and within cash flows from investing activities for its cross-currency swap contracts, both as discussed below. 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 within other income (expense), net. Hedges of Net Investments in Foreign Operations The Company periodically uses cross-currency swap 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.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 26, 2020

Summary of Significant Accounting Policies (Tables) [Abstract]

Contractually-Guaranteed Minimum Royalties

As of September 26, 2020, contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows:



	Contractually-Guaranteed Minimum Royalties^(a)
	(millions)
Remainder of Fiscal 2021	$	36.4
Fiscal 2022	68.4
Fiscal 2023	44.4
Fiscal 2024	26.6
Fiscal 2025 and thereafter	1.1
Total	$	176.9

^(a)

Amounts presented do not contemplate anticipated contract renewals or royalties earned in excess of the contractually-guaranteed minimums.

Disaggregation of Revenue



	Three Months Ended
	September 26, 2020										September 28, 2019
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel^(a):
Retail	$	314.7	$	174.2	$	219.3	$	21.1	$	729.3	$	457.9	$	238.6	$	233.3	$	45.4	$	975.2
Wholesale	228.2		185.3		17.3		2.3		433.1		423.3		241.6		22.0		1.9		688.8
Licensing	—		—		—		31.1		31.1		—		—		—		42.2		42.2
Total	$	542.9	$	359.5	$	236.6	$	54.5	$	1,193.5	$	881.2	$	480.2	$	255.3	$	89.5	$	1,706.2



	Six Months Ended
	September 26, 2020										September 28, 2019
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel^(a):
Retail	$	457.3	$	253.4	$	385.8	$	27.6	$	1,124.1	$	861.0	$	457.1	$	479.8	$	94.9	$	1,892.8
Wholesale	250.7		226.8		22.7		2.8		503.0		739.6		383.9		34.1		3.7		1,161.3
Licensing	—		—		—		53.9		53.9		—		—		—		80.9		80.9
Total	$	708.0	$	480.2	$	408.5	$	84.3	$	1,681.0	$	1,600.6	$	841.0	$	513.9	$	179.5	$	3,135.0

^(a)

Net revenues from the Company's retail and wholesale businesses are recognized at a point in time. Net revenues from the Company's licensing business are recognized over time.

Shipping and Handling Charges

A summary of shipping and handling costs for the fiscal periods presented is as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Shipping costs	$	12.2	$	12.5	$	20.6	$	22.4
Handling costs	33.3		39.5		59.8		75.7

Summary of Basic and Diluted shares



	Three Months Ended			Six Months Ended
	September 26, 2020		September 28, 2019	September 26, 2020		September 28, 2019
	(millions)
Basic shares	73.5		76.7	73.3		77.4
Dilutive effect of RSUs and stock options	—	^(a)	1.2	—	^(a)	1.5
Diluted shares	73.5		77.9	73.3		78.9


^(a)	Incremental shares of 0.9 million and 1.2 million attributable to outstanding RSUs were excluded from the computation of diluted shares for the three-month and six-month periods ended September 26, 2020, respectively, as such shares would not be dilutive as a result of the net losses incurred.

Sales Returns and Allowances [Member]

Summary of Significant Accounting Policies (Tables) [Abstract]

Rollforward of activity in the Company's allowance for doubtful accounts and its aggregate reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances

A rollforward of the activity in the Company's reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances is presented below:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Beginning reserve balance	$	184.0		$	165.5		$	204.7		$	176.5
Amount charged against revenue to increase reserve	72.6			168.6			83.9			282.5
Amount credited against customer accounts to decrease reserve	(88.2		)	(135.8		)	(122.1		)	(261.7		)
Foreign currency translation	3.5			(2.8		)	5.4			(1.8		)
Ending reserve balance	$	171.9		$	195.5		$	171.9		$	195.5

Allowance for Doubtful Accounts

Summary of Significant Accounting Policies (Tables) [Abstract]

A rollforward of the activity in the Company's allowance for doubtful accounts is presented below:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Beginning reserve balance	$	55.9		$	15.0		$	71.5		$	15.7
Amount recorded to expense to increase (decrease) reserve^(a)	(8.9		)	1.4			(25.4		)	1.5
Amount written-off against customer accounts to decrease reserve	(1.6		)	(0.4		)	(1.6		)	(1.4		)
Foreign currency translation	0.9			(0.4		)	1.8			(0.2		)
Ending reserve balance	$	46.3		$	15.6		$	46.3		$	15.6

^(a)

Amounts recorded to bad debt expense are included within SG&A expenses in the consolidated statements of operations.

Property and Equipment (Tables)

6 Months Ended

Sep. 26, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consists of the following:



	September 26, 2020			March 28, 2020
	(millions)
Land and improvements	$	15.3		$	15.3
Buildings and improvements	314.2			309.0
Furniture and fixtures	635.4			629.5
Machinery and equipment	388.1			378.8
Capitalized software	552.1			543.3
Leasehold improvements	1,239.9			1,194.5
Construction in progress	40.0			37.5
	3,185.0			3,107.9
Less: accumulated depreciation	(2,263.5		)	(2,128.4		)
Property and equipment, net	$	921.5		$	979.5

Other Assets and Liabilities (Tables)

6 Months Ended

Sep. 26, 2020

Balance Sheet Related Disclosures [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:



	September 26, 2020		March 28, 2020
	(millions)
Non-trade receivables	$	27.7	$	27.0
Other taxes receivable	25.6		24.7
Prepaid software maintenance	12.8		14.8
Prepaid advertising and marketing	10.2		10.1
Inventory return asset	10.0		8.9
Cloud computing arrangement implementation costs	7.9		8.4
Prepaid occupancy expense	6.3		6.7
Derivative financial instruments	1.1		13.7
Other prepaid expenses and current assets	57.3		46.5
Total prepaid expenses and other current assets	$	158.9	$	160.8

Schedule of other non-current assets

Other non-current assets consist of the following:



	September 26, 2020		March 28, 2020
	(millions)
Security deposits	$	30.0	$	29.4
Derivative financial instruments	27.3		48.6
Restricted cash	8.3		8.0
Cloud computing arrangement implementation costs	5.8		4.9
Other non-current assets	26.3		21.0
Total other non-current assets	$	97.7	$	111.9

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:



	September 26, 2020		March 28, 2020
	(millions)
Accrued inventory	$	203.7	$	167.1
Accrued operating expenses	202.5		176.4
Restructuring reserve	166.4		25.5
Accrued payroll and benefits	162.6		186.2
Other taxes payable	68.0		47.9
Accrued capital expenditures	27.4		29.1
Deferred income	13.1		14.6
Finance lease obligations	10.4		9.8
Derivative financial instruments	1.0		6.9
Dividends payable	—		49.8
Other accrued expenses and current liabilities	14.0		3.8
Total accrued expenses and other current liabilities	$	869.1	$	717.1

Schedule of non-current liabilities

Other non-current liabilities consist of the following:



	September 26, 2020		March 28, 2020
	(millions)
Finance lease obligations	$	188.8	$	189.4
Deferred lease incentives and obligations	62.0		57.8
Derivative financial instruments	31.5		—
Accrued benefits and deferred compensation	29.0		19.5
Deferred tax liabilities	10.6		10.0
Other non-current liabilities	34.6		31.8
Total other non-current liabilities	$	356.5	$	308.5

Restructuring and Other Charges (Tables)

6 Months Ended

Sep. 26, 2020

Fiscal 2021 Strategic Realignment Plan

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs



	September 26, 2020
	Three Months Ended		Six Months Ended
	(millions)
Cash-related restructuring charges:
Severance and benefit costs	$	153.8	$	156.3
Other cash charges	3.8		3.9
Total cash-related restructuring charges	157.6		160.2
Non-cash charges:
Impairment of assets (see Note 7)	22.2		24.3
Inventory-related charges^(a)	—		1.3
Total non-cash charges	22.2		25.6
Total charges	$	179.8	$	185.8

^(a)

Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations.

Schedule of Restructuring Reserve by Type of Cost

A summary of current period activity in the restructuring reserve related to the Fiscal 2021 Strategic Realignment Plan is as follows:



	Severance and Benefit Costs			Other Cash Charges			Total
	(millions)
Balance at March 28, 2020	$	—		$	—		$	—
Additions charged to expense	156.3			3.9			160.2
Cash payments charged against reserve	(2.6		)	(0.2		)	(2.8		)
Non-cash adjustments	(0.3		)	—			(0.3		)
Balance at September 26, 2020	$	153.4		$	3.7		$	157.1

Fiscal 2019 Restructuring Plan

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs

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:



	September 28, 2019
	Three Months Ended		Six Months Ended		Cumulative Charges
	(millions)
Cash-related restructuring charges:
Severance and benefit costs	$	9.0	$	14.9	$	90.3
Lease termination and store closure costs	0.2		0.5		2.3
Other cash charges	0.3		1.1		10.8
Total cash-related restructuring charges	9.5		16.5		103.4
Non-cash charges:
Impairment of assets (see Note 7)	2.3		3.5		19.0
Inventory-related charges^(a)	0.4		1.0		8.2
Accelerated stock-based compensation expense^(b)	3.6		3.6		3.6
Loss on sale of property^(c)	—		—		11.6
Total non-cash charges	6.3		8.1		42.4
Total charges	$	15.8	$	24.6	$	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, was incurred in connection with the sale of one of the Company's distribution centers in North America.

Schedule of Restructuring Reserve by Type of Cost

A summary of current period activity in the restructuring reserve related to the Fiscal 2019 Restructuring Plan is as follows:



	Severance and Benefit Costs			Other Cash Charges			Total
	(millions)
Balance at March 28, 2020	$	23.5		$	0.6		$	24.1
Additions charged to expense	—			—			—
Cash payments charged against reserve	(14.0		)	(0.6		)	(14.6		)
Balance at September 26, 2020	$	9.5		$	—		$	9.5

Debt (Tables)

6 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt consists of the following:



	September 26, 2020		March 28, 2020
	(millions)
$300 million 2.625% Senior Notes^(a)	$	—	$	299.6
$400 million 3.750% Senior Notes^(b)	396.7		396.4
$500 million 1.700% Senior Notes^(c)	497.7		—
$750 million 2.950% Senior Notes^(d)	736.6		—
Borrowings outstanding under credit facilities	—		475.0
Total debt	1,631.0		1,171.0
Less: short-term debt and current portion of long-term debt	—		774.6
Total long-term debt	$	1,631.0	$	396.4


^(a)	The carrying value of the 2.625% Senior Notes as of March 28, 2020 is presented net of unamortized debt issuance costs and original issue discount of $0.2 million and also reflects an adjustment of $0.2 million associated with a related interest rate swap contract (see Note 12).


^(b)	The carrying value of the 3.750% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $3.3 million and $3.6 million as of September 26, 2020 and March 28, 2020, respectively.


^(c)	The carrying value of the 1.700% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $2.3 million as of September 26, 2020.

^(d)

The carrying value of the 2.950% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $13.4 million as of September 26, 2020.

Fair Value Measurements (Tables)

6 Months Ended

Sep. 26, 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:



	September 26, 2020		March 28, 2020
	(millions)
Investments in commercial paper^(a)(b)	$	—	$	243.6
Derivative assets^(a)	28.4		62.3
Derivative liabilities^(a)	32.5		6.9


^(a)	Based on Level 2 measurements.

^(b)

Amounts are 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:



	September 26, 2020				March 28, 2020
	Carrying Value^(a)		Fair Value^(b)		Carrying Value^(a)		Fair Value^(b)
	(millions)
$300 million 2.625% Senior Notes	$	—	$	—	$	299.6	$	299.8
$400 million 3.750% Senior Notes	396.7		450.7		396.4		415.1
$500 million 1.700% Senior Notes	497.7		509.4		—		—
$750 million 2.950% Senior Notes	736.6		780.5		—		—
Borrowings outstanding under credit facilities	—		—		475.0		473.0


^(a)	See Note 10 for discussion of the carrying values of the Company's senior notes.

^(b)

Based on Level 2 measurements.

Fair value measurements, nonrecurring



	Three Months Ended
	September 26, 2020				September 28, 2019
Long-Lived Asset Category	Fair Value as of Impairment Date		Total Impairments		Fair Value as of Impairment Date		Total Impairments
	(millions)
Property and equipment, net	$	—	$	10.8	$	5.5	$	1.7
Operating lease right-of-use assets	33.9		20.2		19.2		4.4



	Six Months Ended
	September 26, 2020				September 28, 2019
Long-Lived Asset Category	Fair Value as of Impairment Date		Total Impairments		Fair Value as of Impairment Date		Total Impairments
	(millions)
Property and equipment, net	$	—	$	10.8	$	5.5	$	2.6
Operating lease right-of-use assets^(a)	33.9		22.3		112.1		229.8

^(a)

Total impairment charges for the six months ended September 28, 2019 includes $225.1 million recorded in connection with the Company's adoption of ASU No. 2016-02, "Leases" as of the beginning of Fiscal 2020 which, net of related income tax benefits, reduced its opening retained earnings balance by $169.4 million.

Financial Instruments (Tables)

6 Months Ended

Sep. 26, 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 September 26, 2020 and March 28, 2020:



	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument^(a)	September 26, 2020		March 28, 2020		September 26, 2020			March 28, 2020			September 26, 2020			March 28, 2020
					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	$	82.5	$	229.0	PP	$	0.6	PP	$	7.4	AE	$	0.7	AE	$	0.4
IRS — Fixed-rate debt	—		300.0			—			—			—		AE	0.2
Net investment hedges^(c)	717.5		683.6		ONCA	27.3		ONCA	48.6		ONCL	31.5		AE	4.0
Total Designated Hedges	800.0		1,212.6			27.9			56.0			32.2			4.6
Undesignated Hedges:
FC — Undesignated hedges^(d)	256.0		473.5		PP	0.5		PP	6.3		AE	0.3		AE	2.3
Total Hedges	$	1,056.0	$	1,686.1		$	28.4		$	62.3		$	32.5		$	6.9


^(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



	September 26, 2020							March 28, 2020
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements			Net Amount		Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements			Net Amount
	(millions)
Derivative assets	$	28.4	$	(0.7	)	$	27.7	$	62.3	$	(6.1	)	$	56.2
Derivative liabilities	32.5		(0.7		)	31.8		6.9		(6.1		)	0.8

Gains (losses) recognized in AOCI or earnings from derivatives designated as hedging instruments



	Gains (Losses) Recognized in OCI
	Three Months Ended					Six Months Ended
	September 26, 2020			September 28, 2019		September 26, 2020			September 28, 2019
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	(3.6	)	$	20.0	$	(6.6	)	$	15.6
Net investment hedges — effective portion	(25.0		)	27.1		(24.3		)	17.1
Net investment hedges — portion excluded from assessment of hedge effectiveness	(4.5		)	2.7		(21.3		)	5.2
Total Designated Hedges	$	(33.1	)	$	49.8	$	(52.2	)	$	37.9



	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Three Months Ended											Six Months Ended
	September 26, 2020					September 28, 2019						September 26, 2020						September 28, 2019
	Cost of goods sold			Other income (expense), net		Cost of goods sold			Other income (expense), net			Cost of goods sold			Other income (expense), net			Cost of goods sold			Other income (expense), net
	(millions)
Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded	$	(394.1	)	$	1.8	$	(657.2	)	$	(1.7	)	$	(532.9	)	$	3.9		$	(1,165.2	)	$	(5.8	)
Effects of cash flow hedging:
FC — Cash flow hedges	4.8			—		4.4			0.2			6.5			(0.3		)	10.6			0.4



	Gains (Losses) from Net Investment Hedges Recognized in Earnings								Location of Gains (Losses) Recognized in Earnings
	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Net Investment Hedges
Net investment hedges — portion excluded from assessment of hedge effectiveness^(a)	$	2.9	$	4.8	$	5.6	$	9.8	Interest expense
Total Net Investment Hedges	$	2.9	$	4.8	$	5.6	$	9.8

^(a)

Amounts recognized in other comprehensive income (loss) ("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



	Gains (Losses) Recognized in Earnings									Location of Gains (Losses) Recognized in Earnings
	Three Months Ended					Six Months Ended
	September 26, 2020			September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	(0.8	)	$	3.2	$	3.9	$	5.1	Other income (expense), net
Total Undesignated Hedges	$	(0.8	)	$	3.2	$	3.9	$	5.1

Fair Value Hedging Adjustments

The following table summarizes the carrying value of the hedged senior notes and the impacts of the related fair value hedging adjustments as of September 26, 2020 and March 28, 2020:

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

September 26,
2020

March 28,
2020

September 26,
2020

March 28,
2020

(millions)

$300 million 2.625% Senior Notes^(a)

Current portion of long-term debt

N/A

299.6

N/A

(0.2

)

^(a)

The interest rate swap contract designated as a fair value hedge of the Company's 2.625% Senior Notes was settled during the six months ended September 26, 2020 at a loss of $0.3 million.

Equity (Tables)

6 Months Ended

Sep. 26, 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:



	Six Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Cost of shares repurchased	$	—	$	400.0
Number of shares repurchased	—		4.0

Accumulated Other Comrehensive Income (Loss) (Tables)

6 Months Ended

Sep. 26, 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 March 28, 2020	$	(130.4	)	$	18.0		$	(5.8	)	$	(118.2	)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	30.3			(5.8		)	(0.3		)	24.2
Amounts reclassified from AOCI to earnings	—			(5.5		)	—			(5.5		)
Other comprehensive income (loss), net of tax	30.3			(11.3		)	(0.3		)	18.7
Balance at September 26, 2020	$	(100.1	)	$	6.7		$	(6.1	)	$	(99.5	)

Balance at March 30, 2019	$	(118.5	)	$	20.2		$	(5.1	)	$	(103.4	)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(11.0		)	13.8			0.1			2.9
Amounts reclassified from AOCI to earnings	(4.9		)	(9.9		)	(0.1		)	(14.9		)
Other comprehensive income (loss), net of tax	(15.9		)	3.9			—			(12.0		)
Balance at September 28, 2019	$	(134.4	)	$	24.1		$	(5.1	)	$	(115.4	)

^(a)


^(b)	OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of an income tax benefit of $0.8 million and an income tax provision of $1.8 million for the six-month periods ended September 26, 2020 and September 28, 2019, respectively. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below.

^(c)

Activity is presented net of taxes, which were immaterial for both periods presented.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

The following table presents reclassifications from AOCI to earnings for cash flow hedges, by component:



	Three Months Ended						Six Months Ended						Location of Gains (Losses) Reclassified from AOCI to Earnings
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Gains (losses) on cash flow hedges^(a):
FC — Cash flow hedges	$	4.8		$	4.4		$	6.5		$	10.6		Cost of goods sold
FC — Cash flow hedges	—			0.2			(0.3		)	0.4			Other income (expense), net
Tax effect	(0.5		)	(0.5		)	(0.7		)	(1.1		)	Income tax benefit (provision)
Net of tax	$	4.3		$	4.1		$	5.5		$	9.9

^(a)

FC = Forward foreign currency exchange contracts.

Stock-based Compensation (Tables)

6 Months Ended

Sep. 26, 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



	Three Months Ended							Six Months Ended
	September 26, 2020			September 28, 2019				September 26, 2020			September 28, 2019
	(millions)
Compensation expense	$	19.5		$	27.8		^(a)	$	34.6		$	50.8		^(a)
Income tax benefit	(3.6		)	(4.1		)		(6.7		)	(7.7		)


^(a)	Includes $3.6 million of accelerated stock-based compensation expense recorded within restructuring and other charges in the consolidated statements of operations during the second quarter of Fiscal 2020 (see Note 8). All other stock-based compensation expense was recorded within SG&A expenses.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of the stock option activity under all plans

A summary of stock option activity under all plans during the six months ended September 26, 2020 is as follows:



	Number of Options
	(thousands)
Options outstanding at March 28, 2020	518
Granted	—
Exercised	—
Cancelled/Forfeited	(247	)
Options outstanding at September 26, 2020	271

Restricted Stock And Service Based Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of restricted stock and restricted stock unit activity

A summary of restricted stock and service-based RSU activity during the six months ended September 26, 2020 is as follows:



	Number of Shares/Units
	Restricted Stock		Service-based RSUs
	(thousands)
Unvested at March 28, 2020	4		1,094
Granted	—		1,322
Vested	(4	)	(443	)
Forfeited	—		(33	)
Unvested at September 26, 2020	—		1,940

Performance-based restricted stock units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of restricted stock and restricted stock unit activity

A summary of performance-based RSU activity during the six months ended September 26, 2020 is as follows:



	Number of Performance-based RSUs
	(thousands)
Unvested at March 28, 2020	934
Granted	—
Change due to performance condition achievement	185
Vested	(720	)
Forfeited	(27	)
Unvested at September 26, 2020	372

Market-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 market-based RSU activity during the six months ended September 26, 2020 is as follows:



		Number of Market-based RSUs
		(thousands)
Unvested at March 28, 2020		234
Granted		—
Change due to market condition achievement		—
Vested		—
Forfeited		—
Unvested at September 26, 2020		234

Schedule of Share Based Payment Award with Market Condition Valuation Assumptions [Table Text Block]

The assumptions used to estimate the fair value of TSR awards granted during the six months ended September 28, 2019 were as follows:



	Six Months Ended
	September 28, 2019
Expected term (years)	2.6
Expected volatility	31.4	%
Expected dividend yield	3.2	%
Risk-free interest rate	1.4	%

Segment Information (Tables)

6 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Net revenues by segment

Net revenues and operating income (loss) for each of the Company's segments are as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Net revenues:
North America	$	542.9	$	881.2	$	708.0	$	1,600.6
Europe	359.5		480.2		480.2		841.0
Asia	236.6		255.3		408.5		513.9
Other non-reportable segments	54.5		89.5		84.3		179.5
Total net revenues	$	1,193.5	$	1,706.2	$	1,681.0	$	3,135.0

Net operating income by segment



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Operating income (loss)^(a):
North America	$	123.3		$	192.4		$	98.5		$	342.5
Europe	83.6			140.6			66.7			220.0
Asia	41.1			40.9			51.2			89.0
Other non-reportable segments	15.2			22.8			16.1			55.7
	263.2			396.7			232.5			707.2
Unallocated corporate expenses	(123.0		)	(149.1		)	(253.3		)	(286.7		)
Unallocated restructuring and other charges^(b)	(160.5		)	(14.5		)	(167.5		)	(44.1		)
Total operating income (loss)	$	(20.3	)	$	233.1		$	(188.3	)	$	376.4

^(a)



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Asset impairment charges:
North America	$	(9.7	)	$	—		$	(9.9	)	$	—
Europe	(21.2		)	—			(21.2		)	—
Asia	—			—			(1.3		)	—
Other non-reportable segments	(0.1		)	(3.8		)	(0.7		)	(3.8		)
Unallocated corporate expenses	—			(2.3		)	—			(3.5		)
Total asset impairment charges	$	(31.0	)	$	(6.1	)	$	(33.1	)	$	(7.3	)


^(b)	The three-month and six-month periods ended September 26, 2020 and September 28, 2019 included certain unallocated restructuring and other charges (see Note 8), which are detailed below:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Unallocated restructuring and other charges:
North America-related	$	(41.2	)	$	—		$	(41.3	)	$	(0.7	)
Europe-related	(26.3		)	(1.3		)	(26.3		)	(3.1		)
Asia-related	(10.1		)	(0.3		)	(9.9		)	(0.8		)
Other non-reportable segment-related	(0.7		)	(0.7		)	(1.8		)	(0.7		)
Corporate operations-related	(79.3		)	(10.8		)	(80.9		)	(14.8		)
Unallocated restructuring charges	(157.6		)	(13.1		)	(160.2		)	(20.1		)
Other charges (see Note 8)	(2.9		)	(1.4		)	(7.3		)	(24.0		)
Total unallocated restructuring and other charges	$	(160.5	)	$	(14.5	)	$	(167.5	)	$	(44.1	)

Asset impairment charges by segment

Segment operating income (loss) and unallocated corporate expenses during the three-month and six-month periods ended September 26, 2020 and September 28, 2019 also included asset impairment charges (see Note 7), which are detailed below:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Asset impairment charges:
North America	$	(9.7	)	$	—		$	(9.9	)	$	—
Europe	(21.2		)	—			(21.2		)	—
Asia	—			—			(1.3		)	—
Other non-reportable segments	(0.1		)	(3.8		)	(0.7		)	(3.8		)
Unallocated corporate expenses	—			(2.3		)	—			(3.5		)
Total asset impairment charges	$	(31.0	)	$	(6.1	)	$	(33.1	)	$	(7.3	)

Schedule of unallocated restructuring and related costs

The three-month and six-month periods ended September 26, 2020 and September 28, 2019 included certain unallocated restructuring and other charges (see Note 8), which are detailed below:



	Three Months Ended						Six Months Ended
	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
	(millions)
Unallocated restructuring and other charges:
North America-related	$	(41.2	)	$	—		$	(41.3	)	$	(0.7	)
Europe-related	(26.3		)	(1.3		)	(26.3		)	(3.1		)
Asia-related	(10.1		)	(0.3		)	(9.9		)	(0.8		)
Other non-reportable segment-related	(0.7		)	(0.7		)	(1.8		)	(0.7		)
Corporate operations-related	(79.3		)	(10.8		)	(80.9		)	(14.8		)
Unallocated restructuring charges	(157.6		)	(13.1		)	(160.2		)	(20.1		)
Other charges (see Note 8)	(2.9		)	(1.4		)	(7.3		)	(24.0		)
Total unallocated restructuring and other charges	$	(160.5	)	$	(14.5	)	$	(167.5	)	$	(44.1	)

Depreciation and amortization by segment

Depreciation and amortization expense for the Company's segments is as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Depreciation and amortization expense:
North America	$	17.6	$	18.6	$	35.7	$	37.5
Europe	8.1		7.7		15.8		15.3
Asia	14.4		14.7		28.6		29.7
Other non-reportable segments	1.0		1.5		2.1		2.8
Unallocated corporate	20.4		24.1		43.0		47.5
Total depreciation and amortization expense	$	61.5	$	66.6	$	125.2	$	132.8

Net revenues by geographic location

Net revenues by geographic location of the reporting subsidiary are as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Net revenues^(a):
The Americas^(b)	$	597.8	$	972.6	$	792.5	$	1,783.0
Europe^(c)	358.8		478.0		479.7		837.5
Asia^(d)	236.9		255.6		408.8		514.5
Total net revenues	$	1,193.5	$	1,706.2	$	1,681.0	$	3,135.0


^(a)	Net revenues for certain of the Company's licensed operations are included within the geographic location of the reporting subsidiary which holds the respective license.


^(b)	Includes the U.S., Canada, and Latin America. Net revenues earned in the U.S. during the three-month and six-month periods ended September 26, 2020 were $567.7 million and $753.8 million, respectively, and $911.1 million and $1.671 billion during the three-month and six-month periods ended September 28, 2019, respectively.


^(c)	Includes the Middle East.

^(d)

Includes Australia and New Zealand.

Additional Financial Information (Tables)

6 Months Ended

Sep. 26, 2020

Supplemental Cash Flow Information [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash



	September 26, 2020		March 28, 2020
	(millions)
Cash and cash equivalents	$	2,012.0	$	1,620.4
Restricted cash included within prepaid expenses and other current assets	1.5		1.4
Restricted cash included within other non-current assets	8.3		8.0
Total cash, cash equivalents, and restricted cash	$	2,021.8	$	1,629.8

Cash Interest and Taxes

Cash paid for interest and income taxes is as follows:



	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	(millions)
Cash paid for interest	$	7.8	$	5.4	$	11.1	$	7.8
Cash paid for income taxes, net of refunds	46.8		59.8		27.9		82.1

Description of Business (Details)	6 Months Ended
Description of Business (Details)	Sep. 26, 2020 Segment
Description of Business [Abstract]
Number of reportable segments	3

Basis of Presentation Basis of Presentation (Details) $ in Millions	Sep. 26, 2020 USD ($)
1.700% & 2.950% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,250

Summary of Significant Accounting Policies (Details) $ in Millions	Sep. 26, 2020 USD ($)
Accounting Policies [Abstract]
Contractually-Guaranteed Minimum Royalties - Remainder of Fiscal 2021	$ 36.4
Contractually-Guaranteed Minimum Royalties - Fiscal 2022	68.4
Contractually-Guaranteed Minimum Royalties - Fiscal 2023	44.4
Contractually-Guaranteed Minimum Royalties - Fiscal 2024	26.6
Contractually-Guaranteed Minimum Royalties - Fiscal 2025 and Thereafter	1.1
Contractually-Guaranteed Minimum Royalties - Total	$ 176.9

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,193.5	$ 1,706.2	$ 1,681.0	$ 3,135.0
North America segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	542.9	881.2	708.0	1,600.6
Europe segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	359.5	480.2	480.2	841.0
Asia segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	236.6	255.3	408.5	513.9
Other Non-Reportable Segment-Related [Member]
Disaggregation of Revenue [Line Items]
Net revenues	54.5	89.5	84.3	179.5
Transferred at Point in Time [Member] \| Retail [Member]
Disaggregation of Revenue [Line Items]
Net revenues	729.3	975.2	1,124.1	1,892.8
Transferred at Point in Time [Member] \| Retail [Member] \| North America segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	314.7	457.9	457.3	861.0
Transferred at Point in Time [Member] \| Retail [Member] \| Europe segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	174.2	238.6	253.4	457.1
Transferred at Point in Time [Member] \| Retail [Member] \| Asia segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	219.3	233.3	385.8	479.8
Transferred at Point in Time [Member] \| Retail [Member] \| Other Non-Reportable Segment-Related [Member]
Disaggregation of Revenue [Line Items]
Net revenues	21.1	45.4	27.6	94.9
Transferred at Point in Time [Member] \| Wholesale [Member]
Disaggregation of Revenue [Line Items]
Net revenues	433.1	688.8	503.0	1,161.3
Transferred at Point in Time [Member] \| Wholesale [Member] \| North America segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	228.2	423.3	250.7	739.6
Transferred at Point in Time [Member] \| Wholesale [Member] \| Europe segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	185.3	241.6	226.8	383.9
Transferred at Point in Time [Member] \| Wholesale [Member] \| Asia segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	17.3	22.0	22.7	34.1
Transferred at Point in Time [Member] \| Wholesale [Member] \| Other Non-Reportable Segment-Related [Member]
Disaggregation of Revenue [Line Items]
Net revenues	2.3	1.9	2.8	3.7
Transferred over Time [Member] \| Licensing [Member]
Disaggregation of Revenue [Line Items]
Net revenues	31.1	42.2	53.9	80.9
Transferred over Time [Member] \| Licensing [Member] \| North America segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0	0.0
Transferred over Time [Member] \| Licensing [Member] \| Europe segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0	0.0
Transferred over Time [Member] \| Licensing [Member] \| Asia segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0	0.0
Transferred over Time [Member] \| Licensing [Member] \| Other Non-Reportable Segment-Related [Member]
Disaggregation of Revenue [Line Items]
Net revenues	$ 31.1	$ 42.2	$ 53.9	$ 80.9

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Accounting Policies [Abstract]
Shipping Costs	$ 12.2	$ 12.5	$ 20.6	$ 22.4
Handling Costs	$ 33.3	$ 39.5	$ 59.8	$ 75.7

Summary of Significant Accounting Policies (Details 3) - shares shares in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Summary of basic and diluted shares
Basic shares	73.5	76.7	73.3	77.4
Dilutive effect of RSUs and stock options	0.0	1.2	0.0	1.5
Diluted shares	73.5	77.9	73.3	78.9
Incremental shares excluded due to net loss	0.9		1.2
Summary of Significant Accounting Policies (Textual) [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			0.6	1.1

Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
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	$ 184.0	$ 165.5	$ 204.7	$ 176.5
Amount charged against revenue to increase reserve	72.6	168.6	83.9	282.5
Amount credited against customer accounts to decrease reserve	(88.2)	(135.8)	(122.1)	(261.7)
Foreign currency translation	3.5	(2.8)	5.4	(1.8)
Ending reserve balance	171.9	195.5	171.9	195.5
Allowance for Doubtful Accounts
Rollforward of activity in the Company's allowance for doubtful accounts and its aggregate reserves for returns, discounts, end-of-season markdowns and operational chargebacks
Beginning reserve balance	55.9	15.0	71.5	15.7
Amount recorded to expense to increase (decrease) reserve	(8.9)	1.4	(25.4)	1.5
Amount credited against customer accounts to decrease reserve	(1.6)	(0.4)	(1.6)	(1.4)
Foreign currency translation	0.9	(0.4)	1.8	(0.2)
Ending reserve balance	$ 46.3	$ 15.6	$ 46.3	$ 15.6

Summary of Significant Accounting Policies (Details Textual) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 26, 2020 USD ($) Customer	Sep. 28, 2019 USD ($)	Sep. 26, 2020 USD ($) Customer	Sep. 28, 2019 USD ($)	Mar. 28, 2020 USD ($)
Summary of Significant Accounting Policies (Textual) [Abstract]
Deferred income	$ 13.2		$ 13.2		$ 14.6
Amount of revenue recognized that was previously reported as deferred income	$ 2.5		$ 5.9
Wholesale customer payment terms			30 to 120 days
Number Of Key Department Store Customers \| Customer	3		3
Inventory, Net	$ 887.0	$ 1,013.0	$ 887.0	$ 1,013.0	$ 736.2
Hosting Arrangement, Service Contract, Implementation Cost, Expense, Amortization	$ 1.2	$ 0.8	$ 3.7	$ 1.6
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			29.00%

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Mar. 28, 2020
Property and equipment, net
Land and improvements	$ 15.3		$ 15.3		$ 15.3
Buildings and improvements	314.2		314.2		309.0
Furniture and fixtures	635.4		635.4		629.5
Machinery and equipment	388.1		388.1		378.8
Capitalized software	552.1		552.1		543.3
Leasehold improvements	1,239.9		1,239.9		1,194.5
Construction in progress	40.0		40.0		37.5
Property and equipment, gross	3,185.0		3,185.0		3,107.9
Less: accumulated depreciation	(2,263.5)		(2,263.5)		(2,128.4)
Property and equipment, net	921.5		921.5		$ 979.5
Operating costs and expenses
Depreciation expense	$ 56.3	$ 60.7	$ 114.8	$ 121.0

Other Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Prepaid Expense and Other Assets, Current
Non-trade receivables	$ 27.7	$ 27.0
Other taxes receivable	25.6	24.7
Prepaid software maintenance	12.8	14.8
Prepaid advertising and marketing	10.2	10.1
Inventory return asset	10.0	8.9
Cloud computing arrangement implementation costs, current	7.9	8.4
Prepaid occupancy costs	6.3	6.7
Derivative financial instruments, current	1.1	13.7
Other prepaid expenses and other current assets	57.3	46.5
Prepaid expenses and other current assets	158.9	160.8
Other Assets, Noncurrent
Security deposits	30.0	29.4
Derivative financial instruments, noncurrent	27.3	48.6
Restricted cash, noncurrent	8.3	8.0
Cloud computing arrangement implementation costs, noncurrent	5.8	4.9
Other non-current assets	26.3	21.0
Total other non-current assets	97.7	111.9
Accrued Expenses and Other Current Liabilities
Accrued inventory	203.7	167.1
Accrued operating expenses	202.5	176.4
Restructuring reserve, current	166.4	25.5
Accrued payroll and benefits	162.6	186.2
Other taxes payable	68.0	47.9
Accrued capital expenditures	27.4	29.1
Deferred income	13.1	14.6
Finance lease obligations, current	10.4	9.8
Derivative financial instruments, current	1.0	6.9
Dividends payable	0.0	49.8
Other accrued expenses and current liabilities	14.0	3.8
Total accrued expenses and other current liabilities	869.1	717.1
Other Non-Current Liabilities
Finance lease obligations, noncurrent	188.8	189.4
Deferred lease incentives and obligations	62.0	57.8
Derivative financial instruments, noncurrent	31.5	0.0
Accrued benefits and deferred compensation, noncurrent	29.0	19.5
Deferred tax liabilities	10.6	10.0
Other non-current liabilities	34.6	31.8
Total other non-current liabilities	$ 356.5	$ 308.5

Impairment of Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset Impairment Charges	$ 31.0	$ 6.1	$ 33.1	$ 7.3
Fiscal 2021 Strategic Realignment Plan
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset Impairment Charges	22.2		$ 24.3
Other non-restructuring related [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset Impairment Charges	$ 8.8	3.8		3.8
Fiscal 2019 Restructuring Plan
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Asset Impairment Charges		$ 2.3		$ 3.5

Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Fiscal 2021 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	$ 157.6		$ 160.2
Non-cash charges	22.2		25.6
Restructuring and non-cash charges	179.8		185.8
Fiscal 2021 Strategic Realignment Plan \| Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	153.8		156.3
Fiscal 2021 Strategic Realignment Plan \| Other cash charges
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	3.8		3.9
Fiscal 2021 Strategic Realignment Plan \| Impairment of assets
Restructuring Cost and Reserve [Line Items]
Non-cash charges	22.2		24.3
Fiscal 2021 Strategic Realignment Plan \| Inventory-related charges
Restructuring Cost and Reserve [Line Items]
Non-cash charges	0.0		1.3
Fiscal 2019 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges		$ 9.5	0.0	$ 16.5
Cash-related Restructuring Charges, Cost Incurred to Date	103.4		103.4
Non-cash charges		6.3		8.1
Non-cash Charges, Cost Incurred to Date	42.4		42.4
Restructuring and non-cash charges		15.8		24.6
Restructuring and Related Cost, Cost Incurred to Date	145.8		145.8
Fiscal 2019 Restructuring Plan \| Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges		9.0	0.0	14.9
Cash-related Restructuring Charges, Cost Incurred to Date	90.3		90.3
Fiscal 2019 Restructuring Plan \| Lease termination and store closure costs
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges		0.2		0.5
Cash-related Restructuring Charges, Cost Incurred to Date	2.3		2.3
Fiscal 2019 Restructuring Plan \| Other cash charges
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges		0.3	0.0	1.1
Cash-related Restructuring Charges, Cost Incurred to Date	10.8		10.8
Fiscal 2019 Restructuring Plan \| Impairment of assets
Restructuring Cost and Reserve [Line Items]
Non-cash charges		2.3		3.5
Non-cash Charges, Cost Incurred to Date	19.0		19.0
Fiscal 2019 Restructuring Plan \| Inventory-related charges
Restructuring Cost and Reserve [Line Items]
Non-cash charges		0.4		1.0
Non-cash Charges, Cost Incurred to Date	8.2		8.2
Fiscal 2019 Restructuring Plan \| Accelerated stock-based compensation expense
Restructuring Cost and Reserve [Line Items]
Non-cash charges		3.6		3.6
Non-cash Charges, Cost Incurred to Date	3.6		3.6
Fiscal 2019 Restructuring Plan \| Loss on sale of property
Restructuring Cost and Reserve [Line Items]
Non-cash charges		$ 0.0		$ 0.0
Non-cash Charges, Cost Incurred to Date	$ 11.6		$ 11.6

Restructuring and Other Charges (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Fiscal 2021 Strategic Realignment Plan
Restructuring Reserve [Roll Forward]
Beginning Reserve Balance			$ 0.0
Additions charged to expense	$ 157.6		160.2
Cash payments charged against reserve			(2.8)
Non-cash adjustments			(0.3)
Ending Reserve Balance	157.1		157.1
Fiscal 2021 Strategic Realignment Plan \| Severance and benefit costs
Restructuring Reserve [Roll Forward]
Beginning Reserve Balance			0.0
Additions charged to expense	153.8		156.3
Cash payments charged against reserve			(2.6)
Non-cash adjustments			(0.3)
Ending Reserve Balance	153.4		153.4
Fiscal 2021 Strategic Realignment Plan \| Other cash charges
Restructuring Reserve [Roll Forward]
Beginning Reserve Balance			0.0
Additions charged to expense	3.8		3.9
Cash payments charged against reserve			(0.2)
Non-cash adjustments			0.0
Ending Reserve Balance	3.7		3.7
Fiscal 2019 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning Reserve Balance			24.1
Additions charged to expense		$ 9.5	0.0	$ 16.5
Cash payments charged against reserve			(14.6)
Ending Reserve Balance	9.5		9.5
Fiscal 2019 Restructuring Plan \| Severance and benefit costs
Restructuring Reserve [Roll Forward]
Beginning Reserve Balance			23.5
Additions charged to expense		9.0	0.0	14.9
Cash payments charged against reserve			(14.0)
Ending Reserve Balance	9.5		9.5
Fiscal 2019 Restructuring Plan \| Other cash charges
Restructuring Reserve [Roll Forward]
Beginning Reserve Balance			0.6
Additions charged to expense		$ 0.3	0.0	$ 1.1
Cash payments charged against reserve			(0.6)
Ending Reserve Balance	$ 0.0		$ 0.0

Restructuring and Other Charges (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Restructuring Cost and Reserve [Line Items]
Other Charges	$ 2.9	$ 1.4	$ 7.3	$ 24.0
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	2.9	$ 1.4	7.3	$ 3.2
Fiscal 2021 Strategic Realignment Plan \| Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 160.0		$ 160.0

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	(34.40%)	23.10%	17.30%	21.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%
Non-current liability for unrecognized tax benefits	$ 87.6		$ 87.6		$ 88.9
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	$ 66.2		$ 66.2		$ 71.7

Debt (Details) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Debt Instrument [Line Items]
Borrowings outstanding under credit facilities	$ 0.0	$ 475.0
Total debt	1,631.0	1,171.0
Short-term debt and current portion of long-term debt	0.0	774.6
Long-term debt	1,631.0	396.4
2.625% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Note, Carrying Value, Current	0.0	299.6
Cumulative amount of fair value hedging adjustment included in carrying value of hedged item		(0.2)
Unamortized Debt Issuance Costs		(0.2)
3.750% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes, Carrying Value, Noncurrent	396.7	396.4
Unamortized Debt Issuance Costs	(3.3)	(3.6)
1.700% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes, Carrying Value, Noncurrent	497.7	0.0
Unamortized Debt Issuance Costs	(2.3)
2.950% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes, Carrying Value, Noncurrent	736.6	$ 0.0
Unamortized Debt Issuance Costs	$ (13.4)

Debt (Details Textual) - USD ($) $ in Millions			6 Months Ended
Debt (Details Textual) - USD ($) $ in Millions	Aug. 18, 2020	Sep. 26, 2018	Sep. 26, 2020
2.125% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 300.0
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	$ 300.0
Debt Instrument, Maturity Date	Aug. 18, 2020
Interest Rate on Debt	2.625%
3.750% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 400.0
Debt Instrument, Maturity Date			Sep. 15, 2025
Long-term debt, net of discount			99.521%
Interest Rate on Debt			3.75%
1.700% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 500.0
Debt Instrument, Maturity Date			Jun. 15, 2022
Long-term debt, net of discount			99.88%
Interest Rate on Debt			1.70%
2.950% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 750.0
Debt Instrument, Maturity Date			Jun. 15, 2030
Long-term debt, net of discount			98.995%
Interest Rate on Debt			2.95%
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.
Global Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of Lines of Credit			$ 475.0

Debt (Details Textual 1) ¥ in Millions, $ in Millions, ₩ in Billions, ¥ in Billions		6 Months Ended
	Jun. 03, 2020 USD ($)	Sep. 26, 2020 USD ($) Quarter	Sep. 26, 2020 KRW (₩)	Sep. 26, 2020 JPY (¥)	Sep. 26, 2020 CNY (¥)
Credit Facilities (Textual) [Abstract]
Commercial Paper		$ 0.0
Maximum expected combined borrowings outstanding - Commercial Paper Program and Global Credit Facility		500.0
Commercial Paper [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity		$ 500.0
Commercial Paper [Member] \| Maximum [Member]
Credit Facilities (Textual) [Abstract]
Short-term Debt, Terms		397 days
Global Credit Facility [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity		$ 1,000.0
Borrowing capacity under unsecured revolving line of credit		$ 500.0
Line of credit facility, expiration date		Aug. 12, 2024
Borrowings outstanding under revolving credit facilities		$ 0.0
Line of credit facility, contingent liability for outstanding LOCs		$ 9.0
Commitment fee, percentage		0.065%
Credit facility covenant terms		The Global Credit Facility contains a number of covenants that, among other things, restrict the Company's ability, subject to specified exceptions, to incur additional debt; incur liens; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve itself; engage in businesses that are not in a related line of business; make loans, advances, or guarantees; engage in transactions with affiliates; and make certain investments. 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.
Credit Facility covenant compliance		no Event of Default (as such term is defined pursuant to the Global Credit Facility) has occurred under the Company's Global Credit Facility
Maximum Ratio Of Adjusted Debt To Consolidated EBITDAR As Of Date Of Measurement For Four Consecutive Quarters		4.25
Leverage Ratio Number Of Consecutive Fiscal Quarters Used \| Quarter		4
Global Credit Facility Amendment [Member]
Credit Facilities (Textual) [Abstract]
Commitment fee, percentage		0.25%
Credit facility covenant terms		Additionally, the leverage ratio requirements have been waived until the quarter ending September 30, 2021. The maximum permitted leverage ratio for that fiscal quarter would be 5.25. For the fiscal quarters ending December 31, 2021 and March 31, 2022, the maximum permitted leverage ratio would be 4.75. For each fiscal quarter ending on or after June 30, 2022, the leverage ratio test would return to 4.25. 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.
Minimum Liquidity Covenant		$ 750.0
Maximum Ratio of Adjusted Debt to Consolidated EBITDAR As Of Date Of Measurement For Two Consecutive Quarters		4.25
364 Day Facility [Member]
Credit Facilities (Textual) [Abstract]
Borrowing capacity under unsecured revolving line of credit	$ 500.0
Line of credit facility, expiration date	May 25, 2021
China Credit Facility [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity		$ 7.0			¥ 50
Line of credit facility, expiration date		Apr. 03, 2021
South Korea Credit Facility [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity		$ 26.0	₩ 30
Line of credit facility, expiration date		Oct. 29, 2021
Japan Overdraft Facility [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity		$ 47.0		¥ 5
Line of credit facility, expiration date		Apr. 30, 2021
Pan-Asia Borrowing Facilities [Member]
Credit Facilities (Textual) [Abstract]
Borrowings outstanding under revolving credit facilities		$ 0.0
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%
Adjusted LIBOR [Member] \| Global Credit Facility Amendment [Member]
Credit Facilities (Textual) [Abstract]
Percentage of variable rate		1.875%
Alternate base rate [Member] \| Global Credit Facility Amendment [Member]
Credit Facilities (Textual) [Abstract]
Percentage of variable rate		0.875%
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
Quarters Ending December 31, 2021 and March 31, 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		4.75
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 (Details) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Financial assets recorded at fair value:
Derivative Asset, Fair Value	$ 28.4	$ 62.3
Financial liabilities recorded at fair value:
Derivative Liability, Fair Value	32.5	6.9
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Financial assets recorded at fair value:
Derivative Asset, Fair Value	28.4	62.3
Financial liabilities recorded at fair value:
Derivative Liability, Fair Value	32.5	6.9
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member] \| Commercial Paper [Member]
Financial assets recorded at fair value:
Investments, Fair Value Disclosure	$ 0.0	$ 243.6

Fair Value Measurements (Details 1) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings outstanding under credit facilities	$ 0.0	$ 475.0
2.625% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Note, Carrying Value, Current	0.0	299.6
3.750% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Carrying Value, Noncurrent	396.7	396.4
1.700% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Carrying Value, Noncurrent	497.7	0.0
2.950% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Carrying Value, Noncurrent	736.6	0.0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding	0.0	473.0
Fair Value, Inputs, Level 2 [Member] \| 2.625% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Fair Value	0.0	299.8
Fair Value, Inputs, Level 2 [Member] \| 3.750% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Fair Value	450.7	415.1
Fair Value, Inputs, Level 2 [Member] \| 1.700% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Fair Value	509.4	0.0
Fair Value, Inputs, Level 2 [Member] \| 2.950% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Fair Value	$ 780.5	$ 0.0

Fair Value Measurements (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Fair Value Measurements (Details 2) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cumulative adjustment from adoption of new accounting standards				$ (164.5)
Property, Plant and Equipment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value as of Impairment Date	$ 0.0	$ 5.5	$ 0.0	5.5
Impairment of Long-Lived Assets	10.8	1.7	10.8	2.6
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	33.9	19.2	33.9	112.1
Impairment of Long-Lived Assets	$ 20.2	$ 4.4	$ 22.3	229.8
Accounting Standards Update 2016-02 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cumulative adjustment from adoption of new accounting standards				169.4
Accounting Standards Update 2016-02 [Member] \| Operating Lease, Right-of-Use Asset [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Long-Lived Assets				$ 225.1

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Fair Value Disclosures [Abstract]
Goodwill and other intangible asset impairment charges	$ 0.0	$ 0.0

Financial Instruments (Details) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	$ 1,056.0	$ 1,686.1
Derivative Assets
Derivative Asset, Fair Value	28.4	62.3
Derivative Liabilities
Derivative Liability, Fair Value	32.5	6.9
Designated [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	800.0	1,212.6
Derivative Assets
Derivative Asset, Fair Value	27.9	56.0
Derivative Liabilities
Derivative Liability, Fair Value	32.2	4.6
Designated [Member] \| Interest Rate Swap [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	0.0	300.0
Derivative Assets
Interest Rate Fair Value Hedge Asset at Fair Value	0.0	0.0
Derivative Liabilities
Interest Rate Fair Value Hedge Liability at Fair Value	0.0
Designated [Member] \| Interest Rate Swap [Member] \| Accrued Expenses and Other Current Liabilities [Member]
Derivative Liabilities
Interest Rate Fair Value Hedge Liability at Fair Value		0.2
Undesignated [Member] \| Foreign Exchange Forward [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	256.0	473.5
Undesignated [Member] \| Foreign Exchange Forward [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivative Assets
Derivative Asset, Fair Value	0.5	6.3
Undesignated [Member] \| Foreign Exchange Forward [Member] \| Accrued Expenses and Other Current Liabilities [Member]
Derivative Liabilities
Derivative Liability, Fair Value	0.3	2.3
Cash Flow Hedging [Member] \| Designated [Member] \| Foreign Exchange Forward [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	82.5	229.0
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	0.6	7.4
Cash Flow Hedging [Member] \| Designated [Member] \| Foreign Exchange Forward [Member] \| Accrued Expenses and Other Current Liabilities [Member]
Derivative Liabilities
Foreign Currency Cash Flow Hedge Liability at Fair Value	0.7	0.4
Net Investment Hedging [Member] \| Designated [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	717.5	683.6
Net Investment Hedging [Member] \| Designated [Member] \| Other Noncurrent Assets [Member]
Derivative Assets
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value	27.3	48.6
Net Investment Hedging [Member] \| Designated [Member] \| Accrued Expenses and Other Current Liabilities [Member]
Derivative Liabilities
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value		$ 4.0
Net Investment Hedging [Member] \| Designated [Member] \| Other Noncurrent Liabilities [Member]
Derivative Liabilities
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value	$ 31.5

Financial Instruments (Details 1) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative asset, gross amount in the balance sheet	$ 28.4	$ 62.3
Gross amount of derivatives assets subject to master netting arrangements not offset	(0.7)	(6.1)
Derivative asset, net basis	27.7	56.2
Derivative liability, gross amount in the balance sheet	32.5	6.9
Gross amount of derivative liabilities subject to master netting arrangements not offset	(0.7)	(6.1)
Derivative liability, net basis	$ 31.8	$ 0.8

Financial Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Financial Instruments (Details 2) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Reclassification of hedge gain (loss) from accumulated OCI into income
Cost of goods sold	$ (394.1)	$ (657.2)	$ (532.9)	$ (1,165.2)
Other income (expense), net	1.8	(1.7)	3.9	(5.8)
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	(33.1)	49.8	(52.2)	37.9
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings	2.9	4.8	5.6	9.8
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	(3.6)	20.0	(6.6)	15.6
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	4.8	4.4	6.5	10.6
Other income (expense), net	0.0	0.2	(0.3)	0.4
Effective portion [Member] \| Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(25.0)	27.1	(24.3)	17.1
Portion excluded from assessment of hedge effectiveness [Member] \| Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(4.5)	2.7	(21.3)	5.2
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings	$ 2.9	$ 4.8	$ 5.6	$ 9.8

Financial Instruments (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Financial Instruments (Details 3) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ (0.8)	$ 3.2	$ 3.9	$ 5.1
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ (0.8)	$ 3.2	$ 3.9	$ 5.1

Financial Instruments (Details 4) - USD ($) $ in Millions	6 Months Ended
Financial Instruments (Details 4) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Schedule of Fair Value Hedging Adjustments [Line Items]
Fair value hedge settlement	$ (0.3)
2.625% Senior Notes [Member]
Schedule of Fair Value Hedging Adjustments [Line Items]
Senior Note, Carrying Value, Current	$ 0.0	$ 299.6
Cumulative amount of fair value hedging adjustment included in carrying value of hedged item		$ (0.2)

Financial Instruments (Details Textual) $ in Millions	6 Months Ended
Financial Instruments (Details Textual) $ in Millions	Sep. 26, 2020 USD ($) counterparty	Sep. 28, 2019 USD ($)
Derivative [Line Items]
Number of counterparties to master netting arrangements \| counterparty	10
Net gains (losses) deferred in AOCI for derivative financial instruments expected to be recognized in the earnings over the next 12 months	$ 7.8
Interest Rate Swap [Member]
Derivative [Line Items]
Net impact on earnings of fair value hedges	$ 0.0	$ 0.0
Maximum [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Term of Contract	1 year
Minimum [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Term of Contract	2 months

Financial Instruments (Details Textual 1) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Bank Time Deposits [Member]
Debt Securities, Available-for-sale [Line Items]
Short-term Investments	$ 434.1	$ 252.3
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Short-term Investments		$ 243.6

Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased	$ 1.6	$ 251.6	$ 35.5	$ 442.7
Stock Repurchase Program, Authorized Amount		$ 600.0		600.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 580.0		580.0
General repurchase program [Member]
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased			$ 0.0	$ 400.0
Number of shares repurchased			0.0	4.0
Withholding in satisfaction of taxes on vested equity award [Member]
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased			$ 35.5	$ 42.7
Number of shares repurchased			0.5	0.4

Equity (Details Textual) - $ / shares shares in Millions	3 Months Ended				6 Months Ended
Equity (Details Textual) - $ / shares shares in Millions	Sep. 26, 2020	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Sep. 26, 2020	Sep. 28, 2019
Equity [Abstract]
Conversion of Stock, Shares Converted		0.5				1.0
Dividends (Textual) [Abstract]
Dividends declared per share	$ 0	$ 0.6875	$ 0.6875	$ 0.625	$ 0	$ 1.375

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Sep. 26, 2020

Sep. 28, 2019

Sep. 26, 2020

Sep. 28, 2019

Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]

Beginning balance

$ (118.2)

OCI before reclassifications

24.2

$ 2.9

Amounts reclassified from AOCI to earnings

(5.5)

(14.9)

Other comprehensive income (loss), net of tax

$ 9.8

$ (6.2)

18.7

(12.0)

Ending balance

(99.5)

Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax

(11.2)

4.3

Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax

(34.8)

17.0

Gain (Loss) on Derivative Used in Net Investment Hedge, Tax

(10.8)

5.3

Other Comprehensive Income (Loss), Cash Flow Hedges, Tax

(0.8)

1.8

Foreign Currency Translation Gains (Losses) [Member]

Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]

Beginning balance

(130.4)

(118.5)

OCI before reclassifications

30.3

(11.0)

Amounts reclassified from AOCI to earnings

0.0

(4.9)

Other comprehensive income (loss), net of tax

30.3

(15.9)

Ending balance

(100.1)

(134.4)

(100.1)

(134.4)

Net Unrealized Gains (Losses) on Cash Flow Hedges [Member]

Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]

Beginning balance

18.0

20.2

OCI before reclassifications

(5.8)

13.8

Amounts reclassified from AOCI to earnings

(5.5)

(9.9)

Other comprehensive income (loss), net of tax

(11.3)

3.9

Ending balance

6.7

24.1

6.7

24.1

Net Unrealized Gains (Losses) on Defined Benefit Plans [Member]

Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]

Beginning balance

(5.8)

(5.1)

OCI before reclassifications

(0.3)

0.1

Amounts reclassified from AOCI to earnings

0.0

(0.1)

Other comprehensive income (loss), net of tax

(0.3)

0.0

Ending balance

(6.1)

(5.1)

(6.1)

(5.1)

AOCI [Member]

Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]

Beginning balance

(118.2)

(103.4)

Other comprehensive income (loss), net of tax

^[1]

9.8

(6.2)

18.7

(12.0)

Ending balance

$ (99.5)

$ (115.4)

$ (99.5)

$ (115.4)

[1]	^(b) Accumulated other comprehensive income (loss).

Accumulated Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]
Cost of goods sold	$ (394.1)	$ (657.2)	$ (532.9)	$ (1,165.2)
Other income (expense), net	1.8	(1.7)	3.9	(5.8)
Income tax provision	(10.0)	(54.5)	34.9	(84.0)
Net income (loss)	(39.1)	182.1	(166.8)	299.2
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) on Derivatives [Line Items]
Income tax provision	(0.5)	(0.5)	(0.7)	(1.1)
Net income (loss)	4.3	4.1	5.5	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) on Derivatives [Line Items]
Cost of goods sold	4.8	4.4	6.5	10.6
Other income (expense), net	$ 0.0	$ 0.2	$ (0.3)	$ 0.4

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Stock-based Compensation (Details) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Summary of the total compensation expense and the associated income tax benefits recognized related to stock-based compensation arrangements
Compensation expense	$ 19.5	$ 27.8	$ 34.6	$ 50.8
Income tax benefit	$ (3.6)	(4.1)	$ (6.7)	(7.7)
Fiscal 2019 Restructuring Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash charges		6.3		8.1
Fiscal 2019 Restructuring Plan \| Accelerated stock-based compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash charges		$ 3.6		$ 3.6

Stock-based Compensation (Details 1) - shares shares in Thousands	6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Restricted Stock [Member]
Summary of RSU activity
Nonvested beginning balance	4
Granted	0	0
Vested	(4)
Forfeited	0
Nonvested ending balance	0
Service-based restricted stock units [Member]
Summary of RSU activity
Nonvested beginning balance	1,094
Granted	1,322
Vested	(443)
Forfeited	(33)
Nonvested ending balance	1,940

Stock-based Compensation (Details 2) - Performance-based restricted stock units [Member] shares in Thousands	6 Months Ended
	Sep. 26, 2020 shares
Summary of RSU activity
Nonvested beginning balance	934
Granted	0
Change due to performance condition achievement	185
Vested	(720)
Forfeited	(27)
Nonvested ending balance	372

Stock-based Compensation (Details 3) - TSR Shares [Member]	6 Months Ended
	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	2 years 7 months 6 days
Expected volatility	31.40%
Expected dividend yield	3.20%
Risk-free interest rate	1.40%

Stock-based Compensation (Details 4) - Market-based restricted stock units [Member] shares in Thousands	6 Months Ended
	Sep. 26, 2020 shares
Summary of RSU activity
Nonvested beginning balance	234
Granted	0
Change due to market condition achievement	0
Vested	0
Forfeited	0
Nonvested ending balance	234

Stock-based Compensation (Details 5) shares in Thousands	6 Months Ended
Stock-based Compensation (Details 5) shares in Thousands	Sep. 26, 2020 shares
Summary of the stock option activity
Options beginning outstanding	518
Granted	0
Exercised	0
Cancelled/Forfeited	(247)
Options ending outstanding	271

Stock-based Compensation (Details Textual) - $ / shares	6 Months Ended
Stock-based Compensation (Details Textual) - $ / shares	Sep. 26, 2020	Sep. 28, 2019
Service-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of equity awards other than options	$ 63.57	$ 102.65
Performance-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of equity awards other than options		83.16
Market-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of equity awards other than options		$ 90.59

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Net revenues by segment
Net revenues	$ 1,193.5	$ 1,706.2	$ 1,681.0	$ 3,135.0
North America segment [Member]
Net revenues by segment
Net revenues	542.9	881.2	708.0	1,600.6
Europe segment [Member]
Net revenues by segment
Net revenues	359.5	480.2	480.2	841.0
Asia segment [Member]
Net revenues by segment
Net revenues	236.6	255.3	408.5	513.9
Other non-reportable segments [Member]
Net revenues by segment
Net revenues	$ 54.5	$ 89.5	$ 84.3	$ 179.5

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 825
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-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Segment Information (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segment Information (Details 1) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Operating income (loss) by segment
Operating income (loss)	$ (20.3)	$ 233.1	$ (188.3)	$ 376.4
Restructuring and other charges	(160.5)	(14.5)	(167.5)	(44.1)
Accounts Receivable, Credit Loss Expense (Reversal)			(25.4)	1.5
Unallocated charges [Member]
Operating income (loss) by segment
Unallocated corporate expenses	(123.0)	(149.1)	(253.3)	(286.7)
Restructuring and other charges	(160.5)	(14.5)	(167.5)	(44.1)
North America segment [Member]
Operating income (loss) by segment
Operating income (loss)	123.3	192.4	98.5	342.5
Accounts Receivable, Credit Loss Expense (Reversal)	(5.3)		(20.8)
Europe segment [Member]
Operating income (loss) by segment
Operating income (loss)	83.6	140.6	66.7	220.0
Accounts Receivable, Credit Loss Expense (Reversal)	(3.0)		(4.0)
Asia segment [Member]
Operating income (loss) by segment
Operating income (loss)	41.1	40.9	51.2	89.0
Other non-reportable segments [Member]
Operating income (loss) by segment
Operating income (loss)	15.2	22.8	16.1	55.7
Accounts Receivable, Credit Loss Expense (Reversal)	(0.6)		(0.6)
Operating Segments [Member]
Operating income (loss) by segment
Operating income (loss)	$ 263.2	$ 396.7	$ 232.5	$ 707.2

Segment Information (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segment Information (Details 2) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Segment Reporting Information [Line Items]
Asset Impairment Charges	$ (31.0)	$ (6.1)	$ (33.1)	$ (7.3)
Unallocated corporate expenses [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	0.0	(2.3)	0.0	(3.5)
North America segment [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	(9.7)	0.0	(9.9)	0.0
Europe segment [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	(21.2)	0.0	(21.2)	0.0
Asia segment [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	0.0	0.0	(1.3)	0.0
Other non-reportable segments [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	$ (0.1)	$ (3.8)	$ (0.7)	$ (3.8)

Segment Information (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segment Information (Details 3) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Segment Reporting Information [Line Items]
Unallocated restructuring charges	$ (157.6)	$ (13.1)	$ (160.2)	$ (20.1)
Other Charges	(2.9)	(1.4)	(7.3)	(24.0)
Restructuring and other charges	(160.5)	(14.5)	(167.5)	(44.1)
North America-Related [Member]
Segment Reporting Information [Line Items]
Unallocated restructuring charges	(41.2)	0.0	(41.3)	(0.7)
Europe-Related [Member]
Segment Reporting Information [Line Items]
Unallocated restructuring charges	(26.3)	(1.3)	(26.3)	(3.1)
Asia-Related [Member]
Segment Reporting Information [Line Items]
Unallocated restructuring charges	(10.1)	(0.3)	(9.9)	(0.8)
Other Non-Reportable Segment-Related [Member]
Segment Reporting Information [Line Items]
Unallocated restructuring charges	(0.7)	(0.7)	(1.8)	(0.7)
Corporate-Related [Member]
Segment Reporting Information [Line Items]
Unallocated restructuring charges	$ (79.3)	$ (10.8)	$ (80.9)	$ (14.8)

Segment Information (Details 4) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segment Information (Details 4) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 61.5	$ 66.6	$ 125.2	$ 132.8
North America segment [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization expense	17.6	18.6	35.7	37.5
Europe segment [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization expense	8.1	7.7	15.8	15.3
Asia segment [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization expense	14.4	14.7	28.6	29.7
Other non-reportable segments [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization expense	1.0	1.5	2.1	2.8
Unallocated corporate expenses [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 20.4	$ 24.1	$ 43.0	$ 47.5

Segment Information (Details 5) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segment Information (Details 5) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Revenues from External Customers [Line Items]
Net revenues	$ 1,193.5	$ 1,706.2	$ 1,681.0	$ 3,135.0
Americas [Member]
Revenues from External Customers [Line Items]
Net revenues	597.8	972.6	792.5	1,783.0
Europe Member]
Revenues from External Customers [Line Items]
Net revenues	358.8	478.0	479.7	837.5
Asia [Member]
Revenues from External Customers [Line Items]
Net revenues	236.9	255.6	408.8	514.5
U.S. [Member]
Revenues from External Customers [Line Items]
Net revenues	$ 567.7	$ 911.1	$ 753.8	$ 1,671.0

- Definition

+ References

+ Details

Segment Information (Details Textual)	6 Months Ended
Segment Information (Details Textual)	Sep. 26, 2020 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Additional Financial Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Mar. 28, 2020	Mar. 30, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and Cash Equivalents	$ 2,012.0		$ 2,012.0		$ 1,620.4
Restricted cash, current	1.5		1.5		1.4
Restricted cash, noncurrent	8.3		8.3		8.0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	2,021.8	$ 563.3	2,021.8	$ 563.3	$ 1,629.8	$ 626.5
Cash Interest and Taxes
Cash paid for interest	7.8	5.4	11.1	7.8
Cash paid for income taxes	$ 46.8	$ 59.8	27.9	82.1
Additional Financial Information (Textual) [Abstract]
Right-of-use asset obtained in exchange for operating lease liability			26.6	263.6
Right-of-use asset obtained in exchange for finance lease liability			0.9	64.0
Capital expenditures incurred but not yet paid			$ 27.4	$ 55.3
Conversion of Stock, Shares Converted		0.5		1.0