0001037038-22-000014 | 10-K | XBRL Viewer

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 02, 2022	May 18, 2022	Sep. 24, 2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Apr. 02, 2022
Document Transition Report	false
Entity File Number	001-13057
Entity Registrant Name	RALPH LAUREN CORPORATION
Entity Central Index Key	0001037038
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2622036
Entity Address, Address Line One	650 Madison Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	318-7000
Title of 12(b) Security	Class A Common Stock, $.01 par value
Trading Symbol	RL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 5,624
Current Fiscal Year End Date	--04-02
Common stock, Class A
Entity Common Stock, Shares Outstanding		45,194,105
Common stock, Class B
Entity Common Stock, Shares Outstanding		24,881,276

Audit Information	12 Months Ended
Audit Information	Apr. 02, 2022
Auditor [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York
Auditor Firm ID	42

Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Current assets:
Cash and cash equivalents	$ 1,863.8	$ 2,579.0
Short-term investments	734.6	197.5
Accounts receivable, net of allowances of $214.7 million and $213.8 million	405.4	451.5
Inventories	977.3	759.0
Income tax receivable	63.7	54.4
Prepaid expenses and other current assets	172.5	166.6
Total current assets	4,217.3	4,208.0
Property and equipment, net	969.5	1,014.0
Operating lease right-of-use assets	1,111.3	1,239.5
Deferred tax assets	303.8	283.9
Goodwill	908.7	934.6
Intangible assets, net	102.9	121.1
Other non-current assets	111.2	86.4
Total assets	7,724.7	7,887.5
Current liabilities:
Current portion of long-term debt	499.8	0.0
Accounts payable	448.7	355.9
Income tax payable	53.8	50.6
Current operating lease liabilities	262.0	302.9
Accrued expenses and other current liabilities	991.4	875.4
Total current liabilities	2,255.7	1,584.8
Long-term debt	1,136.5	1,632.9
Long-term finance lease liabilities	341.6	370.5
Long-term operating lease liabilities	1,132.2	1,294.5
Non-current Income tax payable	98.9	118.7
Non-current liability for unrecognized tax benefits	91.9	91.4
Other non-current liabilities	131.9	190.3
Commitments and contingencies (Note 15)
Total liabilities	5,188.7	5,283.1
Equity:
Additional paid-in-capital	2,748.8	2,667.1
Retained earnings	6,274.9	5,872.9
Treasury stock, Class A, at cost; 61.9 million and 57.8 million shares	(6,308.7)	(5,816.1)
Accumulated other comprehensive loss	(180.3)	(120.8)
Total equity	2,536.0	2,604.4
Total liabilities and equity	7,724.7	7,887.5
Class A common stock, par value $.01 per share; 106.9 million and 106.1 million shares issued; 45.0 million and 48.3 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 (Parenthetical) - USD ($) shares in Millions, $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Allowances on accounts receivable	$ 214.7	$ 213.8
Common stock, Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	106.9	106.1
Common stock, shares outstanding	45.0	48.3
Treasury stock, shares	61.9	57.8
Common stock, Class B
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 - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Income Statement [Abstract]
Net revenues	$ 6,218.5	$ 4,400.8	$ 6,159.8
Cost of goods sold	(2,071.0)	(1,539.4)	(2,506.5)
Gross profit	4,147.5	2,861.4	3,653.3
Other costs and expenses:
Selling, general and administrative expenses	(3,305.6)	(2,638.5)	(3,237.5)
Impairment of assets	(21.3)	(96.0)	(31.6)
Restructuring and other charges, net	(22.2)	(170.5)	(67.2)
Total other operating expenses, net	(3,349.1)	(2,905.0)	(3,336.3)
Operating income (loss)	798.4	(43.6)	317.0
Interest expense	(54.0)	(48.5)	(17.6)
Interest income	5.5	9.7	34.4
Other income (expense), net	4.7	7.6	(7.4)
Income (loss) before income taxes	754.6	(74.8)	326.4
Income tax benefit (provision)	(154.5)	(46.3)	57.9
Net income (loss)	$ 600.1	$ (121.1)	$ 384.3
Net income (loss) per common share:
Basic	$ 8.22	$ (1.65)	$ 5.07
Diluted	$ 8.07	$ (1.65)	$ 4.98
Weighted-average common shares outstanding:
Basic	73.0	73.5	75.8
Diluted	74.3	73.5	77.2
Dividends declared per share	$ 2.75	$ 0	$ 2.75

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 600.1	$ (121.1)	$ 384.3
Other comprehensive income (loss), net of tax:
Foreign currency translation gains (losses)	(66.5)	7.2	(11.9)
Net gains (losses) on Cash Flow Hedges	4.4	(13.4)	(2.2)
Net gains (losses) on defined benefit plans	2.6	3.6	(0.7)
Other comprehensive loss, net of tax	(59.5)	(2.6)	(14.8)
Total comprehensive income (loss)	$ 540.6	$ (123.7)	$ 369.5

- Definition

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

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- Definition

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

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Cash flows from operating activities:
Net income (loss)	$ 600.1	$ (121.1)	$ 384.3
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	229.7	247.6	269.5
Deferred income tax expense (benefit)	(46.1)	35.6	(168.8)
Non-cash stock-based compensation expense	81.7	72.7	100.6
Non-cash impairment of assets	21.3	96.0	38.7
Bad debt expense (reversal)	(2.2)	(27.6)	58.7
Other non-cash charges (benefits)	1.0	1.8	(2.3)
Changes in operating assets and liabilities:
Accounts receivable	32.4	(143.0)	57.6
Inventories	(269.3)	3.7	72.3
Prepaid expenses and other current assets	(28.3)	5.2	58.2
Accounts payable and accrued liabilities	194.6	293.6	(64.3)
Income tax receivables and payables	(62.3)	(37.8)	(42.5)
Operating lease ROU asset and liabilities, net	(61.6)	(30.2)	(37.5)
Other balance sheet changes	24.9	(15.6)	30.1
Net cash provided by operating activities	715.9	380.9	754.6
Cash flows from investing activities:
Capital expenditures	(166.9)	(107.8)	(270.3)
Purchases of investments	(1,510.6)	(704.6)	(1,289.7)
Proceeds from sales and maturities of investments	964.6	1,007.2	2,240.4
Proceeds from sale of property	0.0	0.0	20.8
Settlement of net investment hedges	0.0	3.7	0.0
Other investing activities	(5.0)	(3.5)	0.9
Net cash provided by (used in) investing activities	(717.9)	195.0	702.1
Cash flows from financing activities:
Proceeds from credit facility borrowings	0.0	0.0	475.0
Repayments of credit facility borrowings	0.0	(475.0)	0.0
Proceeds from the issuance of long-term debt	0.0	1,241.9	0.0
Repayments of long-term debt	0.0	(300.0)	0.0
Payments of finance lease obligations	(23.1)	(13.9)	(13.6)
Payments of dividends	(150.0)	(49.8)	(203.9)
Repurchases of common stock, including shares surrendered for tax withholdings	(492.6)	(37.7)	(694.8)
Other financing activities	0.0	(8.7)	(0.9)
Net cash provided by (used in) financing activities	(665.7)	356.8	(438.2)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(48.3)	25.5	(15.2)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(716.0)	958.2	1,003.3
Cash, cash equivalents, and restricted cash at beginning of period	2,588.0	1,629.8	626.5
Cash, cash equivalents, and restricted cash at end of period	$ 1,872.0	$ 2,588.0	$ 1,629.8

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

Total

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Treasury Stock [Member]

AOCI [Member]

Beginning balance at Mar. 30, 2019

$ 3,287.2

$ 1.3

^[1]

$ 2,493.8

$ 5,979.1

$ (5,083.6)

$ (103.4)

^[2]

Beginning balance, shares at Mar. 30, 2019

128.8

^[1]

50.7

Comprehensive Income (Loss)

Net income (loss)

384.3

Other comprehensive loss

(14.8)

Total comprehensive income (loss)

369.5

Dividends declared

(204.9)

Repurchases of common stock

(694.8)

$ (694.8)

Repurchases of common stock, shares

6.6

Stock-based compensation

100.6

Shares issued pursuant to stock-based compensation plans

0.0

$ 0.0

0.0

Shares issued pursuant to stock-based compensation plans, shares

1.0

Cumulative adjustment from adoption of new accounting standards

(164.5)

Ending balance at Mar. 28, 2020

2,693.1

$ 1.3

^[1]

2,594.4

5,994.0

$ (5,778.4)

(118.2)

^[2]

Ending balance, shares at Mar. 28, 2020

129.8

^[1]

57.3

Comprehensive Income (Loss)

Net income (loss)

(121.1)

Other comprehensive loss

(2.6)

Total comprehensive income (loss)

(123.7)

Dividends declared

0.0

Repurchases of common stock

(37.7)

$ (37.7)

Repurchases of common stock, shares

0.5

Stock-based compensation

72.7

Shares issued pursuant to stock-based compensation plans

0.0

$ 0.0

0.0

Shares issued pursuant to stock-based compensation plans, shares

1.2

Ending balance at Mar. 27, 2021

2,604.4

$ 1.3

^[1]

2,667.1

5,872.9

$ (5,816.1)

(120.8)

^[2]

Ending balance, shares at Mar. 27, 2021

131.0

^[1]

57.8

Comprehensive Income (Loss)

Net income (loss)

600.1

Other comprehensive loss

(59.5)

Total comprehensive income (loss)

540.6

Dividends declared

(198.1)

Repurchases of common stock

(492.6)

$ (492.6)

Repurchases of common stock, shares

4.1

Stock-based compensation

81.7

Shares issued pursuant to stock-based compensation plans

0.0

$ 0.0

0.0

Shares issued pursuant to stock-based compensation plans, shares

0.8

Ending balance at Apr. 02, 2022

$ 2,536.0

$ 1.3

^[1]

$ 2,748.8

$ 6,274.9

$ (6,308.7)

$ (180.3)

^[2]

Ending balance, shares at Apr. 02, 2022

131.8

^[1]

61.9

[1]	Includes Class A and Class B common stock. In Fiscal 2020, 1.0 million shares of Class B common stock were converted into an equal number of shares of Class A common stock pursuant to the terms of the Class B common stock (see Note 16).
[2]	Accumulated other comprehensive income (loss).

Consolidated Statements of Equity (Parenthetical) shares in Millions	12 Months Ended
	Mar. 28, 2020 shares
Statement of Stockholders' Equity [Abstract]
Conversion of Stock, Shares Converted	1.0

Description of Business	12 Months Ended
Description of Business	Apr. 02, 2022
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 a wide range of products, brands, distribution 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, and Chaps, among others. RLC and its subsidiaries are collectively referred to herein as the "Company," "we," "us," "our," and "ourselves," unless the context indicates otherwise. The Company diversifies its business by geography (North America, Europe, and Asia, among other regions) and channel of distribution (retail, wholesale, and licensing). This allows the Company to maintain a dynamic balance as its operating results do not depend solely on the performance of any single geographic area or channel of distribution. The Company sells directly to consumers through its integrated retail channel, which includes its retail stores, concession-based shop-within-shops, and digital commerce operations around the world. The Company's wholesale sales are made principally to major department stores, specialty stores, and third-party digital partners around the world, as well as to certain third-party-owned stores to which the Company has licensed the right to operate in defined geographic territories using its trademarks. In addition, the Company licenses to third parties for specified periods the right to access its various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel, eyewear, fragrances, and home furnishings. The Company organizes its business into the following three reportable segments: North America, Europe, and Asia. In addition to these reportable segments, the Company also has other non-reportable segments. See Note 20 for further discussion of the Company's segment reporting structure.

Basis of Presentation	12 Months Ended
Basis of Presentation	Apr. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Consolidation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") and present the consolidated financial position, income (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. Additionally, as discussed in Note 9, the Company completed the sale of its Club Monaco business at the end of its first quarter of Fiscal 2022 (as defined below) on June 26, 2021. As a result, assets and liabilities related to the Club Monaco business were deconsolidated from the consolidated statement of financial position effective June 26, 2021, with Club Monaco's operating results included in the consolidated statements of income (loss), comprehensive income (loss), and cash flows through the end of the first quarter of Fiscal 2022. Prior year financial statements were not affected. Fiscal Year The Company utilizes a 52-53 week fiscal year ending on the Saturday immediately before or after March 31. As such, fiscal year 2022 ended on April 2, 2022 and was a 53-week period ("Fiscal 2022"); fiscal year 2021 ended on March 27, 2021 and was a 52-week period ("Fiscal 2021"); fiscal year 2020 ended on March 28, 2020 and was a 52-week period ("Fiscal 2020"); and fiscal year 2023 will end on April 1, 2023 and will be a 52-week period ("Fiscal 2023"). 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; and reserves for restructuring activity, among others. Reclassifications Certain reclassifications have been made to the prior periods' financial information in order to conform to the current period's presentation. COVID-19 Pandemic Beginning in the fourth quarter of the Company's Fiscal 2020, a novel strain of coronavirus commonly referred to as COVID-19 emerged and spread rapidly across the globe, including throughout all major geographies in which the Company operates, resulting in adverse economic conditions and business disruptions, as well as significant volatility in global financial markets. Since then, governments worldwide have periodically 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, companies across a wide array of industries have implemented various initiatives to reduce operating expenses and preserve cash balances during the pandemic, including work furloughs, reduced pay, and severance actions, which could lower consumers' disposable income levels or willingness to purchase discretionary items. Such government restrictions, company initiatives, and other macroeconomic impacts resulting from the pandemic could continue to adversely affect consumer behavior, spending levels, and/or shopping preferences, such as willingness to congregate in indoor shopping centers or other populated locations. As a result of 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 at the peak of the pandemic, the majority of the Company's stores in key markets were closed for an average of 8 to 10 weeks due to government-mandated lockdowns and other restrictions, resulting in significant adverse impacts to its operating results. Resurgences and outbreaks in certain parts of the world resulted in further business disruptions periodically throughout Fiscal 2021, most notably in Europe where a significant number of the Company's stores were closed for approximately two to three months during the second half of Fiscal 2021, including during the holiday period, due to government-mandated lockdowns and other restrictions. Such disruptions continued throughout Fiscal 2022 in certain regions, although to a lesser extent than the comparable prior year fiscal period. Further, throughout the course of the pandemic, the majority of the Company's stores that were able to remain open have periodically been subject to limited operating hours and/or customer capacity levels in accordance with local health guidelines, with traffic remaining challenged. However, the Company's digital commerce operations have grown significantly from pre-pandemic levels, due in part to our investments and enhanced capabilities, as well as changes in consumer shopping preferences. The Company's wholesale and licensing businesses have experienced similar impacts, particularly in North America and Europe. The COVID-19 pandemic also continues to adversely impact the Company's distribution, logistic, and sourcing partners, including temporary factory closures, labor shortages, vessel, container and other transportation shortages, and port congestion. Such disruptions have reduced the availability of inventory, delayed timing of inventory receipts, and resulted in increased costs for the both the purchase and transportation of such inventory. Throughout the course of the pandemic, the Company's priority has been to ensure the safety and well-being of its employees, customers, and the communities in which it operates around the world. The Company continues to consider 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 also took various preemptive actions in the prior fiscal year to preserve cash and strengthen its liquidity position, as described in the Fiscal 2021 10-K. Such actions included, but were not limited to, issuing $1.250 billion of unsecured senior notes, temporarily suspending the Company's quarterly cash dividend and common stock repurchase programs, temporarily reducing the base compensation of its executives and senior management team, and temporarily furloughing or reducing work hours for a significant portion of its employees. Despite the introduction of COVID-19 vaccines and improvements in the global economy as a whole during Fiscal 2022, the pandemic remains volatile and continues to evolve, including the emergence of variants of the virus, such as the Delta and Omicron variants, which has and could continue to adversely affect consumer sentiment and confidence. Accordingly, the Company cannot predict for how long and to what extent the pandemic will continue to impact its business operations or the overall global economy. The Company will continue to assess its operations location-by-location, considering the guidance of local governments and global health organizations.

Summary of Significant Accounting Policies

12 Months Ended

Apr. 02, 2022

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 own retail stores and shop-within-shop locations, 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 purchased by customers are recorded as a liability until they are redeemed for products sold by the Company's retail business, 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 own 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 April 2, 2022, contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows:


	Contractually-Guaranteed Minimum Royalties(a)
	(millions)
Fiscal 2023	$	105.6
Fiscal 2024	76.3
Fiscal 2025	42.7
Fiscal 2026	23.6
Fiscal 2027	19.2
Fiscal 2028 and thereafter	9.2
Total	$	276.6

(a)Amounts presented do not contemplate potential contract renewals or royalties earned in excess of the contractually-guaranteed minimums.

Disaggregated Net Revenues

The following tables disaggregate the Company's net revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors for the fiscal periods presented:


	Fiscal Year Ended
	April 2, 2022
	North America		Europe		Asia		Other		Total
	(millions)
Sales Channel(a):
Retail	$	1,878.6	$	828.3	$	1,207.4	$	27.2	$	3,941.5
Wholesale	1,089.6		952.4		79.4		5.9		2,127.3
Licensing	—		—		—		149.7		149.7
Total	$	2,968.2	$	1,780.7	$	1,286.8	$	182.8	$	6,218.5


	Fiscal Year Ended
	March 27, 2021
	North America		Europe		Asia		Other		Total
	(millions)
Sales Channel(a):
Retail	$	1,214.1	$	517.1	$	968.4	$	80.2	$	2,779.8
Wholesale	778.3		648.8		59.1		12.4		1,498.6
Licensing	—		—		—		122.4		122.4
Total	$	1,992.4	$	1,165.9	$	1,027.5	$	215.0	$	4,400.8


	Fiscal Year Ended
	March 28, 2020
	North America		Europe		Asia		Other		Total
	(millions)
Sales Channel(a):
Retail	$	1,727.3	$	874.6	$	948.0	$	191.0	$	3,740.9
Wholesale	1,413.2		757.6		69.2		10.8		2,250.8
Licensing	—		—		—		168.1		168.1
Total	$	3,140.5	$	1,632.2	$	1,017.2	$	369.9	$	6,159.8

(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 generally consists of unredeemed gift cards (net of breakage) and advance royalty payments from licensees. The Company's deferred income balances were $16.6 million and $12.1 million as of April 2, 2022 and March 27, 2021, respectively, and were primarily recorded within accrued expenses and other current liabilities within the consolidated balance sheets. The majority of the deferred income balance as of April 2, 2022 is expected to be recognized as revenue within the next twelve months.

Cost of Goods Sold and Selling Expenses

Cost of goods sold includes the amounts incurred to acquire and produce inventory for sale to the Company's customers, including product costs, freight-in, and import costs, as well as changes in reserves for shrinkage and inventory realizability. Gains and losses associated with forward foreign currency exchange contracts that are designated and qualifying as cash flow hedges of inventory transactions are also recognized within cost of goods sold when the hedged inventory is sold. The costs of selling merchandise, including those associated with preparing merchandise for sale, such as picking, packing, warehousing, and order charges ("handling costs"), are included in selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations.

Shipping and Handling Costs

Costs associated with shipping goods to customers are accounted for as fulfillment activities and reflected as SG&A expenses in the consolidated statements of operations. Shipping and handling costs (described above) billed to customers are included in revenue. A summary of shipping and handling costs recognized during the fiscal periods presented is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Shipping costs	$	73.0	$	54.8	$	46.7
Handling costs	151.8		138.3		154.0

Advertising and Marketing Costs

Advertising costs, including the costs to produce advertising, are expensed when the advertisement is first exhibited. Advertising costs paid to wholesale customers under cooperative advertising programs are not included in advertising costs, but rather are reflected as a reduction of revenue since generally the benefits are not sufficiently separable from the purchases of the Company's products by customers. Costs associated with the marketing and promotion of the Company's products are included within SG&A expenses.

Advertising and marketing expenses were $456.3 million, $265.0 million, and $278.0 million in Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively. Deferred advertising, marketing, and promotional costs, which principally relate to advertisements that have not yet been exhibited or payments made for services that have not yet been received, were $7.9 million and $9.5 million at the end of Fiscal 2022 and Fiscal 2021, respectively, and were recorded within prepaid expenses and other current assets in the consolidated balance sheets.

Foreign Currency Translation and Transactions

The financial position and operating results of the Company's foreign operations are accounted for in their respective functional currencies, which are generally consistent with the local currency. For purposes of consolidation, local currency assets and liabilities are translated to U.S. Dollars at the spot rates of exchange prevailing on the balance sheet date, and local currency revenues and expenses are translated to U.S. Dollars at average rates of exchange in effect during the period. The

resulting translation gains or losses are included in the consolidated statements of comprehensive income (loss) as a component of other comprehensive income (loss) ("OCI") and in the consolidated statements of equity within accumulated other comprehensive income (loss) ("AOCI"). Gains and losses on the translation of intercompany loans made to foreign subsidiaries that are of a long-term investment nature are also included within this component of equity.

The Company also recognizes gains and losses on both third-party and intercompany balances that are denominated in a currency other than the respective entity's functional currency. Such foreign currency transactional gains and losses are recognized within other income (expense), net in the consolidated statements of operations, inclusive of the effects of any related hedging activities, and reflected net gains of $2.8 million and $8.7 million in Fiscal 2022 and Fiscal 2021, respectively, and a net loss of $1.1 million in Fiscal 2020.

Comprehensive Income (Loss)

Comprehensive income (loss), which is reported in the consolidated statements of comprehensive income (loss) and consolidated statements of equity, consists of net income (loss) and certain other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income (loss) and referred to as OCI. Components of OCI consist of foreign currency translation gains (losses); net realized and unrealized gains (losses) on cash flow hedges, such as forward foreign currency exchange contracts; net realized and unrealized gains (losses) on available-for-sale investments; and net realized and unrealized gains (losses) related to the Company's defined benefit plans.

Net Income (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 for 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:


	Fiscal Years Ended
	April 2, 2022	March 27, 2021		March 28, 2020
	(millions)
Basic shares	73.0	73.5		75.8
Dilutive effect of RSUs and stock options	1.3	—	(a)	1.4
Diluted shares	74.3	73.5		77.2

(a)Incremental shares of 1.2 million attributable to outstanding RSUs were excluded from the computation of diluted shares for Fiscal 2021 as such shares would not be dilutive given the net loss incurred during that fiscal year.

All earnings per share amounts have been calculated using unrounded numbers. The Company has outstanding performance-based RSUs, which are included in the computation of diluted shares only to the extent that the underlying performance 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 such 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 the end of Fiscal 2022, Fiscal 2021, and Fiscal 2020, there were 0.1 million, 0.4 million, and 0.8 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.

Stock-Based Compensation

The Company recognizes expense for all stock-based compensation awards granted to employees and non-employee directors based on the grant date fair value of the awards over the requisite service period, adjusted for forfeitures which are estimated based on an analysis of historical experience and expected future trends. The grant date fair values of service-based RSUs and performance-based RSUs are determined based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. The grant date fair value of the Company's market-based RSU awards, for which vesting is dependent upon total shareholder return ("TSR") of its Class A common stock over a three-year performance period relative to that of a pre-established peer group, is estimated using a Monte Carlo simulation model. The Company uses the Black-Scholes valuation model to estimate the grant date fair value of any stock option awards.

Compensation expense for all performance-based RSUs is recognized over the requisite service period when attainment of the performance goal is deemed probable, net of estimated forfeitures. Compensation expense for market-based RSUs, net of estimated forfeitures, is recognized over the requisite service period regardless of whether, and the extent to which, the market condition is ultimately satisfied. The Company recognizes compensation expense on an accelerated basis for all awards with graded vesting terms, including certain RSUs, restricted stock, and stock options. For RSU awards with cliff vesting terms, compensation expense is recognized on a straight-line basis. For certain RSU awards granted to retirement-eligible employees, or employees who will become retirement-eligible prior to the end of the awards' respective stated vesting periods, the related compensation expense is recognized on an accelerated basis over a term commensurate with the period that the employee is required to provide service in order to vest in the award. See Note 18 for further discussion of the Company's stock-based compensation plans.

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with original maturities of 90 days or less, including investments in time deposits and debt securities. Investments in debt securities are diversified across high-credit quality issuers in accordance with the Company's risk-management policies.

Restricted Cash

The Company is periodically required to place cash in escrow with various banks as collateral, primarily to secure guarantees of corresponding amounts made by the banks to international tax authorities on behalf of the Company, such as to secure refunds of value-added tax payments in certain international tax jurisdictions or in the case of certain international tax audits, as well as to secure guarantees related to certain real estate leases. Such cash is classified as restricted cash and reported as a component of either prepaid expenses and other current assets or other non-current assets in the consolidated balance sheets.

Investments

The Company's investment objectives include capital preservation, maintaining adequate liquidity, diversification to minimize liquidity and credit risk, and achievement of maximum returns within the guidelines set forth in the Company's investment policy.

Short-term investments consist of investments which the Company expects to convert into cash within one year, including any time deposits and debt securities with original maturities greater than 90 days. See Note 13 for further information relating to the composition of the Company's short-term investments.

The Company classifies such investments as available-for-sale. Accordingly, they are recorded at fair value with any related unrealized gains or losses generally recognized as a component of AOCI in the consolidated balance sheets, and related realized gains or losses (or unrealized credit-related impairment losses, if any) recorded within other income (expense), net, in the consolidated statements of operations. Cash inflows and outflows related to the sale and purchase of investments are classified as investing activities in the consolidated statements of cash flows.

Equity-method and Other Investments

Ownership interests that provide the Company with significant influence, but less than a controlling interest, over an investee are generally accounted for using the equity method of accounting. Significant influence is generally presumed to exist when the Company owns between 20% and 50% of the investee's common stock. Ownership interests that do not provide significant influence and for which the underlying equity security's fair value is not readily determinable are generally recorded at cost less impairment, if any, adjusted for observable price changes in orderly transactions for identical or similar investments of the same investee, with such adjustments recognized within other income (expense), net, in the consolidated statements of operations.

Under the equity method of accounting, the following amounts are generally recorded in the Company's consolidated financial statements: the Company's original investment, as subsequently adjusted for its share of the investee's earnings (losses) and reduced by any dividends received and other-than-temporary impairments recorded, is included in the consolidated balance sheets; the Company's share of the investee's periodic earnings (losses) is included in the consolidated statements of operations; and dividends and other cash distributions received from the investee and additional cash investments made in or other cash paid to the investee are included in the consolidated statements of cash flows. The Company's share of equity-method investee earnings and losses is recognized within other income (expense), net, in the consolidated statements of operations and was not material in any of the fiscal years presented.

These investments are recorded within other non-current assets in the consolidated balance sheets.

Impairment Assessment

The Company evaluates the need to recognize impairment charges for its investments that are in unrealized loss positions, if any, and its other equity investments on a quarterly basis (see Note 12). Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers or investees. Factors considered by the Company include (i) the financial condition, creditworthiness, and near-term prospects of the issuer or investee; (ii) future economic conditions and market forecasts; (iii) the length of time to maturity, if applicable, and an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value; and (iv) whether events or changes in circumstances indicate that the investment's carrying amount might not be recoverable.

During Fiscal 2020, the Company recorded a $7.1 million impairment charge within other income (expense), net in the consolidated statements of operations related to an equity method investment (see Note 8).

Accounts Receivable

In the normal course of business, the Company extends credit to wholesale customers that satisfy certain defined credit criteria. Payment is generally due within 30 to 120 days and does not involve a significant financing component. Accounts receivable are recorded at amortized cost, which approximates fair value, and are presented in the 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 as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Beginning reserve balance	$	173.7	$	204.7	$	176.5
Amount charged against revenue to increase reserve	407.7		280.1		580.1
Amount credited against customer accounts to decrease reserve	(392.9)		(317.4)		(550.3)
Foreign currency translation	(7.8)		6.3		(1.6)
Ending reserve balance	$	180.7	$	173.7	$	204.7

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, such as those resulting from COVID-19 business disruptions which have included 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 as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Beginning reserve balance	$	40.1	$	71.5	$	15.7
Amount recorded to expense to increase (decrease) reserve(a)	(2.2)		(27.6)		58.7
Amount written-off against customer accounts to decrease reserve	(2.8)		(6.1)		(2.6)
Foreign currency translation	(1.1)		2.3		(0.3)
Ending reserve balance	$	34.0	$	40.1	$	71.5

(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 2022, the Company's sales to its three largest wholesale customers accounted for approximately 16% 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 April 2, 2022, these three key wholesale customers accounted for approximately 31% 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 to be sold through wholesale distribution channels to major department stores, specialty stores, and third-party digital partners. Substantially all of the Company's inventories consist of finished goods, which are stated at the lower of cost or estimated realizable value, with cost determined on a weighted-average cost basis.

The estimated realizable value of inventory is determined based on an analysis of historical sales trends of the Company's individual product lines, the impact of market trends and economic conditions (such as those resulting from pandemic diseases and other catastrophic events), and a forecast of future demand, giving consideration to the value of current in-house orders for future sales of inventory, as well as plans to sell inventory through the Company's factory stores, among other liquidation channels. Actual results may differ from estimates due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and actual economic and market conditions. In addition, reserves for inventory shrinkage, representing the risk of physical loss of inventory, are estimated based on historical experience and are adjusted based upon physical inventory counts. The Company's historical estimates of the realizable value of its inventory and its reserves for inventory shrinkage have not differed materially from actual results. However, unforeseen adverse future economic and market conditions could result in the Company's actual results differing materially from its estimates.

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 7). Capitalized implementation costs expensed were $9.2 million, $8.4 million, and $4.3 million during Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively, and were recorded in SG&A expenses in the consolidated statements of operations.

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis, based upon the estimated useful lives of depreciable assets, which range from three to seven years for furniture and fixtures, machinery and equipment, and capitalized software; and from ten to forty years for buildings and improvements. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the respective assets or the term of the related lease.

Property and equipment, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable (see Note 12). In evaluating long-lived assets for recoverability, including finite-lived intangibles as described below, the Company uses its best estimate of future cash flows expected to result from its use of the asset and its eventual disposition, where applicable. If such estimated future undiscounted net cash flows attributable to the asset are less than its carrying value, an impairment loss is recognized to the extent that such asset's carrying value exceeds its fair value, as estimated considering external market participant assumptions and discounted cash flows. Assets to be disposed of and for which there is a committed plan of disposal (commonly referred to as assets held-for-sale) are reported at the lower of carrying value or fair value, less costs to sell.

Leases

The Company's lease arrangements primarily relate to real estate, including its retail stores, concession-based shop-within-shops, corporate offices, and warehouse facilities and, to a lesser extent, certain equipment and other assets. The Company's leases generally have initial terms ranging from three to fifteen years and may include renewal or early-termination options, rent escalation clauses, and/or lease incentives in the form of construction allowances and rent abatements. The Company is typically required to make fixed minimum rent payments, variable rent payments based on performance (e.g., percentage-of-sales-based payments), or a combination thereof, relating to its right to use an underlying leased asset. The Company is also often required to pay for certain other costs that do not relate specifically to its right to use an underlying leased asset, but that are associated with the asset, including real estate taxes, insurance, common area maintenance fees, and/or certain other costs (referred to collectively herein as "non-lease components"), which may be fixed or variable in amount, depending on the terms of the respective lease agreement. The Company's leases do not contain significantly restrictive covenants or residual value guarantees.

The Company determines whether an arrangement contains a lease at the arrangement's inception. If a lease is determined to exist, its related term is assessed at the lease commencement date, once the underlying asset is made available by the lessor for the Company's use. The Company's assessment of the lease term reflects the non-cancellable period of the lease, inclusive of any rent-free periods, plus any periods covered by early-termination options for which the Company is not considered reasonably certain of exercising, as well as periods covered by renewal options for which it is considered reasonably certain of exercising. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation thereof in the consolidated statements of operations over the lease term.

For leases with a lease term exceeding 12 months, a liability is recorded on the consolidated balance sheet at the lease commencement date reflecting the present value of its related fixed payment obligations over such term. A corresponding right-of-use ("ROU") asset equal to the initial lease liability is also recorded, increased by any prepaid rent and/or initial direct costs incurred in connection with execution of the lease, and reduced by any incentives provided by the lessor. The Company also includes fixed payment obligations related to non-lease components in the measurement of its ROU assets and lease liabilities,

given its election to account for lease and non-lease components together as a single lease component. Variable lease payments are not included in the measurement of ROU assets and lease liabilities. ROU assets associated with finance leases are presented separately from those associated with operating leases, and are included within property and equipment, net on the consolidated balance sheet. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, given that rates implicit in its leasing arrangements are not readily determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis an amount equal to the lease payments and incorporates the term and economic environment of the lease.

For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the remaining lease liability, which is ultimately reduced by the related fixed payments as they are made. For leases with a lease term of 12 months or less (referred to as a "short-term lease"), any fixed lease payments are recognized on a straight-line basis over such term and are not recognized on the consolidated balance sheet. For all leases, variable lease cost, if any, is recognized as incurred.

ROU assets, along with any related long-lived assets, are periodically evaluated for impairment whenever events or circumstances indicate that their carrying values may not be fully recoverable (see Note 12). To the extent that such assets are ultimately determined to be impaired, they are written down accordingly on a relative carrying amount basis, with the ROU asset written down to an amount no lower than its estimated fair value. Subsequent to the recognition of any such impairment, total remaining lease cost is recognized on a front-loaded basis over the remaining lease term.

See Note 14 for further discussion of the Company's leases.

Goodwill and Other Intangible Assets

At acquisition, the Company estimates and records the fair value of purchased intangible assets, which typically consist of reacquired license agreements, customer relationships, non-compete agreements, and/or order backlog. The fair values of these intangible assets are estimated based on management's assessment, considering independent third-party appraisals when necessary. The excess of the purchase consideration over the fair value of net assets acquired, both tangible and intangible, is recorded as goodwill. Goodwill and certain other intangible assets deemed to have indefinite useful lives are not amortized. Rather, goodwill and such indefinite-lived intangible assets are assessed for impairment at least annually. The Company generally performs its annual goodwill and indefinite-lived intangible assets impairment analyses using a qualitative approach to determine whether it is more likely than not that the fair values of such assets are less than their respective carrying values. If, based on the results of the qualitative assessment, it is concluded that it is not more likely than not that the fair value of the asset exceeds its carrying value, a quantitative test is performed. Under the quantitative test, if the carrying value of the asset exceeds its fair value, an impairment loss is recognized in the amount of the excess. The Company also periodically performs a quantitative test to assess its goodwill for impairment in lieu of using the qualitative approach in order to reassess the fair values of its reporting units.

Finite-lived intangible assets are amortized over their respective estimated useful lives and, along with other long-lived assets as noted above, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. See discussion of the Company's accounting policy for long-lived asset impairment as previously described under the caption "Property and Equipment, Net."

Income Taxes

Income taxes are provided using the asset and liability method. Under this method, income taxes (i.e., deferred tax assets and liabilities, current taxes payable/refunds receivable, and tax expense) are recorded based on amounts refundable or payable in the current year and include the results of any difference between U.S. GAAP and tax reporting. Deferred income taxes reflect the tax effect of certain net operating losses, capital losses, general business credit carryforwards, and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes, as determined under enacted tax laws and rates. The Company accounts for the financial effect of changes in tax laws or rates in the period of enactment.

In addition, valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. Tax valuation allowances are analyzed periodically and adjusted as events occur or circumstances change that warrant adjustments.

In determining the income tax benefit (provision) for financial reporting purposes, the Company establishes a reserve for uncertain tax positions. If the Company considers that a tax position is more likely than not of being sustained upon audit, based solely on the technical merits of the position, it recognizes the tax benefit. The Company measures the tax benefit by determining the largest amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position is examined by the appropriate taxing authority that has full knowledge of all relevant information. These assessments can be complex and the Company often obtains assistance from external advisors. To the extent that the Company's estimates change or the final tax outcome of these matters is different than the amounts recorded, such differences will impact the income tax benefit (provision) in the period in which such determinations are made. If the initial assessment fails to result in the recognition of a tax benefit, the Company regularly monitors its position and subsequently recognizes the tax benefit if (i) there are changes in tax law or analogous case law that sufficiently raise the likelihood of prevailing on the technical merits of the position to more likely than not; (ii) the statute of limitations expires; or (iii) there is a completion of an audit resulting in a settlement of that tax year with the appropriate agency. Uncertain tax positions are classified as current only when the Company expects to pay cash within the next twelve months. Interest and penalties are recorded within the income tax benefit (provision) in the consolidated statements of operations and are classified on the consolidated balance sheets together with the related liability for unrecognized tax benefits.

The Company accounts for the minimum tax on global intangible low-taxed income ("GILTI") in the period in which it is incurred.

See Note 10 for further discussion of the Company's income taxes.

Derivative Financial Instruments

The Company records derivative financial instruments on its consolidated balance sheets at fair value. Changes in the fair value of derivative instruments that are designated and qualify for hedge accounting are either (i) offset through earnings against the changes in fair value of the related hedged assets, liabilities, or firm commitments or (ii) recognized in equity as a component of AOCI until the hedged item is recognized in earnings, depending on whether the instrument is hedging against changes in fair value or cash flows and net investments, respectively.

Each derivative instrument that qualifies for hedge accounting is expected to be highly effective in offsetting the risk associated with the related exposure. For each instrument that is designated as a hedge, the Company documents the related risk management objective and strategy, including identification of the hedging instrument, the hedged item, and the risk exposure, as well as how hedge effectiveness will be assessed over the instrument's term. To assess hedge effectiveness at the inception of a hedging relationship, the Company generally uses regression analysis, a statistical method, to evaluate how changes in the fair value of the derivative instrument are expected to offset 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's policy is to only enter 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 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, 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.

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 values of such instruments are recognized in earnings each period within other income (expense), net.

See Note 13 for further discussion of the Company's derivative financial instruments.

Recently Issued Accounting Standards	12 Months Ended
Recently Issued Accounting Standards	Apr. 02, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Reference Rate Reform In March 2020 and January 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04") and ASU No. 2021-01, "Reference Rate Reform: Scope" ("ASU 2021-01"), respectively. Together, ASU 2020-04 and ASU 2021-01 provide temporary optional expedients and exceptions for the application of U.S. GAAP, if certain criteria are met, to contract modifications, hedging relationships, and other arrangements that are expected to be impacted by the global transition away from certain reference rates, such as the London Interbank Offered Rate ("LIBOR") and other interbank offered rates, towards new reference rates, such as the Secured Overnight Financing Rate ("SOFR"). The guidance in ASU 2020-04 and ASU 2021-01 was effective upon issuance and, once adopted, may be applied prospectively to contract modifications and hedging relationships through December 31, 2022. The Company is evaluating the impact that the guidance will have on its consolidated financial statements and related disclosures, if adopted, and currently does not expect that it would be material.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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-Paragraph 2
-Publisher FASB
-Subparagraph (c)

+ Details

Property and Equipment

12 Months Ended

Apr. 02, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consists of the following:


	April 2, 2022		March 27, 2021
	(millions)
Land and improvements	$	15.3	$	15.3
Buildings and improvements	480.4		492.8
Furniture and fixtures	589.6		608.9
Machinery and equipment	375.7		391.8
Capitalized software	532.1		555.2
Leasehold improvements	1,170.1		1,207.2
Construction in progress	55.4		34.5
	3,218.6		3,305.7
Less: accumulated depreciation	(2,249.1)		(2,291.7)
Property and equipment, net	$	969.5	$	1,014.0

Property and equipment, net includes finance lease ROU assets, which are reflected in the table above based on their nature.

Depreciation expense was $211.8 million, $227.4 million, and $246.6 million during Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively, and was recorded primarily within SG&A expenses in the consolidated statements of operations.

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

The following table details the changes in goodwill for each of the Company's segments during Fiscal 2022 and Fiscal 2021:


	North America		Europe		Asia		Other Non-reportable Segments		Total
	(millions)
Balance at March 28, 2020	$	421.8	$	285.1	$	76.6	$	132.0	$	915.5
Foreign currency translation	—		18.9		0.2		—		19.1
Balance at March 27, 2021	421.8		304.0		76.8		132.0		934.6
Foreign currency translation	—		(18.0)		(7.9)		—		(25.9)
Balance at April 2, 2022	$	421.8	$	286.0	$	68.9	$	132.0	$	908.7

Based on the results of the Company's goodwill impairment testing in Fiscal 2022, Fiscal 2021, and Fiscal 2020, no goodwill impairment charges were recorded. See Note 12 for further discussion of the Company's goodwill impairment testing.

Other Intangible Assets

Other intangible assets consist of the following:


	April 2, 2022						March 27, 2021
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Re-acquired licensed trademarks	$	228.6	$	(168.8)	$	59.8	$	231.7	$	(163.6)	$	68.1
Customer relationships	245.8		(212.3)		33.5		254.3		(211.0)		43.3
Other	10.1		(7.8)		2.3		10.1		(7.7)		2.4
Total intangible assets subject to amortization	484.5		(388.9)		95.6		496.1		(382.3)		113.8
Intangible assets not subject to amortization:
Trademarks and brands	7.3		N/A		7.3		7.3		N/A		7.3
Total intangible assets	$	491.8	$	(388.9)	$	102.9	$	503.4	$	(382.3)	$	121.1

Amortization Expense

Amortization expense was $17.9 million, $20.2 million, and $22.9 million during Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively, and is recorded within SG&A expenses in the consolidated statements of operations.

Based on the balance of the Company's finite-lived intangible assets subject to amortization as of April 2, 2022, the expected amortization expense for each of the next five fiscal years and thereafter is as follows:


	Amortization Expense
	(millions)
Fiscal 2023	$	14.0
Fiscal 2024	13.2
Fiscal 2025	12.9
Fiscal 2026	10.7
Fiscal 2027	10.0
Fiscal 2028 and thereafter	34.8
Total	$	95.6

The expected future amortization expense above reflects weighted-average estimated remaining useful lives of 8.0 years for re-acquired licensed trademarks, 7.5 years for customer relationships, and 7.9 years for the Company's finite-lived intangible assets in total.

Other Assets and Liabilities

12 Months Ended

Apr. 02, 2022

Balance Sheet Related Disclosures [Abstract]

Other Assets and Liabilities

Prepaid expenses and other current assets consist of the following:


	April 2, 2022		March 27, 2021
	(millions)
Non-trade receivables	$	41.4	$	28.9
Other taxes receivable	26.2		28.4
Prepaid software maintenance	16.4		12.9
Derivative financial instruments	8.7		5.6
Inventory return asset	8.3		8.3
Prepaid advertising and marketing	7.9		9.5
Prepaid logistic services	6.6		7.1
Tenant allowances receivable	6.1		8.7
Prepaid occupancy expense	6.0		6.7
Cloud computing arrangement implementation costs	4.0		8.2
Prepaid inventory	0.5		5.0

Other prepaid expenses and current assets	40.4		37.3
Total prepaid expenses and other current assets	$	172.5	$	166.6

Other non-current assets consist of the following:


	April 2, 2022		March 27, 2021
	(millions)
Security deposits	$	30.6	$	31.1
Derivative financial instruments	23.7		10.2
Equity method and other investments	12.0		6.3
Cloud computing arrangement implementation costs	9.7		5.3
Restricted cash	6.6		7.5
Deferred rent assets	5.2		3.4
Other non-current assets	23.4		22.6
Total other non-current assets	$	111.2	$	86.4

Accrued expenses and other current liabilities consist of the following:


	April 2, 2022		March 27, 2021
	(millions)
Accrued payroll and benefits	$	278.0	$	223.6
Accrued inventory	250.2		196.1
Accrued operating expenses	223.4		225.0
Other taxes payable	60.9		64.6
Accrued capital expenditures	49.6		21.3
Dividends payable	48.1		—
Restructuring reserve	30.8		99.8
Finance lease obligations	19.8		19.7
Deferred income	16.5		12.0

Other accrued expenses and current liabilities	14.1		13.3
Total accrued expenses and other current liabilities	$	991.4	$	875.4

Other non-current liabilities consist of the following:


	April 2, 2022		March 27, 2021
	(millions)
Deferred lease incentives and obligations	$	52.7	$	62.4
Derivative financial instruments	18.1		55.1
Deferred tax liabilities	12.5		10.7
Accrued benefits and deferred compensation	12.0		22.4

Other non-current liabilities	36.6		39.7
Total other non-current liabilities	$	131.9	$	190.3

Impairment of Assets	12 Months Ended
Impairment of Assets	Apr. 02, 2022
Asset Impairment Charges [Abstract]
Impairments of Assets	Impairment of Assets During Fiscal 2022, the Company recorded non-cash impairment charges of $21.3 million to write-down certain long-lived assets in connection with its restructuring plans (see Note 9). During Fiscal 2021, the Company recorded non-cash impairment charges of $96.0 million to write-down certain long-lived assets, of which $69.4 million related to its restructuring plans (see Note 9), $17.5 million related to underperforming stores identified through its ongoing store portfolio evaluation and adverse impacts associated with COVID-19 business disruptions, and $9.1 million related to certain previously exited real estate locations for which the related lease agreements had not yet expired. During Fiscal 2020, the Company recorded non-cash impairment charges of $31.6 million to write-down certain long-lived assets, of which $8.7 million related to its restructuring plans (see Note 9) and $22.9 million related to underperforming stores identified through its ongoing store portfolio evaluation and adverse impacts associated with COVID-19 business disruptions. These charges were recorded within impairment of assets in the consolidated statements of operations. In addition, the Company recorded a $7.1 million impairment charge within other income (expense), net in the consolidated statements of operations during Fiscal 2020 related to an equity method investment. See Note 12 for further discussion of these impairment charges recorded during the fiscal years presented.

Restructuring and Other Charges

12 Months Ended

Apr. 02, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

Restructuring and Other Charges, Net

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

Fiscal 2021 Strategic Realignment Plan

The Company has undertaken efforts to realign its resources to support future growth and profitability, and to create a sustainable, enhanced cost structure. The key areas of the Company's initiatives underlying these efforts involve evaluation of its: (i) team organizational structures and ways of working; (ii) real estate footprint and related costs across its corporate offices, distribution centers, 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. Additionally, during a preliminary review of its store portfolio during the second quarter of Fiscal 2021, the Company made the decision to close its Polo store on Regent Street in London.

Shortly thereafter, on October 29, 2020, the Company announced the planned transition of its Chaps brand to a fully licensed business model, consistent with its long-term brand elevation strategy and in connection with its third initiative. Specifically, the Company entered into a multi-year licensing partnership, which took effect on August 1, 2021 following a transition period, with an affiliate of 5 Star Apparel LLC, a division of the OVED Group, to manufacture, market, and distribute Chaps menswear and womenswear. This agreement is expected to create incremental value for the Company by enabling an even greater focus on elevating its core brands in the marketplace, reducing its direct exposure to the North America department store channel, and setting up Chaps to deliver on its potential with an experienced partner that is focused on nurturing the brand.

Later, on February 3, 2021, the Company's Board of Directors approved additional actions related to its real estate initiative. Specifically, the Company is in the process of further rightsizing and consolidating its global corporate offices to better align with its organizational profile and new ways of working. The Company also has closed, and may continue to close, certain of its stores to improve overall profitability. Additionally, the Company further consolidated its North America distribution centers in order to drive greater efficiencies, improve sustainability, and deliver a better consumer experience.

Finally, on June 26, 2021, in connection with its brand portfolio initiative, the Company sold its former Club Monaco business to Regent, L.P. ("Regent"), a global private equity firm, with no resulting gain or loss on sale realized during the first quarter of Fiscal 2022. Regent acquired Club Monaco's assets and liabilities in exchange for potential future cash consideration payable to the Company, including earn-out payments based on Club Monaco meeting certain defined revenue thresholds over a five-year period. Accordingly, the Company may realize amounts in the future related to the receipt of such contingent consideration (as discussed further below). Additionally, in connection with this divestiture, the Company is providing Regent with certain operational support for a transitional period of approximately one year, varying by functional area.

Actions associated with the Fiscal 2021 Strategic Realignment Plan were substantially completed by the end Fiscal 2022, with certain remaining actions expected to be completed during Fiscal 2023. The Company now expects total charges of up to $300 million to be incurred in connection with this plan, consisting of cash-related charges of approximately $180 million and non-cash charges of approximately $120 million. 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), as well as the cumulative charges recorded since its inception, is as follows:


	Fiscal Year Ended				Cumulative Charges
	April 2, 2022		March 27, 2021
	(millions)
Cash-related restructuring charges:
Severance and benefit costs (reversals)	$	(5.7)	$	144.2	$	138.5

Other cash charges	7.7		14.9		22.6
Total cash-related restructuring charges	2.0		159.1		161.1
Non-cash charges:
Impairment of assets (see Note 8)	21.3		69.4		90.7
Inventory-related charges(a)	—		8.3		8.3
Accelerated stock-based compensation expense(b)	2.0		—		2.0

Total non-cash charges	23.3		77.7		101.0
Total charges	$	25.3	$	236.8	$	262.1

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

(b)Accelerated stock-based compensation expense, which was recorded within restructuring and other charges, net in the consolidated statements of operations, related to vesting provisions associated with certain separation agreements.

In addition to the charges summarized in the table above, the Company recognized $4.0 million of income within restructuring and other charges, net in the consolidated statements of operations during Fiscal 2022 primarily related to a certain revenue share clause in its agreement with Regent that entitled it to receive a portion of the sales generated by the Club Monaco business during a four-month business transition period. The Company donated this income to the Ralph Lauren Corporate Foundation, a non-profit, charitable foundation, which resulted in a related offsetting $4.0 million donation expense recorded within restructuring and other charges, net in the consolidated statements of operations during Fiscal 2022.

A summary of the 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	144.2		14.9		159.1
Cash payments applied against reserve	(48.0)		(11.7)		(59.7)
Balance at March 27, 2021	96.2		3.2		99.4
Additions (reductions) charged to expense	(5.7)		7.7		2.0
Cash payments applied against reserve	(60.5)		(10.8)		(71.3)
Non-cash adjustments	0.6		—		0.6
Balance at April 2, 2022	$	30.6	$	0.1	$	30.7

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 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 period presented, as well as the cumulative charges recorded since its inception, is as follows:


	Fiscal Year Ended		Cumulative Charges
	March 28, 2020
	(millions)
Cash-related restructuring charges:
Severance and benefit costs	$	30.1	$	90.3
Lease termination and store closure costs	0.5		2.3
Other cash charges	3.4		10.8
Total cash-related restructuring charges	34.0		103.4
Non-cash charges:
Impairment of assets (see Note 8)	8.7		19.0
Inventory-related charges(a)	2.2		8.2
Accelerated stock-based compensation expense(b)	3.6		3.6
Loss on sale of property(c)	—		11.6
Total non-cash charges	14.5		42.4
Total charges	$	48.5	$	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 was recorded within restructuring and other charges, net 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, net in the consolidated statements of operations, was incurred in connection with the sale of one of the Company's distribution centers in North America. Total cash proceeds from the sale were $20.0 million.

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


	Severance and Benefit Costs		Lease Termination and Store Closure Costs		Other Cash Charges		Total
	(millions)
Balance at March 30, 2019	$	41.0	$	0.5	$	0.1	$	41.6
Additions charged to expense	30.1		0.5		3.4		34.0
Cash payments applied against reserve	(47.6)		(0.6)		(2.9)		(51.1)
Non-cash adjustments	—		(0.4)		—		(0.4)
Balance at March 28, 2020	23.5		—		0.6		24.1
Additions charged to expense	—		—		—		—
Cash payments applied against reserve	(20.8)		—		(0.6)		(21.4)

Balance at March 27, 2021	2.7		—		—		2.7
Additions charged to expense	—		—		—		—
Cash payments applied against reserve	(2.5)		—		—		(2.5)

Balance at April 2, 2022	$	0.2	$	—	$	—	$	0.2

Other Charges

The Company recorded other charges of $11.8 million, $11.4 million, and $8.8 million during Fiscal 2022, Fiscal 2021, and Fiscal 2020, 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.

Additionally, during Fiscal 2022, the Company recorded a charge of $6.4 million in connection with non-income-related capital taxes resulting from Swiss tax reform (see Note 10). During Fiscal 2020, the Company also recorded other charges of $20.8 million related to the donation of net cash proceeds received from the sale of its corporate jet, which was paid to the Ralph Lauren Corporate Foundation.

Income Taxes

12 Months Ended

Apr. 02, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Swiss Tax Reform

In May 2019, a public referendum was held in Switzerland that approved the Federal Act on Tax Reform and AHV Financing (the "Swiss Tax Act"), which became effective January 1, 2020. The Swiss Tax Act eliminates certain preferential tax items at both the federal and cantonal levels for multinational companies, and provides the cantons with parameters for establishing local tax rates and regulations. The Swiss Tax Act also provides transitional provisions, one of which allows eligible companies to increase the tax basis of certain assets based on the value generated by their business in previous years, and to amortize such adjustment as a tax deduction over a transitional period.

During the second quarter of Fiscal 2020, the Swiss Tax Act was enacted into law, resulting in an immaterial adjustment associated with the revaluation of the Company's Swiss deferred tax assets and liabilities and the then estimated annual effective tax rate. Subsequently, as a result of additional information received from tax authorities and analyses performed related to the transitional provision noted above, the Company recorded a one-time income tax benefit and corresponding deferred tax asset of $122.9 million during Fiscal 2020, which reduced the Company's effective tax rate by 3,760 basis points.

During Fiscal 2021, the Company reduced its one-time tax benefit by $13.8 million due to new legislation enacted in connection with the European Union's anti-tax avoidance directive, which increased the Company's effective tax rate by 1,840 basis points.

Additionally, during Fiscal 2022, the Company recorded a charge of $6.4 million within restructuring and other charges, net in the consolidated statements of operations in connection with non-income-related capital taxes resulting from Swiss Tax Reform.

Taxes on Income

Domestic and foreign pretax income (loss) are as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Domestic	$	180.7	$	(285.0)	$	(82.9)
Foreign	573.9		210.2		409.3
Total income (loss) before income taxes	$	754.6	$	(74.8)	$	326.4

Benefits (provisions) for current and deferred income taxes are as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Current:
Federal	$	(24.2)	$	38.5	$	1.5
State and local	(21.6)		1.5		(19.8)
Foreign	(154.8)		(50.7)		(92.6)
	(200.6)		(10.7)		(110.9)
Deferred:
Federal	53.8		(19.2)		18.0
State and local	8.2		3.5		5.6
Foreign	(15.9)		(19.9)		145.2
	46.1		(35.6)		168.8
Total income tax benefit (provision)	$	(154.5)	$	(46.3)	$	57.9

Tax Rate Reconciliation

The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as follows:


	Fiscal Years Ended
	April 2, 2022			March 27, 2021			March 28, 2020
	(millions)
Benefit (provision) for income taxes at the U.S. federal statutory rate	$	(158.5)		$	15.7		$	(68.5)
Change due to:
State and local income taxes, net of federal benefit	(14.5)			6.1			(1.5)
Foreign income taxed at different rates, net of U.S. foreign tax credits	(2.6)			(4.8)			24.7
Deferred tax adjustments	8.0			—			—
Foreign-derived intangible income benefit	20.3			—			—
Changes in valuation allowance on deferred tax assets	3.6			(34.9)			(1.7)
Unrecognized tax benefits and settlements of tax examinations	(11.5)			(4.6)			(9.2)

Swiss Tax Act benefit (expense)	—			(13.8)			125.3
Compensation-related adjustments	(9.4)			(12.9)			(10.7)
Charitable contributions	3.7			7.4			0.2
Transfer pricing adjustments	—			(4.1)			—
Other	6.4			(0.4)			(0.7)
Total income tax benefit (provision)	$	(154.5)		$	(46.3)		$	57.9
Effective tax rate(a)	20.5		%	(61.9		%)	(17.7		%)

(a)Effective tax rate is calculated by dividing the income tax benefit (provision) by income (loss) before income taxes.

The Company's Fiscal 2022 effective tax rate was slightly lower than the U.S. federal statutory income tax rate of 21% primarily due to favorable tax impacts of the foreign-derived intangible income deduction and deferred tax adjustments, partially offset by the unfavorable impacts of additional income tax reserves associated with certain income tax audits and tax impacts of compensation related adjustments. The Company's Fiscal 2021 effective tax rate was unfavorable to the U.S. federal statutory income tax rate of 21% primarily due to incremental tax expense resulting from new legislation enacted in connection with the European Union's anti-tax avoidance directive, valuation allowances recorded against certain deferred tax assets as a result of significant business disruptions attributable to COVID-19, and tax impacts on stock-based compensation and other permanent adjustments, partially offset by an income tax benefit related to charitable contributions. The Company's Fiscal 2020 effective tax rate was lower than the U.S. federal statutory income tax rate of 21% primarily due to the one-time income tax benefit recorded in connection with the Swiss Tax Act, as previously discussed, the favorable impact of the change in geographic mix of its worldwide earnings and the favorable impact of tax benefits associated with provision to tax return adjustments, partially offset by the unfavorable impact of additional income tax reserves associated with certain income tax audits.

Deferred Taxes

Significant components of the Company's deferred tax assets and liabilities are as follows:


	April 2, 2022		March 27, 2021
	(millions)
Lease liabilities	$	349.5	$	406.6
Deferred income	96.0		1.2
Net operating loss carryforwards	58.9		59.6
Deferred compensation	34.5		49.7
Unrecognized tax benefits	31.7		23.3
Receivable allowances and reserves	31.2		30.5
Inventory basis difference	27.5		44.9
Property and equipment	15.7		22.8
GILTI-related carryforwards	10.6		34.1
Accrued expenses	7.3		13.0
Transfer pricing	4.1		4.1
Charitable contribution carryforwards	0.4		18.4
Lease right-of-use assets	(273.1)		(322.0)
Goodwill and other intangible assets	(53.9)		(48.2)
Cumulative translation adjustment and hedges	(11.3)		4.0
Other	7.3		3.2
Valuation allowance	(45.1)		(72.0)
Net deferred tax assets(a)	$	291.3	$	273.2

(a)Net deferred tax balances as of April 2, 2022 and March 27, 2021 were comprised of non-current deferred tax assets of $303.8 million and $283.9 million, respectively, recorded within deferred tax assets, and non-current deferred tax liabilities of $12.5 million and $10.7 million, respectively, recorded within other non-current liabilities in the consolidated balance sheets.

The Company has available federal, state, and foreign net operating loss carryforwards of $16.9 million, $5.8 million, and $3.8 million (all net of tax), respectively, for tax purposes to offset future taxable income. The net operating loss carryforwards expire beginning in Fiscal 2023.

The Company also has available state and foreign net operating loss carryforwards of $4.7 million and $27.6 million (both net of tax), respectively, for which no net deferred tax asset has been recognized. A full valuation allowance has been recorded against these carryforwards since the Company does not believe that it will more likely than not be able to utilize these carryforwards to offset future taxable income. Subsequent recognition of these deferred tax assets would result in an income tax benefit in the year of such recognition. The valuation allowance relating to state net operating loss carryforwards decreased by $3.8 million (net of tax) as a result of changes in jurisdictions where the Company does not believe that it will more likely than not be able to utilize these carryforwards in the future. The valuation allowance relating to foreign net operating loss carryforwards increased by $0.2 million, mainly due to differences in foreign exchange rates.

In January 2018, new U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "TCJA") became effective. The TCJA significantly revised U.S. tax law by, among other provisions, creating a territorial tax system that included a one-time mandatory transition tax on previously deferred foreign earnings. As a result of the taxation of undistributed foreign earnings in connection with the TCJA, the Company reevaluated its permanent reinvestment assertion and determined that undistributed foreign earnings that were subject to the TCJA's one-time mandatory transition tax were no longer considered to be permanently reinvested, effective December 31, 2017. The mandatory transition tax does not apply to undistributed foreign earnings generated after December 31, 2017. Accordingly, provision has not been made for U.S. or additional foreign taxes on approximately $1.884 billion of undistributed earnings of foreign subsidiaries generated after December 31, 2017, as such earnings are expected to be permanently reinvested. These earnings could become subject to tax if they were remitted as dividends, if foreign earnings were lent to RLC, a subsidiary or a U.S. affiliate of RLC, or if the stock of the subsidiaries were sold. Determination of the amount of unrecognized deferred tax liability with respect to such earnings is not practicable.

Uncertain Income Tax Benefits

Fiscal 2022, Fiscal 2021, and Fiscal 2020 Activity

Reconciliations of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for Fiscal 2022, Fiscal 2021, and Fiscal 2020 are presented below:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Unrecognized tax benefits beginning balance	$	71.4	$	72.7	$	65.2
Additions related to current period tax positions	21.6		3.2		6.0
Additions related to prior period tax positions	8.1		8.8		30.5
Reductions related to prior period tax positions	(7.6)		(4.2)		(18.7)
Reductions related to expiration of statutes of limitations	(1.1)		(2.1)		(1.2)
Reductions related to settlements with taxing authorities	(14.8)		(9.6)		(8.8)
Additions (reductions) related to foreign currency translation	(2.2)		2.6		(0.3)
Unrecognized tax benefits ending balance	$	75.4	$	71.4	$	72.7

The Company classifies interest and penalties related to unrecognized tax benefits as part of its provision for income taxes. Reconciliations of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for Fiscal 2022, Fiscal 2021, and Fiscal 2020 are presented below:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Accrued interest and penalties beginning balance	$	20.0	$	16.2	$	13.6
Net additions charged to expense	2.6		5.5		7.0
Reductions related to prior period tax positions	(0.9)		(1.7)		(1.9)
Reductions related to settlements with taxing authorities	(5.0)		(0.3)		(2.5)
Additions (reductions) related to foreign currency translation	(0.2)		0.3		—
Accrued interest and penalties ending balance	$	16.5	$	20.0	$	16.2

The total amount of unrecognized tax benefits, including interest and penalties, was $91.9 million and $91.4 million as of April 2, 2022 and March 27, 2021, respectively, and was included within the non-current liability for unrecognized tax benefits in the consolidated balance sheets. The total amount of unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate was $60.1 million and $68.0 million as of April 2, 2022 and March 27, 2021, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt

12 Months Ended

Apr. 02, 2022

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

Debt consists of the following:


	April 2, 2022		March 27, 2021
	(millions)

$400 million 3.750% Senior Notes(a)	$	397.7	$	397.1
$500 million 1.700% Senior Notes(b)	499.8		498.4
$750 million 2.950% Senior Notes(c)	738.8		737.4

Total debt	1,636.3		1,632.9
Less: current portion of long-term debt	499.8		—
Total long-term debt	$	1,136.5	$	1,632.9

(a)The carrying value of the 3.750% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $2.3 million and $2.9 million as of April 2, 2022 and March 27, 2021, respectively.

(b)The carrying value of the 1.700% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $0.2 million and $1.6 million as of April 2, 2022 and March 27, 2021, respectively.

(c)The carrying value of the 2.950% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $11.2 million and $12.6 million as of April 2, 2022 and March 27, 2021, respectively.

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 2.125% unsecured 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 2.625% unsecured 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 in seniority with the Company's other forms of unsecured indebtedness. As of both April 2, 2022 and March 27, 2021, there were no borrowings outstanding under the Commercial Paper Program.

Revolving Credit Facilities

Global Credit Facility

In August 2019, the Company replaced its then 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 bore 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) one-month 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 bore 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 current commitment fee rate of 9 basis points is subject to adjustment based on the Company's credit ratings. Certain of these provisions were amended in January 2022 and March 2022, as discussed further 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 requires the Company to maintain a maximum ratio of Adjusted Debt to Consolidated EBITDAR (the "leverage ratio") of no greater than 4.25 as of the date of measurement for the four most recent consecutive fiscal quarters. Adjusted Debt is defined generally as consolidated debt outstanding, including finance lease obligations, plus all operating lease obligations. Consolidated EBITDAR is defined generally as consolidated net income plus (i) income tax expense, (ii) net interest expense, (iii) depreciation and amortization expense, (iv) operating lease cost, (v) restructuring and other non-recurring expenses, and (vi) acquisition-related costs. Certain of these requirements were temporarily amended in May 2020, as discussed below.

In response to the COVID-19 pandemic, the Company entered into an amendment of its Global Credit Facility in May 2020 (the "Amendment"), which among its various provisions (as described in Note 11 of the Fiscal 2021 10-K), temporarily waived its leverage ratio requirement and imposed certain restrictions, including but not limited to, the amount of dividends and distributions on, or purchases, redemptions, repurchases, retirements or acquisitions of, the Company's stock. Subsequently, in November 2021, all terms and conditions reverted back to the original credit facility agreement upon the Company satisfying certain requirements stipulated in the Amendment.

In 2020 and 2021, it was publicly announced that LIBOR rates would cease to be published for U.S. Dollars on June 30, 2023 and for Euros, Japanese Yen, and certain other currencies on December 31, 2021. The U.S. federal bank regulatory agencies jointly recommended that banks cease entering into new contracts using LIBOR as a reference rate as soon as practicable but by no later than December 31, 2021, and that new contracts entered into prior to December 31, 2021 should either use a reference rate other than LIBOR or include effective fallback language with a clearly-defined alternative reference rate effective upon the discontinuation of LIBOR. The Alternative Reference Rates Committee, which is a group of private-market participants convened by the Federal Reserve Board and the Federal Reserve Bank of New York to help ensure a successful transition from LIBOR, recommended the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York ("SOFR") as the alternative to LIBOR.

As a result of the cessation of LIBOR, in January 2022 the Company entered into a second amendment of its Global Credit Facility (the "Second Amendment"). Under the Second Amendment, alternate rates of interest were provided for specific Eurocurrency borrowings. Eurocurrency borrowings denominated in Euros now bear interest based on the Adjusted Euro Interbank Offered Rate, those denominated in Japanese Yen now bear interest based on the Adjusted Tokyo Interbank Offered Rate and those denominated in Hong Kong Dollars now bear interest based on the Adjusted Hong Kong Dollar Interbank Offered Rate, as each such term is defined in the Global Credit Facility as amended by the Second Amendment.

In March 2022, the Company entered into a third amendment of its Global Credit Facility (the "Third Amendment"). Under the Third Amendment, an alternative rate of interest to the LIBOR rate was established for U.S. Dollar-denominated borrowings. U.S. Dollar-denominated borrowings now bear interest based on, at the Company's option, either (a) a base rate, determined by reference to the greatest of: (i) the prime commercial lending rate as quoted in the Wall Street Journal in effect from time to time; (ii) the greater of the rate comprised of both overnight federal funds and overnight eurodollar transactions or the rate calculated based on federal funds transactions by depositary institutions, in either case determined by the Federal Reserve Bank of New York, plus 50 basis points; or (iii) the Adjusted Term SOFR Rate, as such term is defined in the Global Credit Facility as amended by the Third Amendment, for one-month plus 100 basis points, (b) the Term SOFR Rate, as such term is defined in the Global Credit Facility as amended by the Third Amendment, plus 10 basis points or (c) a rate equal to the Daily Simple SOFR Rate, as such term is defined in the Global Credit Facility, as amended by the Third Amendment, plus 10 basis points. The Third Amendment also added provisions to the Global Credit Facility to address possible future situations in which a reference rate for determining a relevant interest rate under the Global Credit Facility is no longer available or representative.

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 April 2, 2022, 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, which was subsequently repaid in June 2020. As of both April 2, 2022 and March 27, 2021, there were no borrowings outstanding under the Global Credit Facility. However, the Company was contingently liable for $9.5 million and $8.9 million of outstanding letters of credit.

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 $8 million) through April 3, 2023, which is also able to be used to support bank guarantees. The Company amended the China Credit Facility during the first quarter of Fiscal 2023, whereby the borrowing capacity was increased up to 100 million Chinese Renminbi (approximately $16 million).

•South Korea Credit Facility — provides Ralph Lauren (Korea) Ltd. with a revolving line of credit of up to 30 billion South Korean Won (approximately $25 million) through October 28, 2022.

•Japan Overdraft Facility — provides Ralph Lauren Corporation Japan with an overdraft amount of up to 5 billion Japanese Yen (approximately $41 million) through April 28, 2023.

As of both April 2, 2022 and March 27, 2021, there were no borrowings outstanding under the Pan-Asia Borrowing Facilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Fair Value Measurements

12 Months Ended

Apr. 02, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

U.S. GAAP prescribes 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:


	April 2, 2022		March 27, 2021
	(millions)

Derivative assets(a)	$	32.4	$	15.8
Derivative liabilities(a)	18.3		55.4

(a)Based on Level 2 measurements.

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.

To the extent the Company invests in commercial paper, such investments 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 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 amortized cost 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 amortized cost carrying values.

The following table summarizes the carrying values and the estimated fair values of the Company's debt instruments:


	April 2, 2022				March 27, 2021
	Carrying Value(a)		Fair Value(b)		Carrying Value(a)		Fair Value(b)
	(millions)

$400 million 3.750% Senior Notes	$	397.7	$	407.9	$	397.1	$	443.4
$500 million 1.700% Senior Notes	499.8		500.5		498.4		507.8
$750 million 2.950% Senior Notes	738.8		721.0		737.4		779.4

(a)See Note 11 for discussion of the carrying values of the Company's senior notes.

(b)Based on Level 2 measurements.

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

Non-financial Assets and Liabilities

The Company's non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment, and lease-related ROU assets, are not required to be measured at fair value on a recurring basis, and instead are reported at their amortized or depreciated cost 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 and discounted cash flows.

During Fiscal 2022, Fiscal 2021, and Fiscal 2020, the Company recorded non-cash impairment charges to reduce the carrying values of certain long-lived assets to their estimated fair values. The fair values of these assets were determined based on Level 3 measurements, the related inputs of which included estimates of the amount and timing of the assets' net future discounted cash flows (including any potential sublease income for lease-related ROU assets), based on historical experience and consideration of current trends, market conditions, and comparable sales, as applicable.

The following tables summarize non-cash impairment charges recorded by the Company during the fiscal years presented to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date:


	Fiscal Years Ended
	April 2, 2022				March 27, 2021				March 28, 2020
Long-Lived Asset Category	Total Impairments(a)		Fair Value as of Impairment Date		Total Impairments(a)		Fair Value as of Impairment Date		Total Impairments(a)		Fair Value as of Impairment Date
	(millions)
Property and equipment, net	$	1.0	$	—	$	44.1	$	23.5	$	16.8	$	2.4
Operating lease right-of-use assets(b)	20.3		27.8		51.9		84.3		239.9		120.8
Equity method investment	—		N/A		—		N/A		7.1		1.3

(a)Impairment of equity method investment is recorded within other income (expense), net in the consolidated statements of operations. All other impairment charges are recorded within impairments of assets in the consolidated statements of operations, unless otherwise noted.

(b)Total impairment charges for Fiscal 2020 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 8 for additional discussion regarding non-cash impairment charges recorded by the Company within the consolidated statements of operations during the fiscal years presented.

No impairment charges associated with goodwill or other intangible assets were recorded during any of the fiscal years presented. In Fiscal 2022, the Company performed its annual goodwill impairment assessment using a qualitative approach as of the beginning of the second quarter of Fiscal 2022. 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

12 Months Ended

Apr. 02, 2022

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 benchmark interest rates. Accordingly, based on its assessment thereof, the Company may use 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 April 2, 2022 and March 27, 2021:


	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument(a)	April 2, 2022		March 27, 2021		April 2, 2022			March 27, 2021			April 2, 2022			March 27, 2021
					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	$	236.5	$	168.9	PP	$	6.6	PP	$	5.0		$	—		$	—

Net investment hedges(c)	700.0		723.2		ONCA	23.7		ONCA	10.2		ONCL	18.1		ONCL	55.1
Total Designated Hedges	936.5		892.1			30.3			15.2			18.1			55.1
Undesignated Hedges:
FC — Undesignated hedges(d)	225.0		242.4		PP	2.1		PP	0.6		AE	0.2		AE	0.3
Total Hedges	$	1,161.5	$	1,134.5		$	32.4		$	15.8		$	18.3		$	55.4

(a)FC = Forward foreign currency exchange 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 nine separate counterparties, the amounts presented in the consolidated balance sheets as of April 2, 2022 and March 27, 2021 would be adjusted from the current gross presentation as detailed in the following table:


	April 2, 2022						March 27, 2021
	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	$	32.4	$	(0.2)	$	32.2	$	15.8	$	(0.3)	$	15.5
Derivative liabilities	18.3		(0.2)		18.1		55.4		(0.3)		55.1

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

The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the fiscal years presented:


	Gains (Losses) Recognized in OCI
	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	9.0	$	(3.5)	$	24.0
Net investment hedges — effective portion	46.8		(35.5)		7.7
Net investment hedges — portion excluded from assessment of hedge effectiveness	3.6		(50.8)		30.7
Total Designated Hedges	$	59.4	$	(89.8)	$	62.4


	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Fiscal Years Ended
	April 2, 2022				March 27, 2021				March 28, 2020
	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	$	(2,071.0)	$	4.7	$	(1,539.4)	$	7.6	$	(2,506.5)	$	(7.4)
Effects of cash flow hedging:
FC — Cash flow hedges	3.8		—		12.6		(0.3)		24.9		1.1


	Gains (Losses) from Net Investment Hedges Recognized in Earnings						Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Net Investment Hedges:
Net investment hedges — portion excluded from assessment of hedge effectiveness(a)	$	11.9	$	11.3	$	19.0	Interest expense
Total Net Investment Hedges	$	11.9	$	11.3	$	19.0

(a)Amounts recognized in OCI relating to the effective portion of the Company's net investment hedges would be recognized in earnings only upon the sale or liquidation of the hedged net investment.

As of April 2, 2022, it is estimated that $10.0 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 fiscal years presented:


	Gains (Losses) Recognized in Earnings						Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	6.9	$	(0.8)	$	16.0	Other income (expense), net
Total Undesignated Hedges	$	6.9	$	(0.8)	$	16.0

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.

Cross-Currency Swap Contracts

The Company periodically designates 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-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 U.S. Dollar-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

The Company's short-term investments as of April 2, 2022 and March 27, 2021, were $734.6 million and $197.5 million, respectively, and consisted of time deposits.

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

Refer to Note 3 for further discussion of the Company's accounting policies relating to its investments.

Leases

12 Months Ended

Apr. 02, 2022

Lessee Disclosure [Abstract]

Leases

The following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheet:


	April 2, 2022		March 27, 2021		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,111.3	$	1,239.5	Operating lease right-of-use assets
Finance leases	299.4		331.6		Property and equipment, net
Total lease assets	$	1,410.7	$	1,571.1
Liabilities:
Operating leases:
Current portion	$	262.0	$	302.9	Current operating lease liabilities
Non-current portion	1,132.2		1,294.5		Long-term operating lease liabilities
Total operating lease liabilities	1,394.2		1,597.4
Finance leases:
Current portion	19.8		19.7		Accrued expenses and other current liabilities
Non-current portion	341.6		370.5		Long-term finance lease liabilities
Total finance lease liabilities	361.4		390.2
Total lease liabilities	$	1,755.6	$	1,987.6

The following table summarizes the composition of total lease cost during the fiscal periods presented:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020		Location Recorded in Earnings
	(millions)
Operating lease cost	$	300.2	$	323.5	$	322.0	(a)
Finance lease costs:
Depreciation of leased assets	26.1		20.5		18.1		SG&A expenses
Accretion of lease liabilities	12.2		9.7		8.1		Interest expense
Variable lease cost	291.2		224.7		298.0		(b)
Short-term lease cost	3.6		4.9		5.5		SG&A expenses
Sublease income	(6.7)		(1.8)		(2.9)		Restructuring and other charges, net
Total lease cost	$	626.6	$	581.5	$	648.8

(a)During Fiscal 2022, $3.3 million was included within cost of goods sold, $276.2 million was included within SG&A expenses, and $20.7 million was included within restructuring and other charges, net. During Fiscal 2021, $3.4 million was included within cost of goods sold, $307.0 million was included within SG&A expenses, and $13.1 million was included within restructuring and other charges, net. During Fiscal 2020, $4.4 million was included within cost of goods sold, $307.3 million was included within SG&A expenses, and $10.3 million was included within restructuring and other charges, net.

(b)During Fiscal 2022, $4.6 million was included within cost of goods sold, $288.6 million was included within SG&A expenses, and a benefit of $2.0 million was included within restructuring and other charges, net. During Fiscal 2021, $4.5 million was included within cost of goods sold and $220.2 million was included within SG&A expenses. During Fiscal 2020, $4.7 million was included within cost of goods sold, $290.3 million was included within SG&A expenses, and $3.0 million was included within restructuring and other charges, net.

The following table summarizes certain cash flow information related to the Company's leases:


	Fiscal Year Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	384.6	$	360.6	$	383.9
Operating cash flows from finance leases	12.3		6.7		8.0
Financing cash flows from finance leases	23.1		13.9		13.6

See Note 21 for supplemental non-cash information related to ROU assets recorded in connection with the recognition of new lease liabilities.

The following table presents a maturity analysis summary of contractual cash payments for the Company's lease liabilities recorded on the consolidated balance sheet as of April 2, 2022:


	April 2, 2022
	Operating Leases		Finance Leases
	(millions)
Fiscal 2023	$	286.1	$	32.5
Fiscal 2024	276.6		34.3
Fiscal 2025	230.7		34.8
Fiscal 2026	162.9		35.1
Fiscal 2027	141.4		34.6
Fiscal 2028 and thereafter	396.5		276.1
Total lease payments	1,494.2		447.4
Less: interest	(100.0)		(86.0)
Total lease liabilities	$	1,394.2	$	361.4

Additionally, the Company has $23.9 million of future payment obligations relating to executed lease agreements for which the related lease terms had not yet commenced as of the end of Fiscal 2022, and, therefore, are not recorded on the consolidated balance sheet as of April 2, 2022.

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating and finance leases recorded on the consolidated balance sheet:


	April 2, 2022				March 27, 2021
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	6.8		13.5		6.9		14.2
Weighted-average discount rate	1.9	%	3.2	%	2.0	%	3.3	%

See Note 3 for discussion of the Company's accounting policies related to leases.

Leases

The following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheet:


	April 2, 2022		March 27, 2021		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,111.3	$	1,239.5	Operating lease right-of-use assets
Finance leases	299.4		331.6		Property and equipment, net
Total lease assets	$	1,410.7	$	1,571.1
Liabilities:
Operating leases:
Current portion	$	262.0	$	302.9	Current operating lease liabilities
Non-current portion	1,132.2		1,294.5		Long-term operating lease liabilities
Total operating lease liabilities	1,394.2		1,597.4
Finance leases:
Current portion	19.8		19.7		Accrued expenses and other current liabilities
Non-current portion	341.6		370.5		Long-term finance lease liabilities
Total finance lease liabilities	361.4		390.2
Total lease liabilities	$	1,755.6	$	1,987.6

The following table summarizes the composition of total lease cost during the fiscal periods presented:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020		Location Recorded in Earnings
	(millions)
Operating lease cost	$	300.2	$	323.5	$	322.0	(a)
Finance lease costs:
Depreciation of leased assets	26.1		20.5		18.1		SG&A expenses
Accretion of lease liabilities	12.2		9.7		8.1		Interest expense
Variable lease cost	291.2		224.7		298.0		(b)
Short-term lease cost	3.6		4.9		5.5		SG&A expenses
Sublease income	(6.7)		(1.8)		(2.9)		Restructuring and other charges, net
Total lease cost	$	626.6	$	581.5	$	648.8

The following table summarizes certain cash flow information related to the Company's leases:


	Fiscal Year Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	384.6	$	360.6	$	383.9
Operating cash flows from finance leases	12.3		6.7		8.0
Financing cash flows from finance leases	23.1		13.9		13.6

See Note 21 for supplemental non-cash information related to ROU assets recorded in connection with the recognition of new lease liabilities.

The following table presents a maturity analysis summary of contractual cash payments for the Company's lease liabilities recorded on the consolidated balance sheet as of April 2, 2022:


	April 2, 2022
	Operating Leases		Finance Leases
	(millions)
Fiscal 2023	$	286.1	$	32.5
Fiscal 2024	276.6		34.3
Fiscal 2025	230.7		34.8
Fiscal 2026	162.9		35.1
Fiscal 2027	141.4		34.6
Fiscal 2028 and thereafter	396.5		276.1
Total lease payments	1,494.2		447.4
Less: interest	(100.0)		(86.0)
Total lease liabilities	$	1,394.2	$	361.4


	April 2, 2022				March 27, 2021
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	6.8		13.5		6.9		14.2
Weighted-average discount rate	1.9	%	3.2	%	2.0	%	3.3	%

See Note 3 for discussion of the Company's accounting policies related to leases.

Commitments and Contingencies

12 Months Ended

Apr. 02, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

TCJA Mandatory Transition Tax

In connection with the TCJA's provision that subjects previously deferred foreign earnings to a one-time mandatory transition tax, the Company had a remaining related income tax payable obligation of $112.8 million as of April 2, 2022, which is expected to be paid as follows:


	Mandatory Transition Tax Payments(a)
	(millions)
Fiscal 2023	$	13.9
Fiscal 2024	24.7
Fiscal 2025	33.0
Fiscal 2026	41.2

Total mandatory transition tax payments	$	112.8

(a)Included within current and non-current income tax payable in the consolidated balance sheets based upon the estimated timing of payments.

Employee Agreements

The Company has employment agreements with certain executives in the normal course of business which provide for compensation and certain other benefits. These agreements also provide for severance payments under certain circumstances.

Other Commitments

Other off-balance sheet firm commitments amounted to $1.339 billion as of April 2, 2022, including inventory purchase commitments of $916.0 million, lease commitments related to lease agreements for which the related lease terms have not yet commenced of $23.9 million, outstanding letters of credit of $9.5 million, interest payments related to the Company's debt of $244.9 million, and other commitments of $144.9 million, comprised of the Company's legally-binding obligations under sponsorship, licensing, and other marketing and advertising agreements, information technology-related service agreements, and pension-related obligations.

Other Matters

The Company is involved, from time to time, in litigation, other legal claims, and proceedings involving matters associated with or incidental to its business, including, among other things, matters involving credit card fraud, trademark and other intellectual property, licensing, importation and exportation of its products, taxation, unclaimed property, leases, 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 may enter into certain guarantees or other 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

12 Months Ended

Apr. 02, 2022

Equity [Abstract]

Equity

Capital Stock

The Company's capital stock consists of two classes of common stock. There are 500 million shares of Class A common stock and 100 million shares of Class B common stock authorized to be issued. Shares of Class A and Class B common stock have substantially identical rights, except with respect to voting rights. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. Holders of both classes of stock vote together as a single class on all matters presented to the stockholders for their approval, except with respect to the election and removal of directors or as otherwise required by applicable law. All outstanding shares of Class B common stock are owned by Mr. Ralph Lauren, the Company's Executive Chairman and Chief Creative Officer, and entities controlled by the Lauren family, and are convertible at any time into shares of Class A common stock on a one-for-one basis.

Class B Common Stock Conversions

During Fiscal 2020, the Lauren Family, L.L.C., a limited liability company managed by the children of Mr. Ralph Lauren, converted 1.0 million shares of Class B common stock into an equal number of shares of Class A common stock pursuant to the terms of the security. These conversions occurred in advance of a sales plan providing for the sale of such shares of Class A common stock pursuant to Rule 10b5-1 subject to the conditions set forth therein. These transactions resulted in a reclassification within equity and had no effect on the consolidated balance sheet.

Common Stock Repurchase Program

Repurchases of shares of the Company's Class A common stock are subject to overall business and market conditions, as well as other potential factors such as the temporary restrictions previously in place under the Company's Global Credit Facility. Accordingly, in response to 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. However, the Company resumed activities under its Class A common stock repurchase program during the third quarter of Fiscal 2022 as restrictions under its Global Credit Facility were lifted (see Note 11) and overall business and market conditions have improved since the COVID-19 pandemic first emerged.

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


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(in millions)
Cost of shares repurchased	$	450.5	$	—	$	650.3
Number of shares repurchased	3.7		—		6.2

On February 2, 2022, the Company's Board of Directors approved an expansion of the Company's existing common stock repurchase program that allows it to repurchase up to an additional $1.500 billion of its Class A common stock. As of April 2, 2022, the remaining availability under the Company's Class A common stock repurchase program was approximately $1.629 billion.

In addition, during Fiscal 2022, Fiscal 2021, and Fiscal 2020, 0.4 million, 0.5 million, and 0.4 million shares of Class A common stock, respectively, at a cost of $42.1 million, $37.7 million, and $44.5 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.

In response to 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. On May 19, 2021, the Company's Board of Directors approved the reinstatement of its quarterly cash dividend program at the pre-pandemic amount of $0.6875 per share. Dividends paid amounted to $150.0 million, $49.8 million, and $203.9 million for Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively.

On May 18, 2022, the Company's Board of Directors approved an increase to the Company's quarterly cash dividend on its common stock from $0.6875 to $0.75 per share. The first quarterly dividend declared to reflect this increase will be payable to shareholders of record at the close of business on July 1, 2022 and will be paid on July 15, 2022.

The Company intends to continue to pay regular dividends on outstanding shares of its common stock. However, any decision to declare and pay dividends in the future will ultimately 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Apr. 02, 2022

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)(d)
	(millions)
Balance at March 30, 2019	$	(118.5)	$	20.2	$	(5.1)	$	(103.4)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(7.0)		21.2		(1.6)		12.6
Amounts reclassified from AOCI to earnings	(4.9)		(23.4)		0.9		(27.4)
Other comprehensive loss, net of tax	(11.9)		(2.2)		(0.7)		(14.8)
Balance at March 28, 2020	(130.4)		18.0		(5.8)		(118.2)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	7.2		(3.0)		3.3		7.5
Amounts reclassified from AOCI to earnings	—		(10.4)		0.3		(10.1)
Other comprehensive income (loss), net of tax	7.2		(13.4)		3.6		(2.6)
Balance at March 27, 2021	(123.2)		4.6		(2.2)		(120.8)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(66.5)		7.7		2.2		(56.6)
Amounts reclassified from AOCI to earnings	—		(3.3)		0.4		(2.9)
Other comprehensive income (loss), net of tax	(66.5)		4.4		2.6		(59.5)
Balance at April 2, 2022	$	(189.7)	$	9.0	$	0.4	$	(180.3)

(a)OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes income tax provisions of $17.7 million and $9.2 million for Fiscal 2022 and Fiscal 2020, respectively, and includes an income tax benefit of $22.1 million for Fiscal 2021. OCI before reclassifications to earnings includes gains of $38.1 million (net of a $12.3 million income tax provision) and $29.0 million (net of a $9.4 million income tax provision) for Fiscal 2022 and Fiscal 2020, respectively, and includes a loss of $65.6 million (net of a $20.7 million income tax benefit) for Fiscal 2021, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 13). Amounts reclassified from AOCI to earnings related to foreign currency translation gains (losses) during Fiscal 2020 relate to the reclassification to retained earnings of income tax effects stranded in AOCI.

(b)OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of income tax provisions of $1.3 million and $2.8 million for Fiscal 2022 and Fiscal 2020, respectively, and are presented net of an income tax benefit of $0.5 million for Fiscal 2021. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below.

(c)OCI before reclassifications to earnings related to net unrealized gains (losses) on defined benefit plans are presented net of an income tax provision of $1.2 million for Fiscal 2021. The tax effects on OCI before reclassifications to earnings were immaterial for the other periods presented, and were immaterial for amounts reclassified from AOCI to earnings for all periods presented.

(d)The Company generally releases income tax effects from AOCI when the corresponding pretax AOCI items are reclassified to earnings.

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


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020		Location of Gains (Losses) Reclassified from AOCI to Earnings
	(millions)
Gains (losses) on cash flow hedges(a):
FC — Cash flow hedges	$	3.8	$	12.6	$	24.9	Cost of goods sold
FC — Cash flow hedges	—		(0.3)		1.1		Other income (expense), net
Tax effect	(0.5)		(1.9)		(2.6)		Income tax benefit (provision)
Net of tax	$	3.3	$	10.4	$	23.4

(a)FC = Forward foreign currency exchange contracts.

Stock-based Compensation

12 Months Ended

Apr. 02, 2022

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

Long-term Stock Incentive Plans

On August 1, 2019, the Company's shareholders approved the 2019 Long-Term Stock Incentive Plan (the "2019 Incentive Plan"), which replaced the Company's Amended and Restated 2010 Long-Term Stock Incentive Plan (the "2010 Incentive Plan"). The 2019 Incentive Plan provided for 1.2 million of new shares authorized for issuance to the participants, in addition to the approximately 3.0 million shares that remained available for issuance under the 2010 Incentive Plan as of August 1, 2019. In addition, any outstanding awards under the 2010 Incentive Plan or the Company's 1997 Long-Term Stock Incentive Plan (the "1997 Incentive Plan") that expire, are forfeited, or are surrendered to the Company in satisfaction of taxes, will become available for issuance under the 2019 Incentive Plan. The 2019 Incentive Plan became effective August 1, 2019 and no further grants will be made under the 2010 Incentive Plan. Outstanding awards issued prior to August 1, 2019 will continue to remain subject to the terms of the 2010 Incentive Plan or 1997 Incentive Plan, as applicable. As of April 2, 2022, 3.2 million shares remained available for future issuance under the Company's incentive plans.

Stock-based compensation awards that may be made under the 2019 Incentive Plan include, but are not limited to, (i) RSUs, (ii) restricted stock, and (iii) stock options. During the fiscal periods presented, annual grants consisted entirely of RSUs. For RSUs granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, vesting continues post-retirement for all or a portion of the remaining unvested RSUs.

Impact on Results

A summary of total stock-based compensation expense and the related income tax benefits recognized is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Compensation expense(a)	$	81.7	$	72.7	$	100.6
Income tax benefit	(13.0)		(12.4)		(15.3)

(a)Fiscal 2022 and Fiscal 2020 include $2.0 million and $3.6 million, respectively, of accelerated stock-based compensation expense recorded within restructuring and other charges, net in the consolidated statements of operations (see Note 9). All other stock-based compensation expense was recorded within SG&A expenses.

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

Service-based RSUs

Service-based RSUs granted to certain of the Company's senior executives and other employees, as well as non-employee directors, generally vest over a three-year period, subject to the employee's continuing employment (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed). The fair values of service-based RSUs are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested.

A summary of service-based RSU activity during Fiscal 2022 is as follows:


	Service- based RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value
	(thousands)
Nonvested at March 27, 2021	1,809	$	77.20
Granted	555	117.33
Vested	(617)	86.76
Forfeited	(181)	82.32
Nonvested at April 2, 2022	1,566	$	87.07


	Service- based RSUs
Total unrecognized compensation expense at April 2, 2022 (millions)	$	47.9
Weighted-average period expected to be recognized over (years)	1.3

Additional information pertaining to service-based RSU activity is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
Service-based RSUs:
Weighted-average grant date fair value of awards granted	$	117.33	$	64.55	$	102.27
Total fair value of awards vested (millions)	$	79.5	$	33.4	$	52.5

Performance-based RSUs

The Company grants performance-based RSUs to its senior executives and other key employees. The fair values of performance-based RSUs are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. Performance-based RSUs generally vest (i) upon the completion of a three-year period of time (cliff vesting), subject to the employee's continuing employment (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed) and the Company's achievement of certain performance goals established at the beginning of the three-year performance period or (ii) ratably, over a three-year period of time (graded vesting), subject to the employee's continuing employment during the applicable vesting period (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed) and the achievement by the Company of certain performance goals in the initial year of the three-year vesting period.

For performance-based RSUs subject to cliff vesting, the number of shares that may be earned ranges between 0% (if the specified threshold performance level is not attained) and 200% (if performance meets or exceeds the maximum achievement level) of the awards originally granted. If actual performance exceeds the pre-established threshold, the number of shares earned is calculated based on the relative performance between specified levels of achievement.

No performance-based awards were granted during Fiscal 2021 as the Company 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. Additionally, performance metrics of certain cliff-vesting performance-based RSUs granted during prior years were changed during Fiscal 2021 and their related payout ranges lowered, with no resulting incremental compensation cost.

Market-based RSUs

The Company grants cliff vesting RSU awards to its senior executives and other key employees, which, in addition to being subject to continuing employment requirements (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed), are also subject to a market condition based on a TSR performance metric. The number of shares that vest upon the completion of a three-year period of time is determined by comparing the Company's TSR relative to that of a pre-established peer group over the related three-year performance period. Depending on the Company's level of achievement against its TSR performance goals, the number of shares that ultimately vest may range from 0% to 200% of the awards originally granted.

The Company estimates the fair value of its TSR awards on the date of grant using a Monte Carlo simulation, which models multiple stock price paths of the Company's Class A common stock and that of its peer group to evaluate and determine its ultimate expected relative TSR performance ranking. Compensation expense, net of estimated forfeitures, is recorded regardless of whether, and the extent to which, the market condition is ultimately satisfied. No such awards were granted during Fiscal 2021 as the Company 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.

The assumptions used to estimate the fair value of TSR awards granted were as follows:


	Fiscal Years Ended
	April 2, 2022			March 27, 2021	March 28, 2020
Expected volatility	46.8		%	N/A	31.4		%
Expected dividend yield	2.2		%	N/A	3.2		%
Risk-free interest rate	0.4		%	N/A	1.4		%
Weighted-average grant date fair value	$	146.46		N/A	$	90.59

A summary of performance-based RSU activity including TSR awards during Fiscal 2022 is as follows:


	Performance-based RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value
	(thousands)
Nonvested at March 27, 2021	600	$	105.85
Granted	239	129.56
Change due to performance and/or market condition achievement	9	169.86
Vested	(229)	140.16
Forfeited	(77)	98.12
Nonvested at April 2, 2022	542	$	104.29


	Performance-based RSUs
Total unrecognized compensation expense at April 2, 2022 (millions)	$	28.6
Weighted-average period expected to be recognized over (years)	1.9

Additional information pertaining to performance-based RSU activity including TSR awards is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
Performance-based RSUs:
Weighted-average grant date fair value of awards granted	$	129.56	N/A		$	85.80
Total fair value of awards vested (millions)	$	27.6	$	55.0	$	52.8

Stock Options

Stock options were previously granted to employees and non-employee directors with exercise prices equal to the fair market value of the Company's Class A common stock on the date of grant. Generally, options become exercisable ratably (graded-vesting schedule) over a three-year vesting period, subject to the employee's continuing employment. Stock options generally expire seven years from the date of grant. No stock options were granted or exercised during any of the fiscal years presented.

A summary of stock option activity during Fiscal 2022 is as follows:

Number of
Shares

Weighted-Average Exercise Price

Weighted-Average Remaining Contractual Term

Aggregate Intrinsic Value(a)

(thousands)

(years)

(millions)

Options outstanding at March 27, 2021

255

159.83

0.3

—

Granted

—

N/A

Exercised

—

N/A

Cancelled/Forfeited

(255)

159.83

Options outstanding at April 2, 2022

—

N/A

Options vested at April 2, 2022(b)

—

N/A

Options exercisable at April 2, 2022

—

N/A

(a)Aggregate intrinsic value is the amount by which the market price of the Company's Class A common stock at the end of the period exceeds the exercise price of the stock option, multiplied by the number of options.

(b)There were no nonvested stock options as of April 2, 2022. Accordingly, there was no related unrecognized compensation expense as of April 2, 2022.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Apr. 02, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employee Benefit Plans	Employee Benefit Plans Defined Contribution Plans The Company sponsors defined contribution benefit plans covering substantially all eligible employees in the U.S. and Puerto Rico who are not covered by a collective bargaining agreement. The plans include a savings plan feature under Section 401(k) of the Internal Revenue Code. The Company makes matching contributions to the plans equal to 50% of the first 6% of salary contributed by an eligible employee. Additionally, the Company makes a supplemental matching contribution for plan years in which the Company achieves an "above target" performance level based on certain goals established at the beginning of each fiscal year, increasing the matching contribution to between 67% and 100% depending on the performance level achieved, of the first 6% of salary contributed by eligible employees, not to exceed the maximum contribution permitted by the plan. Under the terms of the plans, a participant becomes 100% vested in the Company's matching contributions after five years of credited service. Contributions made by the Company under these plans were $12.9 million, $9.8 million, and $8.7 million in Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively. International Defined Benefit Plans The Company sponsors certain single-employer defined benefit plans and cash balance plans at international locations which are not considered to be material individually or in the aggregate to the Company's financial statements. Pension benefits under these plans are based on formulas that reflect the employees' years of service and compensation levels during their employment period. The aggregate funded status of the single-employer defined benefit plans reflected net assets of $2.5 million and $0.7 million as of April 2, 2022 and March 27, 2021, respectively, and were primarily recorded within other non-current assets in the consolidated balance sheets. These single-employer defined benefit plans had aggregate fair values of plan assets of $48.6 million and aggregate projected benefit obligations of $46.1 million as of April 2, 2022, compared to aggregate fair values of plan assets of $56.8 million and aggregate projected benefit obligations of $56.1 million as of March 27, 2021. The asset portfolio of the single-employer defined benefit plans primarily consists of fixed income securities, which have been measured at fair value largely using Level 2 inputs, as described in Note 12. Net pension expense for these plans was $4.6 million, $5.1 million, and $5.0 million in Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively. The service cost component of $4.8 million, $5.9 million, and $4.7 million in Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively, was recorded within SG&A expenses in the consolidated statements of operations. All other components of net pension expense during the fiscal years presented were recorded within other income (expense), net, in the consolidated statement of operations. Union Pension Plan The Company participates in a multi-employer pension plan and is required to make contributions to the Workers United union (which was previously known as UNITE HERE) (the "Union") for dues based on wages paid to union employees. A portion of these dues is allocated by the Union to a retirement fund which provides defined benefits to substantially all unionized workers. The Company does not participate in the management of the plan and has not been furnished with information with respect to the type of benefits provided, vested and non-vested benefits, or assets. Under the Employee Retirement Income Security Act of 1974, as amended, an employer, upon withdrawal from or termination of a multi-employer plan, is required to continue funding its proportionate share of the plan's unfunded vested benefits. Such liability was assumed in conjunction with the acquisition of certain assets from a non-affiliated licensee. The Company has no current intention of withdrawing from the plan.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Segment Information

12 Months Ended

Apr. 02, 2022

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. 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 and emerging markets. 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 primarily 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. The Company's wholesale business in Asia 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 Ralph Lauren and Chaps branded royalty revenues earned through its global licensing alliances. In addition, prior to its disposition at the end of the Company's first quarter of Fiscal 2022, other non-reportable segments also included sales of Club Monaco branded products made through the Company's retail and wholesale businesses in the U.S., Canada, and Europe, and its licensing alliances in Asia. Refer to Note 9 for additional discussion regarding the disposition of the Company's former Club Monaco business, as well as the recent transition of its Chaps business to a fully licensed business model.

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

Net revenues for each of the Company's segments are as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Net revenues:
North America	$	2,968.2	$	1,992.4	$	3,140.5
Europe	1,780.7		1,165.9		1,632.2
Asia	1,286.8		1,027.5		1,017.2
Other non-reportable segments	182.8		215.0		369.9
Total net revenues	$	6,218.5	$	4,400.8	$	6,159.8

Operating income (loss) for each of the Company's segments is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Operating income (loss)(a):
North America	$	676.7	$	334.0	$	456.0
Europe	444.0		189.3		336.3
Asia	228.8		148.2		124.8
Other non-reportable segments	138.4		32.4		85.2
	1,487.9		703.9		1,002.3
Unallocated corporate expenses	(667.3)		(577.0)		(618.1)
Unallocated restructuring and other charges, net(b)	(22.2)		(170.5)		(67.2)
Total operating income (loss)	$	798.4	$	(43.6)	$	317.0

(a)Segment operating income during Fiscal 2021 reflects bad debt expense reversals of $22.0 million, $4.8 million, $0.3 million, and $0.5 million related to North America, Europe, Asia, and other non-reportable segments, respectively, primarily related to adjustments to reserves previously established in connection with COVID-19 business disruptions. Segment operating income during Fiscal 2020 reflects bad debt expense of $38.7 million, $15.2 million, $1.7 million, and $3.1 million related to North America, Europe, Asia, and other non-reportable segments, respectively, primarily related to adverse impacts associated with COVID-19 business disruptions. Segment operating income during Fiscal 2020 also reflects higher inventory charges of approximately $108 million, $42 million, $17 million, and $8 million as compared to the prior fiscal year related to North America, Europe, Asia, and other non-reportable segments, respectively, primarily related to adverse impacts associated with COVID-19 business disruptions. Segment operating income and unallocated corporate expenses during the fiscal years presented also included asset impairment charges (see Note 8), which are detailed below:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Asset impairment charges:
North America	$	(2.4)	$	(12.2)	$	(1.9)
Europe	—		(24.3)		—
Asia	(1.1)		(1.4)		(3.7)
Other non-reportable segments	(0.3)		(18.2)		(19.3)
Unallocated corporate expenses	(17.5)		(39.9)		(6.7)
Total asset impairment charges	$	(21.3)	$	(96.0)	$	(31.6)

(b)The fiscal years presented included certain unallocated restructuring and other charges, net (see Note 9), which are detailed below:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Unallocated restructuring and other charges, net:
North America-related	$	0.1	$	(22.4)	$	(1.2)
Europe-related	2.1		(30.0)		(3.3)
Asia-related	2.8		(7.4)		(0.9)
Other non-reportable segment-related	(0.1)		(3.3)		(0.8)
Corporate operations-related	(8.9)		(96.0)		(31.4)
Unallocated restructuring charges	(4.0)		(159.1)		(37.6)
Other charges (see Note 9)	(18.2)		(11.4)		(29.6)
Total unallocated restructuring and other charges, net	$	(22.2)	$	(170.5)	$	(67.2)

The following tables summarize depreciation and amortization expense and capital expenditures for each of the Company's segments:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Depreciation and amortization expense:
North America	$	72.8	$	73.4	$	74.6
Europe	32.3		31.6		32.8
Asia	51.9		56.3		59.3
Other non-reportable segments	0.4		4.3		5.4
Unallocated corporate	72.3		82.0		97.4

Total depreciation and amortization expense	$	229.7	$	247.6	$	269.5


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Capital expenditures:
North America	$	36.6	$	23.8	$	48.5
Europe	39.0		16.9		34.3
Asia	49.1		41.2		59.6
Other non-reportable segments	1.8		2.4		7.3
Unallocated corporate	40.4		23.5		120.6
Total capital expenditures	$	166.9	$	107.8	$	270.3

Net revenues and long-lived assets by geographic location of the reporting subsidiary are as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Net revenues(a):
The Americas(b)	$	3,164.5	$	2,208.4	$	3,516.4
Europe(c)	1,766.1		1,164.3		1,625.3
Asia(d)	1,287.9		1,028.1		1,018.1
Total net revenues	$	6,218.5	$	4,400.8	$	6,159.8


	April 2, 2022		March 27, 2021
	(millions)
Long-lived assets(a):
The Americas(b)	$	1,068.9	$	1,253.6
Europe(c)	698.2		682.1
Asia(d)	313.7		317.8
Total long-lived assets	$	2,080.8	$	2,253.5

(a)For certain of the Company's licensed operations, net revenues and long-lived assets, which is comprised of property and equipment and lease ROU assets, are included within the geographic location of the reporting subsidiary which holds the respective license.

(b)Includes the U.S., Canada, and Latin America. Net revenues earned in the U.S. were $3.039 billion, $2.103 billion, and $3.308 billion in Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively. Long-lived assets located in the U.S. were $1.057 billion and $1.210 billion as of April 2, 2022 and March 27, 2021, 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
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-Name Accounting Standards Codification
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+ Details

Additional Financial Information

12 Months Ended

Apr. 02, 2022

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 April 2, 2022 and March 27, 2021 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:


	April 2, 2022		March 27, 2021
	(millions)
Cash and cash equivalents	$	1,863.8	$	2,579.0
Restricted cash included within prepaid expenses and other current assets	1.6		1.5
Restricted cash included within other non-current assets	6.6		7.5
Total cash, cash equivalents, and restricted cash	$	1,872.0	$	2,588.0

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 Paid for Interest and Taxes

Cash paid for interest and income taxes is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Cash paid for interest	$	46.6	$	33.5	$	15.4
Cash paid for income taxes, net of refunds	216.3		47.8		135.5

Non-cash Transactions

Operating lease ROU assets recorded in connection with the recognition of new lease liabilities was $287.4 million during Fiscal 2022. No finance lease ROU assets were recorded in connection with the recognition of new lease liabilities during Fiscal 2022. Operating and finance lease ROU assets recorded in connection with the recognition of new lease liabilities were $66.7 million and $133.2 million, respectively, during Fiscal 2021 and $374.0 million and $64.0 million, respectively, during Fiscal 2020. Additionally, $55.7 million of operating lease ROU assets were reclassified and reflected as finance lease ROU assets as a result of certain lease amendments executed during Fiscal 2021.

Non-cash investing activities also included capital expenditures incurred but not yet paid of $49.6 million, $21.3 million, and $29.1 million as of the end of Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively.

Non-cash financing activities included the conversion of 1.0 million shares of Class B common stock into an equal number of shares of Class A common stock during Fiscal 2020, as discussed in Note 16.

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

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Apr. 02, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") and present the consolidated financial position, income (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. Additionally, as discussed in Note 9, the Company completed the sale of its Club Monaco business at the end of its first quarter of Fiscal 2022 (as defined below) on June 26, 2021. As a result, assets and liabilities related to the Club Monaco business were deconsolidated from the consolidated statement of financial position effective June 26, 2021, with Club Monaco's operating results included in the consolidated statements of income (loss), comprehensive income (loss), and cash flows through the end of the first quarter of Fiscal 2022. Prior year financial statements were not affected.
Fiscal Year	Fiscal Year The Company utilizes a 52-53 week fiscal year ending on the Saturday immediately before or after March 31. As such, fiscal year 2022 ended on April 2, 2022 and was a 53-week period ("Fiscal 2022"); fiscal year 2021 ended on March 27, 2021 and was a 52-week period ("Fiscal 2021"); fiscal year 2020 ended on March 28, 2020 and was a 52-week period ("Fiscal 2020"); and fiscal year 2023 will end on April 1, 2023 and will be a 52-week period ("Fiscal 2023").
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; and reserves for restructuring activity, among others.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior periods' financial information in order to conform to the current period's presentation.
Revenue Recognition	Revenue Recognition The Company recognizes revenue across all channels of the business when it satisfies its performance obligations by transferring control of promised products or services to its customers, which occurs either at a point in time or over time, depending on when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized considers terms of sale that create variability in the amount of consideration that the Company ultimately expects to be entitled to in exchange for the products or services, and is subject to an overall constraint that a significant revenue reversal will not occur in future periods. Sales and other related taxes collected from customers and remitted to government authorities are excluded from revenue. Revenue from the Company's retail business is recognized when the customer takes physical possession of the products, which occurs either at the point of sale for merchandise purchased at the Company's own retail stores and shop-within-shop locations, 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 purchased by customers are recorded as a liability until they are redeemed for products sold by the Company's retail business, 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 own 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.Deferred IncomeDeferred income represents cash payments received in advance of the Company's transfer of control of products or services to its customers and generally consists of unredeemed gift cards (net of breakage) and advance royalty payments from licensees.
Cost of Goods Sold and Selling Expenses	Cost of Goods Sold and Selling Expenses Cost of goods sold includes the amounts incurred to acquire and produce inventory for sale to the Company's customers, including product costs, freight-in, and import costs, as well as changes in reserves for shrinkage and inventory realizability. Gains and losses associated with forward foreign currency exchange contracts that are designated and qualifying as cash flow hedges of inventory transactions are also recognized within cost of goods sold when the hedged inventory is sold. The costs of selling merchandise, including those associated with preparing merchandise for sale, such as picking, packing, warehousing, and order charges ("handling costs"), are included in selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations.
Shipping and Handling Costs	Shipping and Handling CostsCosts associated with shipping goods to customers are accounted for as fulfillment activities and reflected as SG&A expenses in the consolidated statements of operations. Shipping and handling costs (described above) billed to customers are included in revenue.
Advertising and Marketing Costs	Advertising and Marketing Costs Advertising costs, including the costs to produce advertising, are expensed when the advertisement is first exhibited. Advertising costs paid to wholesale customers under cooperative advertising programs are not included in advertising costs, but rather are reflected as a reduction of revenue since generally the benefits are not sufficiently separable from the purchases of the Company's products by customers. Costs associated with the marketing and promotion of the Company's products are included within SG&A expenses.
Foreign Currency Translations and Transactions	Foreign Currency Translation and Transactions The financial position and operating results of the Company's foreign operations are accounted for in their respective functional currencies, which are generally consistent with the local currency. For purposes of consolidation, local currency assets and liabilities are translated to U.S. Dollars at the spot rates of exchange prevailing on the balance sheet date, and local currency revenues and expenses are translated to U.S. Dollars at average rates of exchange in effect during the period. The resulting translation gains or losses are included in the consolidated statements of comprehensive income (loss) as a component of other comprehensive income (loss) ("OCI") and in the consolidated statements of equity within accumulated other comprehensive income (loss) ("AOCI"). Gains and losses on the translation of intercompany loans made to foreign subsidiaries that are of a long-term investment nature are also included within this component of equity. The Company also recognizes gains and losses on both third-party and intercompany balances that are denominated in a currency other than the respective entity's functional currency. Such foreign currency transactional gains and losses are recognized within other income (expense), net in the consolidated statements of operations, inclusive of the effects of any related hedging activities, and reflected net gains of $2.8 million and $8.7 million in Fiscal 2022 and Fiscal 2021, respectively, and a net loss of $1.1 million in Fiscal 2020.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss), which is reported in the consolidated statements of comprehensive income (loss) and consolidated statements of equity, consists of net income (loss) and certain other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income (loss) and referred to as OCI. Components of OCI consist of foreign currency translation gains (losses); net realized and unrealized gains (losses) on cash flow hedges, such as forward foreign currency exchange contracts; net realized and unrealized gains (losses) on available-for-sale investments; and net realized and unrealized gains (losses) related to the Company's defined benefit plans.
Net Income (Loss) per Common Share	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 for the periods in which such effects are dilutive. The Company has outstanding performance-based RSUs, which are included in the computation of diluted shares only to the extent that the underlying performance 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 such common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income (loss) per common share.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes expense for all stock-based compensation awards granted to employees and non-employee directors based on the grant date fair value of the awards over the requisite service period, adjusted for forfeitures which are estimated based on an analysis of historical experience and expected future trends. The grant date fair values of service-based RSUs and performance-based RSUs are determined based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. The grant date fair value of the Company's market-based RSU awards, for which vesting is dependent upon total shareholder return ("TSR") of its Class A common stock over a three-year performance period relative to that of a pre-established peer group, is estimated using a Monte Carlo simulation model. The Company uses the Black-Scholes valuation model to estimate the grant date fair value of any stock option awards. Compensation expense for all performance-based RSUs is recognized over the requisite service period when attainment of the performance goal is deemed probable, net of estimated forfeitures. Compensation expense for market-based RSUs, net of estimated forfeitures, is recognized over the requisite service period regardless of whether, and the extent to which, the market condition is ultimately satisfied. The Company recognizes compensation expense on an accelerated basis for all awards with graded vesting terms, including certain RSUs, restricted stock, and stock options. For RSU awards with cliff vesting terms, compensation expense is recognized on a straight-line basis. For certain RSU awards granted to retirement-eligible employees, or employees who will become retirement-eligible prior to the end of the awards' respective stated vesting periods, the related compensation expense is recognized on an accelerated basis over a term commensurate with the period that the employee is required to provide service in order to vest in the award. See Note 18 for further discussion of the Company's stock-based compensation plans.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities of 90 days or less, including investments in time deposits and debt securities. Investments in debt securities are diversified across high-credit quality issuers in accordance with the Company's risk-management policies.
Restricted Cash	Restricted Cash The Company is periodically required to place cash in escrow with various banks as collateral, primarily to secure guarantees of corresponding amounts made by the banks to international tax authorities on behalf of the Company, such as to secure refunds of value-added tax payments in certain international tax jurisdictions or in the case of certain international tax audits, as well as to secure guarantees related to certain real estate leases. Such cash is classified as restricted cash and reported as a component of either prepaid expenses and other current assets or other non-current assets in the consolidated balance sheets.
Investments	Investments The Company's investment objectives include capital preservation, maintaining adequate liquidity, diversification to minimize liquidity and credit risk, and achievement of maximum returns within the guidelines set forth in the Company's investment policy. Short-term investments consist of investments which the Company expects to convert into cash within one year, including any time deposits and debt securities with original maturities greater than 90 days. See Note 13 for further information relating to the composition of the Company's short-term investments. The Company classifies such investments as available-for-sale. Accordingly, they are recorded at fair value with any related unrealized gains or losses generally recognized as a component of AOCI in the consolidated balance sheets, and related realized gains or losses (or unrealized credit-related impairment losses, if any) recorded within other income (expense), net, in the consolidated statements of operations. Cash inflows and outflows related to the sale and purchase of investments are classified as investing activities in the consolidated statements of cash flows. Equity-method and Other Investments Ownership interests that provide the Company with significant influence, but less than a controlling interest, over an investee are generally accounted for using the equity method of accounting. Significant influence is generally presumed to exist when the Company owns between 20% and 50% of the investee's common stock. Ownership interests that do not provide significant influence and for which the underlying equity security's fair value is not readily determinable are generally recorded at cost less impairment, if any, adjusted for observable price changes in orderly transactions for identical or similar investments of the same investee, with such adjustments recognized within other income (expense), net, in the consolidated statements of operations. Under the equity method of accounting, the following amounts are generally recorded in the Company's consolidated financial statements: the Company's original investment, as subsequently adjusted for its share of the investee's earnings (losses) and reduced by any dividends received and other-than-temporary impairments recorded, is included in the consolidated balance sheets; the Company's share of the investee's periodic earnings (losses) is included in the consolidated statements of operations; and dividends and other cash distributions received from the investee and additional cash investments made in or other cash paid to the investee are included in the consolidated statements of cash flows. Impairment Assessment The Company evaluates the need to recognize impairment charges for its investments that are in unrealized loss positions, if any, and its other equity investments on a quarterly basis (see Note 12). Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers or investees. Factors considered by the Company include (i) the financial condition, creditworthiness, and near-term prospects of the issuer or investee; (ii) future economic conditions and market forecasts; (iii) the length of time to maturity, if applicable, and an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value; and (iv) whether events or changes in circumstances indicate that the investment's carrying amount might not be recoverable.
Accounts Receivable	Accounts Receivable In the normal course of business, the Company extends credit to wholesale customers that satisfy certain defined credit criteria. Payment is generally due within 30 to 120 days and does not involve a significant financing component. Accounts receivable are recorded at amortized cost, which approximates fair value, and are presented in the 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. 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, such as those resulting from COVID-19 business disruptions which have included declines in retail traffic, tourism, and consumer spending on discretionary items.
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 to be sold through wholesale distribution channels to major department stores, specialty stores, and third-party digital partners. Substantially all of the Company's inventories consist of finished goods, which are stated at the lower of cost or estimated realizable value, with cost determined on a weighted-average cost basis. The estimated realizable value of inventory is determined based on an analysis of historical sales trends of the Company's individual product lines, the impact of market trends and economic conditions (such as those resulting from pandemic diseases and other catastrophic events), and a forecast of future demand, giving consideration to the value of current in-house orders for future sales of inventory, as well as plans to sell inventory through the Company's factory stores, among other liquidation channels. Actual results may differ from estimates due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and actual economic and market conditions. In addition, reserves for inventory shrinkage, representing the risk of physical loss of inventory, are estimated based on historical experience and are adjusted based upon physical inventory counts. The Company's historical estimates of the realizable value of its inventory and its reserves for inventory shrinkage have not differed materially from actual results. However, unforeseen adverse future economic and market conditions could result in the Company's actual results differing materially from its estimates.
Cloud Computing	Implementation Costs Incurred in Cloud Computing ArrangementsFor 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 7).
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis, based upon the estimated useful lives of depreciable assets, which range from three to seven years for furniture and fixtures, machinery and equipment, and capitalized software; and from ten to forty years for buildings and improvements. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the respective assets or the term of the related lease. Property and equipment, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable (see Note 12). In evaluating long-lived assets for recoverability, including finite-lived intangibles as described below, the Company uses its best estimate of future cash flows expected to result from its use of the asset and its eventual disposition, where applicable. If such estimated future undiscounted net cash flows attributable to the asset are less than its carrying value, an impairment loss is recognized to the extent that such asset's carrying value exceeds its fair value, as estimated considering external market participant assumptions and discounted cash flows. Assets to be disposed of and for which there is a committed plan of disposal (commonly referred to as assets held-for-sale) are reported at the lower of carrying value or fair value, less costs to sell.
Leases	Leases The Company's lease arrangements primarily relate to real estate, including its retail stores, concession-based shop-within-shops, corporate offices, and warehouse facilities and, to a lesser extent, certain equipment and other assets. The Company's leases generally have initial terms ranging from three to fifteen years and may include renewal or early-termination options, rent escalation clauses, and/or lease incentives in the form of construction allowances and rent abatements. The Company is typically required to make fixed minimum rent payments, variable rent payments based on performance (e.g., percentage-of-sales-based payments), or a combination thereof, relating to its right to use an underlying leased asset. The Company is also often required to pay for certain other costs that do not relate specifically to its right to use an underlying leased asset, but that are associated with the asset, including real estate taxes, insurance, common area maintenance fees, and/or certain other costs (referred to collectively herein as "non-lease components"), which may be fixed or variable in amount, depending on the terms of the respective lease agreement. The Company's leases do not contain significantly restrictive covenants or residual value guarantees. The Company determines whether an arrangement contains a lease at the arrangement's inception. If a lease is determined to exist, its related term is assessed at the lease commencement date, once the underlying asset is made available by the lessor for the Company's use. The Company's assessment of the lease term reflects the non-cancellable period of the lease, inclusive of any rent-free periods, plus any periods covered by early-termination options for which the Company is not considered reasonably certain of exercising, as well as periods covered by renewal options for which it is considered reasonably certain of exercising. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation thereof in the consolidated statements of operations over the lease term. For leases with a lease term exceeding 12 months, a liability is recorded on the consolidated balance sheet at the lease commencement date reflecting the present value of its related fixed payment obligations over such term. A corresponding right-of-use ("ROU") asset equal to the initial lease liability is also recorded, increased by any prepaid rent and/or initial direct costs incurred in connection with execution of the lease, and reduced by any incentives provided by the lessor. The Company also includes fixed payment obligations related to non-lease components in the measurement of its ROU assets and lease liabilities, given its election to account for lease and non-lease components together as a single lease component. Variable lease payments are not included in the measurement of ROU assets and lease liabilities. ROU assets associated with finance leases are presented separately from those associated with operating leases, and are included within property and equipment, net on the consolidated balance sheet. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, given that rates implicit in its leasing arrangements are not readily determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis an amount equal to the lease payments and incorporates the term and economic environment of the lease. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the remaining lease liability, which is ultimately reduced by the related fixed payments as they are made. For leases with a lease term of 12 months or less (referred to as a "short-term lease"), any fixed lease payments are recognized on a straight-line basis over such term and are not recognized on the consolidated balance sheet. For all leases, variable lease cost, if any, is recognized as incurred. ROU assets, along with any related long-lived assets, are periodically evaluated for impairment whenever events or circumstances indicate that their carrying values may not be fully recoverable (see Note 12). To the extent that such assets are ultimately determined to be impaired, they are written down accordingly on a relative carrying amount basis, with the ROU asset written down to an amount no lower than its estimated fair value. Subsequent to the recognition of any such impairment, total remaining lease cost is recognized on a front-loaded basis over the remaining lease term. See Note 14 for further discussion of the Company's leases.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets At acquisition, the Company estimates and records the fair value of purchased intangible assets, which typically consist of reacquired license agreements, customer relationships, non-compete agreements, and/or order backlog. The fair values of these intangible assets are estimated based on management's assessment, considering independent third-party appraisals when necessary. The excess of the purchase consideration over the fair value of net assets acquired, both tangible and intangible, is recorded as goodwill. Goodwill and certain other intangible assets deemed to have indefinite useful lives are not amortized. Rather, goodwill and such indefinite-lived intangible assets are assessed for impairment at least annually. The Company generally performs its annual goodwill and indefinite-lived intangible assets impairment analyses using a qualitative approach to determine whether it is more likely than not that the fair values of such assets are less than their respective carrying values. If, based on the results of the qualitative assessment, it is concluded that it is not more likely than not that the fair value of the asset exceeds its carrying value, a quantitative test is performed. Under the quantitative test, if the carrying value of the asset exceeds its fair value, an impairment loss is recognized in the amount of the excess. The Company also periodically performs a quantitative test to assess its goodwill for impairment in lieu of using the qualitative approach in order to reassess the fair values of its reporting units. Finite-lived intangible assets are amortized over their respective estimated useful lives and, along with other long-lived assets as noted above, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. See discussion of the Company's accounting policy for long-lived asset impairment as previously described under the caption "Property and Equipment, Net."
Income Taxes	Income Taxes Income taxes are provided using the asset and liability method. Under this method, income taxes (i.e., deferred tax assets and liabilities, current taxes payable/refunds receivable, and tax expense) are recorded based on amounts refundable or payable in the current year and include the results of any difference between U.S. GAAP and tax reporting. Deferred income taxes reflect the tax effect of certain net operating losses, capital losses, general business credit carryforwards, and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes, as determined under enacted tax laws and rates. The Company accounts for the financial effect of changes in tax laws or rates in the period of enactment. In addition, valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. Tax valuation allowances are analyzed periodically and adjusted as events occur or circumstances change that warrant adjustments. In determining the income tax benefit (provision) for financial reporting purposes, the Company establishes a reserve for uncertain tax positions. If the Company considers that a tax position is more likely than not of being sustained upon audit, based solely on the technical merits of the position, it recognizes the tax benefit. The Company measures the tax benefit by determining the largest amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position is examined by the appropriate taxing authority that has full knowledge of all relevant information. These assessments can be complex and the Company often obtains assistance from external advisors. To the extent that the Company's estimates change or the final tax outcome of these matters is different than the amounts recorded, such differences will impact the income tax benefit (provision) in the period in which such determinations are made. If the initial assessment fails to result in the recognition of a tax benefit, the Company regularly monitors its position and subsequently recognizes the tax benefit if (i) there are changes in tax law or analogous case law that sufficiently raise the likelihood of prevailing on the technical merits of the position to more likely than not; (ii) the statute of limitations expires; or (iii) there is a completion of an audit resulting in a settlement of that tax year with the appropriate agency. Uncertain tax positions are classified as current only when the Company expects to pay cash within the next twelve months. Interest and penalties are recorded within the income tax benefit (provision) in the consolidated statements of operations and are classified on the consolidated balance sheets together with the related liability for unrecognized tax benefits. The Company accounts for the minimum tax on global intangible low-taxed income ("GILTI") in the period in which it is incurred. See Note 10 for further discussion of the Company's income taxes
Derivative Financial Instruments	Derivative Financial Instruments The Company records derivative financial instruments on its consolidated balance sheets at fair value. Changes in the fair value of derivative instruments that are designated and qualify for hedge accounting are either (i) offset through earnings against the changes in fair value of the related hedged assets, liabilities, or firm commitments or (ii) recognized in equity as a component of AOCI until the hedged item is recognized in earnings, depending on whether the instrument is hedging against changes in fair value or cash flows and net investments, respectively. Each derivative instrument that qualifies for hedge accounting is expected to be highly effective in offsetting the risk associated with the related exposure. For each instrument that is designated as a hedge, the Company documents the related risk management objective and strategy, including identification of the hedging instrument, the hedged item, and the risk exposure, as well as how hedge effectiveness will be assessed over the instrument's term. To assess hedge effectiveness at the inception of a hedging relationship, the Company generally uses regression analysis, a statistical method, to evaluate how changes in the fair value of the derivative instrument are expected to offset 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's policy is to only enter 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 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, 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. 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 values of such instruments are recognized in earnings each period within other income (expense), net. See Note 13 for further discussion of the Company's derivative financial instruments

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 02, 2022

Summary of Significant Accounting Policies (Tables) [Abstract]

Contractually-Guaranteed Minimum Royalties

As of April 2, 2022, contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows:


	Contractually-Guaranteed Minimum Royalties(a)
	(millions)
Fiscal 2023	$	105.6
Fiscal 2024	76.3
Fiscal 2025	42.7
Fiscal 2026	23.6
Fiscal 2027	19.2
Fiscal 2028 and thereafter	9.2
Total	$	276.6

(a)Amounts presented do not contemplate potential contract renewals or royalties earned in excess of the contractually-guaranteed minimums.

Disaggregation of Revenue

Disaggregated Net Revenues


	Fiscal Year Ended
	April 2, 2022
	North America		Europe		Asia		Other		Total
	(millions)
Sales Channel(a):
Retail	$	1,878.6	$	828.3	$	1,207.4	$	27.2	$	3,941.5
Wholesale	1,089.6		952.4		79.4		5.9		2,127.3
Licensing	—		—		—		149.7		149.7
Total	$	2,968.2	$	1,780.7	$	1,286.8	$	182.8	$	6,218.5


	Fiscal Year Ended
	March 27, 2021
	North America		Europe		Asia		Other		Total
	(millions)
Sales Channel(a):
Retail	$	1,214.1	$	517.1	$	968.4	$	80.2	$	2,779.8
Wholesale	778.3		648.8		59.1		12.4		1,498.6
Licensing	—		—		—		122.4		122.4
Total	$	1,992.4	$	1,165.9	$	1,027.5	$	215.0	$	4,400.8


	Fiscal Year Ended
	March 28, 2020
	North America		Europe		Asia		Other		Total
	(millions)
Sales Channel(a):
Retail	$	1,727.3	$	874.6	$	948.0	$	191.0	$	3,740.9
Wholesale	1,413.2		757.6		69.2		10.8		2,250.8
Licensing	—		—		—		168.1		168.1
Total	$	3,140.5	$	1,632.2	$	1,017.2	$	369.9	$	6,159.8

(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 recognized during the fiscal periods presented is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Shipping costs	$	73.0	$	54.8	$	46.7
Handling costs	151.8		138.3		154.0

Summary of Basic and Diluted shares


	Fiscal Years Ended
	April 2, 2022	March 27, 2021		March 28, 2020
	(millions)
Basic shares	73.0	73.5		75.8
Dilutive effect of RSUs and stock options	1.3	—	(a)	1.4
Diluted shares	74.3	73.5		77.2

Sales Returns and Allowances [Member]

Summary of Significant Accounting Policies (Tables) [Abstract]

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


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Beginning reserve balance	$	173.7	$	204.7	$	176.5
Amount charged against revenue to increase reserve	407.7		280.1		580.1
Amount credited against customer accounts to decrease reserve	(392.9)		(317.4)		(550.3)
Foreign currency translation	(7.8)		6.3		(1.6)
Ending reserve balance	$	180.7	$	173.7	$	204.7

Allowance for Doubtful Accounts [Member]

Summary of Significant Accounting Policies (Tables) [Abstract]

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

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


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Beginning reserve balance	$	40.1	$	71.5	$	15.7
Amount recorded to expense to increase (decrease) reserve(a)	(2.2)		(27.6)		58.7
Amount written-off against customer accounts to decrease reserve	(2.8)		(6.1)		(2.6)
Foreign currency translation	(1.1)		2.3		(0.3)
Ending reserve balance	$	34.0	$	40.1	$	71.5

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

Property and Equipment (Tables)

12 Months Ended

Apr. 02, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consists of the following:


	April 2, 2022		March 27, 2021
	(millions)
Land and improvements	$	15.3	$	15.3
Buildings and improvements	480.4		492.8
Furniture and fixtures	589.6		608.9
Machinery and equipment	375.7		391.8
Capitalized software	532.1		555.2
Leasehold improvements	1,170.1		1,207.2
Construction in progress	55.4		34.5
	3,218.6		3,305.7
Less: accumulated depreciation	(2,249.1)		(2,291.7)
Property and equipment, net	$	969.5	$	1,014.0

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table details the changes in goodwill for each of the Company's segments during Fiscal 2022 and Fiscal 2021:


	North America		Europe		Asia		Other Non-reportable Segments		Total
	(millions)
Balance at March 28, 2020	$	421.8	$	285.1	$	76.6	$	132.0	$	915.5
Foreign currency translation	—		18.9		0.2		—		19.1
Balance at March 27, 2021	421.8		304.0		76.8		132.0		934.6
Foreign currency translation	—		(18.0)		(7.9)		—		(25.9)
Balance at April 2, 2022	$	421.8	$	286.0	$	68.9	$	132.0	$	908.7

Other Intangible Assets

Other intangible assets consist of the following:


	April 2, 2022						March 27, 2021
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Re-acquired licensed trademarks	$	228.6	$	(168.8)	$	59.8	$	231.7	$	(163.6)	$	68.1
Customer relationships	245.8		(212.3)		33.5		254.3		(211.0)		43.3
Other	10.1		(7.8)		2.3		10.1		(7.7)		2.4
Total intangible assets subject to amortization	484.5		(388.9)		95.6		496.1		(382.3)		113.8
Intangible assets not subject to amortization:
Trademarks and brands	7.3		N/A		7.3		7.3		N/A		7.3
Total intangible assets	$	491.8	$	(388.9)	$	102.9	$	503.4	$	(382.3)	$	121.1

Amortization


	Amortization Expense
	(millions)
Fiscal 2023	$	14.0
Fiscal 2024	13.2
Fiscal 2025	12.9
Fiscal 2026	10.7
Fiscal 2027	10.0
Fiscal 2028 and thereafter	34.8
Total	$	95.6

Other Assets and Liabilities (Tables)

12 Months Ended

Apr. 02, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:


	April 2, 2022		March 27, 2021
	(millions)
Non-trade receivables	$	41.4	$	28.9
Other taxes receivable	26.2		28.4
Prepaid software maintenance	16.4		12.9
Derivative financial instruments	8.7		5.6
Inventory return asset	8.3		8.3
Prepaid advertising and marketing	7.9		9.5
Prepaid logistic services	6.6		7.1
Tenant allowances receivable	6.1		8.7
Prepaid occupancy expense	6.0		6.7
Cloud computing arrangement implementation costs	4.0		8.2
Prepaid inventory	0.5		5.0

Other prepaid expenses and current assets	40.4		37.3
Total prepaid expenses and other current assets	$	172.5	$	166.6

Schedule of other non-current assets

Other non-current assets consist of the following:


	April 2, 2022		March 27, 2021
	(millions)
Security deposits	$	30.6	$	31.1
Derivative financial instruments	23.7		10.2
Equity method and other investments	12.0		6.3
Cloud computing arrangement implementation costs	9.7		5.3
Restricted cash	6.6		7.5
Deferred rent assets	5.2		3.4
Other non-current assets	23.4		22.6
Total other non-current assets	$	111.2	$	86.4

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	April 2, 2022		March 27, 2021
	(millions)
Accrued payroll and benefits	$	278.0	$	223.6
Accrued inventory	250.2		196.1
Accrued operating expenses	223.4		225.0
Other taxes payable	60.9		64.6
Accrued capital expenditures	49.6		21.3
Dividends payable	48.1		—
Restructuring reserve	30.8		99.8
Finance lease obligations	19.8		19.7
Deferred income	16.5		12.0

Other accrued expenses and current liabilities	14.1		13.3
Total accrued expenses and other current liabilities	$	991.4	$	875.4

Schedule of other non-current liabilities

Other non-current liabilities consist of the following:


	April 2, 2022		March 27, 2021
	(millions)
Deferred lease incentives and obligations	$	52.7	$	62.4
Derivative financial instruments	18.1		55.1
Deferred tax liabilities	12.5		10.7
Accrued benefits and deferred compensation	12.0		22.4

Other non-current liabilities	36.6		39.7
Total other non-current liabilities	$	131.9	$	190.3

Restructuring and Other Charges (Tables)

12 Months Ended

Apr. 02, 2022

Fiscal 2021 Strategic Realignment Plan

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]


	Fiscal Year Ended				Cumulative Charges
	April 2, 2022		March 27, 2021
	(millions)
Cash-related restructuring charges:
Severance and benefit costs (reversals)	$	(5.7)	$	144.2	$	138.5

Other cash charges	7.7		14.9		22.6
Total cash-related restructuring charges	2.0		159.1		161.1
Non-cash charges:
Impairment of assets (see Note 8)	21.3		69.4		90.7
Inventory-related charges(a)	—		8.3		8.3
Accelerated stock-based compensation expense(b)	2.0		—		2.0

Total non-cash charges	23.3		77.7		101.0
Total charges	$	25.3	$	236.8	$	262.1

(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 [Table Text Block]

A summary of the 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	144.2		14.9		159.1
Cash payments applied against reserve	(48.0)		(11.7)		(59.7)
Balance at March 27, 2021	96.2		3.2		99.4
Additions (reductions) charged to expense	(5.7)		7.7		2.0
Cash payments applied against reserve	(60.5)		(10.8)		(71.3)
Non-cash adjustments	0.6		—		0.6
Balance at April 2, 2022	$	30.6	$	0.1	$	30.7

Fiscal 2019 Restructuring Plan [Member]

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

A summary of the charges recorded in connection with the Fiscal 2019 Restructuring Plan during the fiscal period presented, as well as the cumulative charges recorded since its inception, is as follows:


	Fiscal Year Ended		Cumulative Charges
	March 28, 2020
	(millions)
Cash-related restructuring charges:
Severance and benefit costs	$	30.1	$	90.3
Lease termination and store closure costs	0.5		2.3
Other cash charges	3.4		10.8
Total cash-related restructuring charges	34.0		103.4
Non-cash charges:
Impairment of assets (see Note 8)	8.7		19.0
Inventory-related charges(a)	2.2		8.2
Accelerated stock-based compensation expense(b)	3.6		3.6
Loss on sale of property(c)	—		11.6
Total non-cash charges	14.5		42.4
Total charges	$	48.5	$	145.8

(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 [Table Text Block]

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


	Severance and Benefit Costs		Lease Termination and Store Closure Costs		Other Cash Charges		Total
	(millions)
Balance at March 30, 2019	$	41.0	$	0.5	$	0.1	$	41.6
Additions charged to expense	30.1		0.5		3.4		34.0
Cash payments applied against reserve	(47.6)		(0.6)		(2.9)		(51.1)
Non-cash adjustments	—		(0.4)		—		(0.4)
Balance at March 28, 2020	23.5		—		0.6		24.1
Additions charged to expense	—		—		—		—
Cash payments applied against reserve	(20.8)		—		(0.6)		(21.4)

Balance at March 27, 2021	2.7		—		—		2.7
Additions charged to expense	—		—		—		—
Cash payments applied against reserve	(2.5)		—		—		(2.5)

Balance at April 2, 2022	$	0.2	$	—	$	—	$	0.2

Income Taxes (Tables)

12 Months Ended

Apr. 02, 2022

Income Tax Disclosure [Abstract]

Domestic and foreign pretax income (loss)

Domestic and foreign pretax income (loss) are as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Domestic	$	180.7	$	(285.0)	$	(82.9)
Foreign	573.9		210.2		409.3
Total income (loss) before income taxes	$	754.6	$	(74.8)	$	326.4

Benefits (provisions) for current and deferred income taxes

Benefits (provisions) for current and deferred income taxes are as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Current:
Federal	$	(24.2)	$	38.5	$	1.5
State and local	(21.6)		1.5		(19.8)
Foreign	(154.8)		(50.7)		(92.6)
	(200.6)		(10.7)		(110.9)
Deferred:
Federal	53.8		(19.2)		18.0
State and local	8.2		3.5		5.6
Foreign	(15.9)		(19.9)		145.2
	46.1		(35.6)		168.8
Total income tax benefit (provision)	$	(154.5)	$	(46.3)	$	57.9

Tax rate reconciliation

The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as follows:


	Fiscal Years Ended
	April 2, 2022			March 27, 2021			March 28, 2020
	(millions)
Benefit (provision) for income taxes at the U.S. federal statutory rate	$	(158.5)		$	15.7		$	(68.5)
Change due to:
State and local income taxes, net of federal benefit	(14.5)			6.1			(1.5)
Foreign income taxed at different rates, net of U.S. foreign tax credits	(2.6)			(4.8)			24.7
Deferred tax adjustments	8.0			—			—
Foreign-derived intangible income benefit	20.3			—			—
Changes in valuation allowance on deferred tax assets	3.6			(34.9)			(1.7)
Unrecognized tax benefits and settlements of tax examinations	(11.5)			(4.6)			(9.2)

Swiss Tax Act benefit (expense)	—			(13.8)			125.3
Compensation-related adjustments	(9.4)			(12.9)			(10.7)
Charitable contributions	3.7			7.4			0.2
Transfer pricing adjustments	—			(4.1)			—
Other	6.4			(0.4)			(0.7)
Total income tax benefit (provision)	$	(154.5)		$	(46.3)		$	57.9
Effective tax rate(a)	20.5		%	(61.9		%)	(17.7		%)

(a)Effective tax rate is calculated by dividing the income tax benefit (provision) by income (loss) before income taxes.

Deferred taxes

Significant components of the Company's deferred tax assets and liabilities are as follows:


	April 2, 2022		March 27, 2021
	(millions)
Lease liabilities	$	349.5	$	406.6
Deferred income	96.0		1.2
Net operating loss carryforwards	58.9		59.6
Deferred compensation	34.5		49.7
Unrecognized tax benefits	31.7		23.3
Receivable allowances and reserves	31.2		30.5
Inventory basis difference	27.5		44.9
Property and equipment	15.7		22.8
GILTI-related carryforwards	10.6		34.1
Accrued expenses	7.3		13.0
Transfer pricing	4.1		4.1
Charitable contribution carryforwards	0.4		18.4
Lease right-of-use assets	(273.1)		(322.0)
Goodwill and other intangible assets	(53.9)		(48.2)
Cumulative translation adjustment and hedges	(11.3)		4.0
Other	7.3		3.2
Valuation allowance	(45.1)		(72.0)
Net deferred tax assets(a)	$	291.3	$	273.2

Reconciliation of unrecognized tax benefits, excluding interest and penalties

Reconciliations of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for Fiscal 2022, Fiscal 2021, and Fiscal 2020 are presented below:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Unrecognized tax benefits beginning balance	$	71.4	$	72.7	$	65.2
Additions related to current period tax positions	21.6		3.2		6.0
Additions related to prior period tax positions	8.1		8.8		30.5
Reductions related to prior period tax positions	(7.6)		(4.2)		(18.7)
Reductions related to expiration of statutes of limitations	(1.1)		(2.1)		(1.2)
Reductions related to settlements with taxing authorities	(14.8)		(9.6)		(8.8)
Additions (reductions) related to foreign currency translation	(2.2)		2.6		(0.3)
Unrecognized tax benefits ending balance	$	75.4	$	71.4	$	72.7

Reconciliation of accrued interest and penalties related to unrecognized tax benefits

Reconciliations of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for Fiscal 2022, Fiscal 2021, and Fiscal 2020 are presented below:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Accrued interest and penalties beginning balance	$	20.0	$	16.2	$	13.6
Net additions charged to expense	2.6		5.5		7.0
Reductions related to prior period tax positions	(0.9)		(1.7)		(1.9)
Reductions related to settlements with taxing authorities	(5.0)		(0.3)		(2.5)
Additions (reductions) related to foreign currency translation	(0.2)		0.3		—
Accrued interest and penalties ending balance	$	16.5	$	20.0	$	16.2

Debt (Tables)

12 Months Ended

Apr. 02, 2022

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt consists of the following:


	April 2, 2022		March 27, 2021
	(millions)

$400 million 3.750% Senior Notes(a)	$	397.7	$	397.1
$500 million 1.700% Senior Notes(b)	499.8		498.4
$750 million 2.950% Senior Notes(c)	738.8		737.4

Total debt	1,636.3		1,632.9
Less: current portion of long-term debt	499.8		—
Total long-term debt	$	1,136.5	$	1,632.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Apr. 02, 2022

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:


	April 2, 2022		March 27, 2021
	(millions)

Derivative assets(a)	$	32.4	$	15.8
Derivative liabilities(a)	18.3		55.4

(a)Based on Level 2 measurements.

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:


	April 2, 2022				March 27, 2021
	Carrying Value(a)		Fair Value(b)		Carrying Value(a)		Fair Value(b)
	(millions)

$400 million 3.750% Senior Notes	$	397.7	$	407.9	$	397.1	$	443.4
$500 million 1.700% Senior Notes	499.8		500.5		498.4		507.8
$750 million 2.950% Senior Notes	738.8		721.0		737.4		779.4

(a)See Note 11 for discussion of the carrying values of the Company's senior notes.

(b)Based on Level 2 measurements.

Fair value measurements, nonrecurring


	Fiscal Years Ended
	April 2, 2022				March 27, 2021				March 28, 2020
Long-Lived Asset Category	Total Impairments(a)		Fair Value as of Impairment Date		Total Impairments(a)		Fair Value as of Impairment Date		Total Impairments(a)		Fair Value as of Impairment Date
	(millions)
Property and equipment, net	$	1.0	$	—	$	44.1	$	23.5	$	16.8	$	2.4
Operating lease right-of-use assets(b)	20.3		27.8		51.9		84.3		239.9		120.8
Equity method investment	—		N/A		—		N/A		7.1		1.3

Financial Instruments (Tables)

12 Months Ended

Apr. 02, 2022

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 April 2, 2022 and March 27, 2021:


	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument(a)	April 2, 2022		March 27, 2021		April 2, 2022			March 27, 2021			April 2, 2022			March 27, 2021
					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	$	236.5	$	168.9	PP	$	6.6	PP	$	5.0		$	—		$	—

Net investment hedges(c)	700.0		723.2		ONCA	23.7		ONCA	10.2		ONCL	18.1		ONCL	55.1
Total Designated Hedges	936.5		892.1			30.3			15.2			18.1			55.1
Undesignated Hedges:
FC — Undesignated hedges(d)	225.0		242.4		PP	2.1		PP	0.6		AE	0.2		AE	0.3
Total Hedges	$	1,161.5	$	1,134.5		$	32.4		$	15.8		$	18.3		$	55.4

(a)FC = Forward foreign currency exchange 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


	April 2, 2022						March 27, 2021
	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	$	32.4	$	(0.2)	$	32.2	$	15.8	$	(0.3)	$	15.5
Derivative liabilities	18.3		(0.2)		18.1		55.4		(0.3)		55.1

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

The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the fiscal years presented:


	Gains (Losses) Recognized in OCI
	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	9.0	$	(3.5)	$	24.0
Net investment hedges — effective portion	46.8		(35.5)		7.7
Net investment hedges — portion excluded from assessment of hedge effectiveness	3.6		(50.8)		30.7
Total Designated Hedges	$	59.4	$	(89.8)	$	62.4


	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Fiscal Years Ended
	April 2, 2022				March 27, 2021				March 28, 2020
	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	$	(2,071.0)	$	4.7	$	(1,539.4)	$	7.6	$	(2,506.5)	$	(7.4)
Effects of cash flow hedging:
FC — Cash flow hedges	3.8		—		12.6		(0.3)		24.9		1.1


	Gains (Losses) from Net Investment Hedges Recognized in Earnings						Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Net Investment Hedges:
Net investment hedges — portion excluded from assessment of hedge effectiveness(a)	$	11.9	$	11.3	$	19.0	Interest expense
Total Net Investment Hedges	$	11.9	$	11.3	$	19.0

(a)Amounts recognized in OCI relating to the effective portion of the Company's net investment hedges would be recognized in earnings only upon the sale or liquidation of the hedged net investment.

Gains (losses) recognized in earnings from derivatives not designated as hedging instruments

The following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its consolidated financial statements for the fiscal years presented:


	Gains (Losses) Recognized in Earnings						Location of Gains (Losses) Recognized in Earnings
	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	6.9	$	(0.8)	$	16.0	Other income (expense), net
Total Undesignated Hedges	$	6.9	$	(0.8)	$	16.0

Leases (Tables)

12 Months Ended

Apr. 02, 2022

Lessee Disclosure [Abstract]

ROU Assets and Lease Liabilities

The following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheet:


	April 2, 2022		March 27, 2021		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,111.3	$	1,239.5	Operating lease right-of-use assets
Finance leases	299.4		331.6		Property and equipment, net
Total lease assets	$	1,410.7	$	1,571.1
Liabilities:
Operating leases:
Current portion	$	262.0	$	302.9	Current operating lease liabilities
Non-current portion	1,132.2		1,294.5		Long-term operating lease liabilities
Total operating lease liabilities	1,394.2		1,597.4
Finance leases:
Current portion	19.8		19.7		Accrued expenses and other current liabilities
Non-current portion	341.6		370.5		Long-term finance lease liabilities
Total finance lease liabilities	361.4		390.2
Total lease liabilities	$	1,755.6	$	1,987.6

Lease Cost

The following table summarizes the composition of total lease cost during the fiscal periods presented:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020		Location Recorded in Earnings
	(millions)
Operating lease cost	$	300.2	$	323.5	$	322.0	(a)
Finance lease costs:
Depreciation of leased assets	26.1		20.5		18.1		SG&A expenses
Accretion of lease liabilities	12.2		9.7		8.1		Interest expense
Variable lease cost	291.2		224.7		298.0		(b)
Short-term lease cost	3.6		4.9		5.5		SG&A expenses
Sublease income	(6.7)		(1.8)		(2.9)		Restructuring and other charges, net
Total lease cost	$	626.6	$	581.5	$	648.8

Cash paid for amounts included in the measurement of lease liabilities

The following table summarizes certain cash flow information related to the Company's leases:


	Fiscal Year Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	384.6	$	360.6	$	383.9
Operating cash flows from finance leases	12.3		6.7		8.0
Financing cash flows from finance leases	23.1		13.9		13.6

Lease Liability Maturity

The following table presents a maturity analysis summary of contractual cash payments for the Company's lease liabilities recorded on the consolidated balance sheet as of April 2, 2022:


	April 2, 2022
	Operating Leases		Finance Leases
	(millions)
Fiscal 2023	$	286.1	$	32.5
Fiscal 2024	276.6		34.3
Fiscal 2025	230.7		34.8
Fiscal 2026	162.9		35.1
Fiscal 2027	141.4		34.6
Fiscal 2028 and thereafter	396.5		276.1
Total lease payments	1,494.2		447.4
Less: interest	(100.0)		(86.0)
Total lease liabilities	$	1,394.2	$	361.4

Supplemental lease information


	April 2, 2022				March 27, 2021
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	6.8		13.5		6.9		14.2
Weighted-average discount rate	1.9	%	3.2	%	2.0	%	3.3	%

Commitments and Contingencies (Tables)

12 Months Ended

Apr. 02, 2022

US Tax Reform [Member]

Other Commitments [Line Items]

Mandatory transition tax payments


	Mandatory Transition Tax Payments(a)
	(millions)
Fiscal 2023	$	13.9
Fiscal 2024	24.7
Fiscal 2025	33.0
Fiscal 2026	41.2

Total mandatory transition tax payments	$	112.8

(a)Included within current and non-current income tax payable in the consolidated balance sheets based upon the estimated timing of payments.

Equity (Tables)

12 Months Ended

Apr. 02, 2022

Equity [Abstract]

Summary of Repurchased Common Stock

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


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(in millions)
Cost of shares repurchased	$	450.5	$	—	$	650.3
Number of shares repurchased	3.7		—		6.2

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Apr. 02, 2022

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)(d)
	(millions)
Balance at March 30, 2019	$	(118.5)	$	20.2	$	(5.1)	$	(103.4)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(7.0)		21.2		(1.6)		12.6
Amounts reclassified from AOCI to earnings	(4.9)		(23.4)		0.9		(27.4)
Other comprehensive loss, net of tax	(11.9)		(2.2)		(0.7)		(14.8)
Balance at March 28, 2020	(130.4)		18.0		(5.8)		(118.2)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	7.2		(3.0)		3.3		7.5
Amounts reclassified from AOCI to earnings	—		(10.4)		0.3		(10.1)
Other comprehensive income (loss), net of tax	7.2		(13.4)		3.6		(2.6)
Balance at March 27, 2021	(123.2)		4.6		(2.2)		(120.8)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(66.5)		7.7		2.2		(56.6)
Amounts reclassified from AOCI to earnings	—		(3.3)		0.4		(2.9)
Other comprehensive income (loss), net of tax	(66.5)		4.4		2.6		(59.5)
Balance at April 2, 2022	$	(189.7)	$	9.0	$	0.4	$	(180.3)

(d)The Company generally releases income tax effects from AOCI when the corresponding pretax AOCI items are reclassified to earnings.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

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


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020		Location of Gains (Losses) Reclassified from AOCI to Earnings
	(millions)
Gains (losses) on cash flow hedges(a):
FC — Cash flow hedges	$	3.8	$	12.6	$	24.9	Cost of goods sold
FC — Cash flow hedges	—		(0.3)		1.1		Other income (expense), net
Tax effect	(0.5)		(1.9)		(2.6)		Income tax benefit (provision)
Net of tax	$	3.3	$	10.4	$	23.4

(a)FC = Forward foreign currency exchange contracts.

Stock-based Compensation (Tables)

12 Months Ended

Apr. 02, 2022

Share-based Payment Arrangement [Abstract]

Summary of the total compensation expense and the associated income tax benefits recognized related to stock-based compensation arrangements

A summary of total stock-based compensation expense and the related income tax benefits recognized is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Compensation expense(a)	$	81.7	$	72.7	$	100.6
Income tax benefit	(13.0)		(12.4)		(15.3)

Summary of the stock option activity under all plans

A summary of stock option activity during Fiscal 2022 is as follows:

Number of
Shares

Weighted-Average Exercise Price

Weighted-Average Remaining Contractual Term

Aggregate Intrinsic Value(a)

(thousands)

(years)

(millions)

Options outstanding at March 27, 2021

255

159.83

0.3

—

Granted

—

N/A

Exercised

—

N/A

Cancelled/Forfeited

(255)

159.83

Options outstanding at April 2, 2022

—

N/A

Options vested at April 2, 2022(b)

—

N/A

Options exercisable at April 2, 2022

—

N/A

(b)There were no nonvested stock options as of April 2, 2022. Accordingly, there was no related unrecognized compensation expense as of April 2, 2022.

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 service-based RSU activity during Fiscal 2022 is as follows:


	Service- based RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value
	(thousands)
Nonvested at March 27, 2021	1,809	$	77.20
Granted	555	117.33
Vested	(617)	86.76
Forfeited	(181)	82.32
Nonvested at April 2, 2022	1,566	$	87.07

Additional information pertaining to the restricted stock and restricted stock unit activity


	Service- based RSUs
Total unrecognized compensation expense at April 2, 2022 (millions)	$	47.9
Weighted-average period expected to be recognized over (years)	1.3

Additional information pertaining to service-based RSU activity is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
Service-based RSUs:
Weighted-average grant date fair value of awards granted	$	117.33	$	64.55	$	102.27
Total fair value of awards vested (millions)	$	79.5	$	33.4	$	52.5

Market-based restricted stock units [Member]

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

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

The assumptions used to estimate the fair value of TSR awards granted were as follows:


	Fiscal Years Ended
	April 2, 2022			March 27, 2021	March 28, 2020
Expected volatility	46.8		%	N/A	31.4		%
Expected dividend yield	2.2		%	N/A	3.2		%
Risk-free interest rate	0.4		%	N/A	1.4		%
Weighted-average grant date fair value	$	146.46		N/A	$	90.59

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 including TSR awards during Fiscal 2022 is as follows:


	Performance-based RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value
	(thousands)
Nonvested at March 27, 2021	600	$	105.85
Granted	239	129.56
Change due to performance and/or market condition achievement	9	169.86
Vested	(229)	140.16
Forfeited	(77)	98.12
Nonvested at April 2, 2022	542	$	104.29

Additional information pertaining to the restricted stock and restricted stock unit activity


	Performance-based RSUs
Total unrecognized compensation expense at April 2, 2022 (millions)	$	28.6
Weighted-average period expected to be recognized over (years)	1.9

Additional information pertaining to performance-based RSU activity including TSR awards is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
Performance-based RSUs:
Weighted-average grant date fair value of awards granted	$	129.56	N/A		$	85.80
Total fair value of awards vested (millions)	$	27.6	$	55.0	$	52.8

Segment Information (Tables)

12 Months Ended

Apr. 02, 2022

Segment Reporting [Abstract]

Net revenues by segment

Net revenues for each of the Company's segments are as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Net revenues:
North America	$	2,968.2	$	1,992.4	$	3,140.5
Europe	1,780.7		1,165.9		1,632.2
Asia	1,286.8		1,027.5		1,017.2
Other non-reportable segments	182.8		215.0		369.9
Total net revenues	$	6,218.5	$	4,400.8	$	6,159.8

Net operating income (loss) by segment

Operating income (loss) for each of the Company's segments is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Operating income (loss)(a):
North America	$	676.7	$	334.0	$	456.0
Europe	444.0		189.3		336.3
Asia	228.8		148.2		124.8
Other non-reportable segments	138.4		32.4		85.2
	1,487.9		703.9		1,002.3
Unallocated corporate expenses	(667.3)		(577.0)		(618.1)
Unallocated restructuring and other charges, net(b)	(22.2)		(170.5)		(67.2)
Total operating income (loss)	$	798.4	$	(43.6)	$	317.0


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Asset impairment charges:
North America	$	(2.4)	$	(12.2)	$	(1.9)
Europe	—		(24.3)		—
Asia	(1.1)		(1.4)		(3.7)
Other non-reportable segments	(0.3)		(18.2)		(19.3)
Unallocated corporate expenses	(17.5)		(39.9)		(6.7)
Total asset impairment charges	$	(21.3)	$	(96.0)	$	(31.6)

(b)The fiscal years presented included certain unallocated restructuring and other charges, net (see Note 9), which are detailed below:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Unallocated restructuring and other charges, net:
North America-related	$	0.1	$	(22.4)	$	(1.2)
Europe-related	2.1		(30.0)		(3.3)
Asia-related	2.8		(7.4)		(0.9)
Other non-reportable segment-related	(0.1)		(3.3)		(0.8)
Corporate operations-related	(8.9)		(96.0)		(31.4)
Unallocated restructuring charges	(4.0)		(159.1)		(37.6)
Other charges (see Note 9)	(18.2)		(11.4)		(29.6)
Total unallocated restructuring and other charges, net	$	(22.2)	$	(170.5)	$	(67.2)

Asset impairment charges by segment


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Asset impairment charges:
North America	$	(2.4)	$	(12.2)	$	(1.9)
Europe	—		(24.3)		—
Asia	(1.1)		(1.4)		(3.7)
Other non-reportable segments	(0.3)		(18.2)		(19.3)
Unallocated corporate expenses	(17.5)		(39.9)		(6.7)
Total asset impairment charges	$	(21.3)	$	(96.0)	$	(31.6)

Schedule of unallocated restructuring and other charges

The fiscal years presented included certain unallocated restructuring and other charges, net (see Note 9), which are detailed below:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Unallocated restructuring and other charges, net:
North America-related	$	0.1	$	(22.4)	$	(1.2)
Europe-related	2.1		(30.0)		(3.3)
Asia-related	2.8		(7.4)		(0.9)
Other non-reportable segment-related	(0.1)		(3.3)		(0.8)
Corporate operations-related	(8.9)		(96.0)		(31.4)
Unallocated restructuring charges	(4.0)		(159.1)		(37.6)
Other charges (see Note 9)	(18.2)		(11.4)		(29.6)
Total unallocated restructuring and other charges, net	$	(22.2)	$	(170.5)	$	(67.2)

Depreciation and amortization by segment

The following tables summarize depreciation and amortization expense and capital expenditures for each of the Company's segments:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Depreciation and amortization expense:
North America	$	72.8	$	73.4	$	74.6
Europe	32.3		31.6		32.8
Asia	51.9		56.3		59.3
Other non-reportable segments	0.4		4.3		5.4
Unallocated corporate	72.3		82.0		97.4

Total depreciation and amortization expense	$	229.7	$	247.6	$	269.5

Schedule of capital expenditures, by segment


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Capital expenditures:
North America	$	36.6	$	23.8	$	48.5
Europe	39.0		16.9		34.3
Asia	49.1		41.2		59.6
Other non-reportable segments	1.8		2.4		7.3
Unallocated corporate	40.4		23.5		120.6
Total capital expenditures	$	166.9	$	107.8	$	270.3

Net revenues and long-lived assets by geographic location

Net revenues and long-lived assets by geographic location of the reporting subsidiary are as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Net revenues(a):
The Americas(b)	$	3,164.5	$	2,208.4	$	3,516.4
Europe(c)	1,766.1		1,164.3		1,625.3
Asia(d)	1,287.9		1,028.1		1,018.1
Total net revenues	$	6,218.5	$	4,400.8	$	6,159.8


	April 2, 2022		March 27, 2021
	(millions)
Long-lived assets(a):
The Americas(b)	$	1,068.9	$	1,253.6
Europe(c)	698.2		682.1
Asia(d)	313.7		317.8
Total long-lived assets	$	2,080.8	$	2,253.5

(c)Includes the Middle East.

(d)Includes Australia and New Zealand.

Additional Financial Information (Tables)

12 Months Ended

Apr. 02, 2022

Supplemental Cash Flow Information [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash as of April 2, 2022 and March 27, 2021 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:


	April 2, 2022		March 27, 2021
	(millions)
Cash and cash equivalents	$	1,863.8	$	2,579.0
Restricted cash included within prepaid expenses and other current assets	1.6		1.5
Restricted cash included within other non-current assets	6.6		7.5
Total cash, cash equivalents, and restricted cash	$	1,872.0	$	2,588.0

Cash Interest and Taxes

Cash paid for interest and income taxes is as follows:


	Fiscal Years Ended
	April 2, 2022		March 27, 2021		March 28, 2020
	(millions)
Cash paid for interest	$	46.6	$	33.5	$	15.4
Cash paid for income taxes, net of refunds	216.3		47.8		135.5

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Apr. 02, 2022 Segment
Description of Business [Abstract]
Number of reportable segments	3

Basis of Presentation (Details) $ in Millions	Apr. 02, 2022 USD ($)
1.700% & 2.950% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,250

Summary of Significant Accounting Policies (Details) $ in Millions	Apr. 02, 2022 USD ($)
Accounting Policies [Abstract]
Contractually-Guaranteed Minimum Royalties - Fiscal 2023	$ 105.6
Contractually-Guaranteed Minimum Royalties - Fiscal 2024	76.3
Contractually-Guaranteed Minimum Royalties - Fiscal 2025	42.7
Contractually-Guaranteed Minimum Royalties - Fiscal 2026	23.6
Contractually-Guaranteed Minimum Royalties - Fiscal 2027	19.2
Contractually-Guaranteed Minimum Royalties - Fiscal 2028 and Thereafter	9.2
Contractually-Guaranteed Minimum Royalties - Total	$ 276.6

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 6,218.5	$ 4,400.8	$ 6,159.8
North America Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	2,968.2	1,992.4	3,140.5
Europe Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	1,780.7	1,165.9	1,632.2
Asia Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	1,286.8	1,027.5	1,017.2
Other Non-Reportable Segment-Related [Member]
Disaggregation of Revenue [Line Items]
Net revenues	182.8	215.0	369.9
Transferred at Point in Time [Member] \| Retail [Member]
Disaggregation of Revenue [Line Items]
Net revenues	3,941.5	2,779.8	3,740.9
Transferred at Point in Time [Member] \| Retail [Member] \| North America Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	1,878.6	1,214.1	1,727.3
Transferred at Point in Time [Member] \| Retail [Member] \| Europe Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	828.3	517.1	874.6
Transferred at Point in Time [Member] \| Retail [Member] \| Asia Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	1,207.4	968.4	948.0
Transferred at Point in Time [Member] \| Retail [Member] \| Other Non-Reportable Segment-Related [Member]
Disaggregation of Revenue [Line Items]
Net revenues	27.2	80.2	191.0
Transferred at Point in Time [Member] \| Wholesale [Member]
Disaggregation of Revenue [Line Items]
Net revenues	2,127.3	1,498.6	2,250.8
Transferred at Point in Time [Member] \| Wholesale [Member] \| North America Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	1,089.6	778.3	1,413.2
Transferred at Point in Time [Member] \| Wholesale [Member] \| Europe Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	952.4	648.8	757.6
Transferred at Point in Time [Member] \| Wholesale [Member] \| Asia Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	79.4	59.1	69.2
Transferred at Point in Time [Member] \| Wholesale [Member] \| Other Non-Reportable Segment-Related [Member]
Disaggregation of Revenue [Line Items]
Net revenues	5.9	12.4	10.8
Transferred over Time [Member] \| Licensing [Member]
Disaggregation of Revenue [Line Items]
Net revenues	149.7	122.4	168.1
Transferred over Time [Member] \| Licensing [Member] \| North America Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	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
Transferred over Time [Member] \| Licensing [Member] \| Asia Segment [Member]
Disaggregation of Revenue [Line Items]
Net revenues	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	$ 149.7	$ 122.4	$ 168.1

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Accounting Policies [Abstract]
Shipping Costs	$ 73.0	$ 54.8	$ 46.7
Handling Costs	$ 151.8	$ 138.3	$ 154.0

Summary of Significant Accounting Policies (Details 3) - shares shares in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Summary of basic and diluted shares
Basic shares	73.0	73.5	75.8
Dilutive effect of RSUs and stock options	1.3	0.0	1.4
Diluted shares	74.3	73.5	77.2
Incremental shares excluded due to net loss		1.2
Summary of Significant Accounting Policies (Textual) [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.1	0.4	0.8

Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
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	$ 173.7	$ 204.7	$ 176.5
Amount charged against revenue to increase reserve	407.7	280.1	580.1
Amount credited against customer accounts to decrease reserve	(392.9)	(317.4)	(550.3)
Foreign currency translation	(7.8)	6.3	(1.6)
Ending reserve balance	180.7	173.7	204.7
Allowance for Doubtful Accounts [Member]
Rollforward of activity in the Company's allowance for doubtful accounts and its aggregate reserves for returns, discounts, end-of-season markdowns and operational chargebacks
Beginning reserve balance	40.1	71.5	15.7
Amount recorded to expense to increase (decrease) reserve	(2.2)	(27.6)	58.7
Amount credited against customer accounts to decrease reserve	(2.8)	(6.1)	(2.6)
Foreign currency translation	(1.1)	2.3	(0.3)
Ending reserve balance	$ 34.0	$ 40.1	$ 71.5

Summary of Significant Accounting Policies (Details Textual) $ in Millions	12 Months Ended
	Apr. 02, 2022 USD ($) Customer	Mar. 27, 2021 USD ($)	Mar. 28, 2020 USD ($)
Summary of Significant Accounting Policies (Textual) [Abstract]
Deferred income	$ 16.6	$ 12.1
Advertising and marketing expenses	456.3	265.0	$ 278.0
Prepaid advertising and marketing	7.9	9.5
Foreign currency gains (losses)	$ 2.8	8.7	(1.1)
Impairment of Equity Method Investment			7.1
Wholesale customer payment terms	30 to 120 days
Number of Key Wholesale Customers \| Customer	3
Cloud computing expensed implementation costs	$ 9.2	8.4	4.3
Equity Method Investments [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Impairment of Equity Method Investment	$ 0.0	$ 0.0	$ 7.1
Minimum [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Initial lease term	3 years
Minimum [Member] \| Furniture and Fixtures [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property and equipment, useful lives	3 years
Minimum [Member] \| Machinery and Equipment [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property and equipment, useful lives	3 years
Minimum [Member] \| Computer Software & Equipment [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property and equipment, useful lives	3 years
Minimum [Member] \| Building and Building Improvements [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property and equipment, useful lives	10 years
Maximum [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Initial lease term	15 years
Maximum [Member] \| Furniture and Fixtures [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property and equipment, useful lives	7 years
Maximum [Member] \| Machinery and Equipment [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property and equipment, useful lives	7 years
Maximum [Member] \| Computer Software & Equipment [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property and equipment, useful lives	7 years
Maximum [Member] \| Building and Building Improvements [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property and equipment, useful lives	40 years
Total Net Revenue [Member] \| Customer Concentration Risk \| Three largest wholesale customers [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Contribution of Key Wholesale Customers	16.00%
Accounts Receivable [Member] \| Customer Concentration Risk \| Three largest wholesale customers [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Contribution of Key Wholesale Customers	31.00%

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Property and equipment, net
Land and improvements	$ 15.3	$ 15.3
Buildings and improvements	480.4	492.8
Furniture and fixtures	589.6	608.9
Machinery and equipment	375.7	391.8
Capitalized software	532.1	555.2
Leasehold improvements	1,170.1	1,207.2
Construction in progress	55.4	34.5
Property plant and equipment, gross	3,218.6	3,305.7
Less: accumulated depreciation	(2,249.1)	(2,291.7)
Property and equipment, net	969.5	1,014.0
Operating costs and expenses
Depreciation expense	$ 211.8	$ 227.4	$ 246.6

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 934.6	$ 915.5
Foreign currency translation	(25.9)	19.1
Goodwill, ending balance	908.7	934.6
North America Segment [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	421.8	421.8
Foreign currency translation	0.0	0.0
Goodwill, ending balance	421.8	421.8
Europe Segment [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	304.0	285.1
Foreign currency translation	(18.0)	18.9
Goodwill, ending balance	286.0	304.0
Asia Segment [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	76.8	76.6
Foreign currency translation	(7.9)	0.2
Goodwill, ending balance	68.9	76.8
Other non-reportable segments [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	132.0	132.0
Foreign currency translation	0.0	0.0
Goodwill, ending balance	$ 132.0	$ 132.0

Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Gross	$ 484.5	$ 496.1
Accumulated Amortization	(388.9)	(382.3)
Intangible assets subject to amortization, Net	95.6	113.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	491.8	503.4
Intangible assets, net	102.9	121.1
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets not subject to amortization, excluding goodwill	7.3	7.3
Reacquired Licensed Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Gross	228.6	231.7
Accumulated Amortization	(168.8)	(163.6)
Intangible assets subject to amortization, Net	59.8	68.1
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Gross	245.8	254.3
Accumulated Amortization	(212.3)	(211.0)
Intangible assets subject to amortization, Net	33.5	43.3
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Gross	10.1	10.1
Accumulated Amortization	(7.8)	(7.7)
Intangible assets subject to amortization, Net	$ 2.3	$ 2.4

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 17.9	$ 20.2	$ 22.9
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Fiscal 2023	14.0
Fiscal 2024	13.2
Fiscal 2025	12.9
Fiscal 2026	10.7
Fiscal 2027	10.0
Fiscal 2028 and thereafter	34.8
Intangible assets subject to amortization, Net	$ 95.6	$ 113.8

Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted-average useful life	7 years 10 months 24 days
Goodwill impairment charges	$ 0.0	$ 0.0	$ 0.0
Reacquired Licensed Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted-average useful life	8 years
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, weighted-average useful life	7 years 6 months

Other Assets and Liabilities (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Prepaid Expense and Other Current Assets
Non-trade receivables	$ 41.4	$ 28.9
Other taxes receivable	26.2	28.4
Prepaid software maintenance	16.4	12.9
Derivative financial instruments, current	8.7	5.6
Inventory return asset	8.3	8.3
Prepaid advertising and marketing	7.9	9.5
Prepaid logistic services	6.6	7.1
Tenant allowances receivable, current	6.1	8.7
Prepaid occupancy expense	6.0	6.7
Cloud computing arrangement implementation costs, current	4.0	8.2
Prepaid inventory	0.5	5.0
Other prepaid expenses and current assets	40.4	37.3
Total prepaid expenses and other current assets	172.5	166.6
Other Non-current Assets
Security deposits	30.6	31.1
Derivative financial instruments, noncurrent	23.7	10.2
Equity method and other investments	12.0	6.3
Cloud computing arrangement implementation costs, noncurrent	9.7	5.3
Restricted cash, noncurrent	6.6	7.5
Deferred Rent Receivables, Net, Noncurrent	5.2	3.4
Other non-current assets	23.4	22.6
Total other non-current assets	111.2	86.4
Accrued Expenses and Other Current Liabilities
Accrued payroll and benefits	278.0	223.6
Accrued inventory	250.2	196.1
Accrued operating expenses	223.4	225.0
Other taxes payable	60.9	64.6
Accrued capital expenditures	49.6	21.3
Dividends payable	48.1	0.0
Restructuring reserve, current	30.8	99.8
Finance lease obligations, current	19.8	19.7
Deferred income	16.5	12.0
Other accrued expenses and current liabilities	14.1	13.3
Total accrued expenses and other current liabilities	991.4	875.4
Other Non-Current Liabilities
Deferred lease incentives and obligations	52.7	62.4
Derivative financial instruments, non-current	18.1	55.1
Deferred tax liabilities	12.5	10.7
Accrued benefits and deferred compensation, noncurrent	12.0	22.4
Other non-current liabilities	36.6	39.7
Total other non-current liabilities	$ 131.9	$ 190.3

Impairment of Assets (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impairment of Long-Lived Assets Held-for-Use	$ 21.3	$ 96.0	$ 31.6
Impairment of Equity Method Investment			7.1
Restructuring Plan-Related [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impairment of Long-Lived Assets Held-for-Use		69.4	8.7
Other non-restructuring related [Member] \| Underperforming stores
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impairment of Long-Lived Assets Held-for-Use		17.5	$ 22.9
Other non-restructuring related [Member] \| Previously exited real estate locations for which the related lease agreement have not yet expired
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impairment of Long-Lived Assets Held-for-Use		$ 9.1

Restructuring and Other Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020	Mar. 30, 2019
Restructuring Cost and Reserve [Line Items]
Proceeds from sale of property	$ 0.0	$ 0.0	$ 20.8	$ 20.0
Other Charges	18.2	11.4	29.6
Provisional Swiss Tax Reform - Non-income-related Capital Taxes	6.4
Fiscal 2021 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	2.0	159.1
Cash-related Restructuring Charges, Cost Incurred to Date	161.1
Non-cash charges	23.3	77.7
Non-cash Charges, Cost Incurred to Date	101.0
Restructuring and non-cash charges	25.3	236.8
Restructuring and Related Cost, Cost Incurred to Date	262.1
Fiscal 2021 Strategic Realignment Plan \| Severance and benefit costs [Member]
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	(5.7)	144.2
Cash-related Restructuring Charges, Cost Incurred to Date	138.5
Fiscal 2021 Strategic Realignment Plan \| Other cash charges [Member]
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	7.7	14.9
Cash-related Restructuring Charges, Cost Incurred to Date	22.6
Restructuring Income	4.0
Fiscal 2021 Strategic Realignment Plan \| Impairment of Assets [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges	21.3	69.4
Non-cash Charges, Cost Incurred to Date	90.7
Fiscal 2021 Strategic Realignment Plan \| Inventory-related charges [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges	0.0	8.3
Non-cash Charges, Cost Incurred to Date	8.3
Fiscal 2021 Strategic Realignment Plan \| Accelerated stock-based compensation expense [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges	2.0	0.0
Non-cash Charges, Cost Incurred to Date	2.0
Fiscal 2019 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	0.0	0.0	34.0
Cash-related Restructuring Charges, Cost Incurred to Date	103.4
Non-cash charges			14.5
Non-cash Charges, Cost Incurred to Date	42.4
Restructuring and non-cash charges			48.5
Restructuring and Related Cost, Cost Incurred to Date	145.8
Fiscal 2019 Restructuring Plan [Member] \| Severance and benefit costs [Member]
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	0.0	0.0	30.1
Cash-related Restructuring Charges, Cost Incurred to Date	90.3
Fiscal 2019 Restructuring Plan [Member] \| Lease termination and store closure costs [Member]
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	0.0	0.0	0.5
Cash-related Restructuring Charges, Cost Incurred to Date	2.3
Fiscal 2019 Restructuring Plan [Member] \| Other cash charges [Member]
Restructuring Cost and Reserve [Line Items]
Cash-related restructuring charges	0.0	$ 0.0	3.4
Cash-related Restructuring Charges, Cost Incurred to Date	10.8
Fiscal 2019 Restructuring Plan [Member] \| Impairment of Assets [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges			8.7
Non-cash Charges, Cost Incurred to Date	19.0
Fiscal 2019 Restructuring Plan [Member] \| Inventory-related charges [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges			2.2
Non-cash Charges, Cost Incurred to Date	8.2
Fiscal 2019 Restructuring Plan [Member] \| Accelerated stock-based compensation expense [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges			3.6
Non-cash Charges, Cost Incurred to Date	3.6
Fiscal 2019 Restructuring Plan [Member] \| Loss on sale of property [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges			$ 0.0
Non-cash Charges, Cost Incurred to Date	$ 11.6

Restructuring and Other Charges (Details 1) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Fiscal 2021 Strategic Realignment Plan
Restructuring Reserve [Roll Forward]
Beginning restructuring reserve	$ 99.4	$ 0.0
Additions (reductions) charged to expense	2.0	159.1
Cash payments charged against reserve	(71.3)	(59.7)
Non-cash adjustments	(0.6)
Ending restructuring reserve	30.7	99.4	$ 0.0
Fiscal 2021 Strategic Realignment Plan \| Severance and benefit costs [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring reserve	96.2	0.0
Additions (reductions) charged to expense	(5.7)	144.2
Cash payments charged against reserve	(60.5)	(48.0)
Non-cash adjustments	0.6
Ending restructuring reserve	30.6	96.2	0.0
Fiscal 2021 Strategic Realignment Plan \| Other cash charges [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring reserve	3.2	0.0
Additions (reductions) charged to expense	7.7	14.9
Cash payments charged against reserve	(10.8)	(11.7)
Non-cash adjustments	0.0
Ending restructuring reserve	0.1	3.2	0.0
Fiscal 2019 Restructuring Plan [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring reserve	2.7	24.1	41.6
Additions (reductions) charged to expense	0.0	0.0	34.0
Cash payments charged against reserve	(2.5)	(21.4)	(51.1)
Non-cash adjustments			0.4
Ending restructuring reserve	0.2	2.7	24.1
Fiscal 2019 Restructuring Plan [Member] \| Severance and benefit costs [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring reserve	2.7	23.5	41.0
Additions (reductions) charged to expense	0.0	0.0	30.1
Cash payments charged against reserve	(2.5)	(20.8)	(47.6)
Non-cash adjustments			0.0
Ending restructuring reserve	0.2	2.7	23.5
Fiscal 2019 Restructuring Plan [Member] \| Lease termination and store closure costs [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring reserve	0.0	0.0	0.5
Additions (reductions) charged to expense	0.0	0.0	0.5
Cash payments charged against reserve	0.0	0.0	(0.6)
Non-cash adjustments			0.4
Ending restructuring reserve	0.0	0.0	0.0
Fiscal 2019 Restructuring Plan [Member] \| Other cash charges [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring reserve	0.0	0.6	0.1
Additions (reductions) charged to expense	0.0	0.0	3.4
Cash payments charged against reserve	0.0	(0.6)	(2.9)
Non-cash adjustments			0.0
Ending restructuring reserve	$ 0.0	$ 0.0	$ 0.6

Restructuring and Other Charges (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Restructuring Cost and Reserve [Line Items]
Gain (Loss) on Disposition of Stock in Subsidiary	$ 0.0
Other Charges	$ 18.2	$ 11.4	$ 29.6
Club Monaco earn-out payment period	5 years
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	$ 11.8	11.4	8.8
Fiscal 2021 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and non-cash charges	25.3	236.8
Cash-related restructuring charges	2.0	159.1
Non-cash charges	23.3	77.7
Payments for Restructuring	71.3	59.7
Restructuring reserve	30.7	$ 99.4	$ 0.0
Fiscal 2021 Strategic Realignment Plan \| Charitable Donation
Restructuring Cost and Reserve [Line Items]
Other Charges	4.0
Fiscal 2021 Strategic Realignment Plan \| Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	300.0
Fiscal 2021 Strategic Realignment Plan \| Minimum [Member] \| Cash-related restructuring charges
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	180.0
Fiscal 2021 Strategic Realignment Plan \| Minimum [Member] \| Non-cash related restructuring charges
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 120.0

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Domestic	$ 180.7	$ (285.0)	$ (82.9)
Foreign	573.9	210.2	409.3
Income (loss) before income taxes	$ 754.6	$ (74.8)	$ 326.4

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes (Details 1) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 1) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Current:
Federal	$ (24.2)	$ 38.5	$ 1.5
State and local	(21.6)	1.5	(19.8)
Foreign	(154.8)	(50.7)	(92.6)
Total Current Provision for Income Taxes	(200.6)	(10.7)	(110.9)
Deferred:
Federal	53.8	(19.2)	18.0
State and local	8.2	3.5	5.6
Foreign	(15.9)	(19.9)	145.2
Total deferred benefit (provision) for income taxes	46.1	(35.6)	168.8
Income tax benefit (provision)	$ (154.5)	$ (46.3)	$ 57.9

Income Taxes (Details 2) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Benefit (provision) for income taxes at the U.S. federal statutory rate	$ (158.5)	$ 15.7	$ (68.5)
Change due to:
State and local income taxes, net of federal benefit	(14.5)	6.1	(1.5)
Foreign income taxed at different rates, net of U.S. foreign tax credits	(2.6)	(4.8)	24.7
Deferred tax adjustments	8.0	0.0	0.0
Foreign-derived intangible income benefit	20.3	0.0	0.0
Change in valuation allowance on deferred tax assets	3.6	(34.9)	(1.7)
Unrecognized tax benefits and settlements of tax examinations	(11.5)	(4.6)	(9.2)
Swiss Tax Act benefit (expense)	0.0	(13.8)	125.3
Compensation-related adjustments	(9.4)	(12.9)	(10.7)
Charitable contributions	3.7	7.4	0.2
Transfer pricing adjustments	0.0	(4.1)	0.0
Other	6.4	(0.4)	(0.7)
Income tax benefit (provision)	$ (154.5)	$ (46.3)	$ 57.9
Effective tax rate	20.50%	(61.90%)	(17.70%)

Income Taxes (Details 3) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Non-current deferred tax assets (liabilities):
Lease liabilities	$ 349.5	$ 406.6
Deferred income	96.0	1.2
Net operating loss carryforwards	58.9	59.6
Deferred compensation	34.5	49.7
Unrecognized tax benefits	31.7	23.3
Receivable allowances and reserves	31.2	30.5
Inventory basis difference	27.5	44.9
Property and equipment - DTA	15.7	22.8
GILTI-related carryforwards	10.6	34.1
Accrued expenses	7.3	13.0
Transfer pricing	4.1	4.1
Charitable contribution carryforwards	0.4	18.4
Lease right-of-use assets	(273.1)	(322.0)
Goodwill and other intangible assets	(53.9)	(48.2)
Cumulative translation adjustment and hedges	(11.3)	4.0
Other	7.3	3.2
Valuation allowance	(45.1)	(72.0)
Net deferred tax assets	291.3	273.2
Deferred tax assets, gross	303.8	283.9
Deferred tax liabilities, gross	$ 12.5	$ 10.7

Income Taxes (Details 4) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 4) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Reconciliation of unrecognized tax benefits, excluding interest and penalties
Unrecognized tax benefits beginning balance	$ 71.4	$ 72.7	$ 65.2
Additions related to current period tax positions	21.6	3.2	6.0
Additions related to prior period tax positions	8.1	8.8	30.5
Reductions related to prior period tax positions	(7.6)	(4.2)	(18.7)
Reductions related to expiration of statutes of limitations	(1.1)	(2.1)	(1.2)
Reductions related to settlements with taxing authorities	(14.8)	(9.6)	(8.8)
Additions related to foreign currency translation		2.6
Reductions related to foreign currency translation	(2.2)		(0.3)
Unrecognized tax benefits ending balance	75.4	71.4	72.7
Reconciliation of accrued interest and penalties related to unrecognized tax benefits
Accrued interest and penalties beginning balance	20.0	16.2	13.6
Net additions charged to expense	2.6	5.5	7.0
Reductions related to prior period tax positions	(0.9)	(1.7)	(1.9)
Reductions related to settlements with taxing authorities	(5.0)	(0.3)	(2.5)
Additions (reductions) related to foreign currency translation	(0.2)	0.3	0.0
Accrued interest and penalties ending balance	$ 16.5	$ 20.0	$ 16.2

Income Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Operating Loss Carryforwards [Line Items]
Provisional Swiss Tax Reform - Non-income-related Capital Taxes	$ 6.4
Provisional One-Time Swiss Tax Reform Benefit - Revaluation of Deferred Tax Assets		$ (13.8)	$ 122.9
Effective Income Tax Rate Reconciliation - Swiss Tax Reform Benefit, Percent		18.40%	(37.60%)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Undistributed earnings of foreign subsidiaries expected to be permanently reinvested	$ 1,884.0
Non-current liability for unrecognized tax benefits	91.9	$ 91.4
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	60.1	$ 68.0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	5.8
Operating Loss Carryforwards, Valuation Allowance	4.7
Valuation Allowance, Deferred Tax Asset, Change in Amount	3.8
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	3.8
Operating Loss Carryforwards, Valuation Allowance	27.6
Valuation Allowance, Deferred Tax Asset, Change in Amount	0.2
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 16.9

Debt (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Debt Instrument [Line Items]
Total debt	$ 1,636.3	$ 1,632.9
Short-term debt and current portion of long-term debt	499.8	0.0
Long-term debt	1,136.5	1,632.9
3.750% Senior Notes
Debt Instrument [Line Items]
Senior Notes	397.7	397.1
Unamortized Debt Issuance Costs	(2.3)	(2.9)
1.700% Senior Notes
Debt Instrument [Line Items]
Senior Notes	499.8	498.4
Unamortized Debt Issuance Costs	(0.2)	(1.6)
2.950% Senior Notes
Debt Instrument [Line Items]
Senior Notes	738.8	737.4
Unamortized Debt Issuance Costs	$ (11.2)	$ (12.6)

Debt (Details Textual) - USD ($) $ in Millions	12 Months Ended
Debt (Details Textual) - USD ($) $ in Millions	Apr. 02, 2022	Sep. 26, 2018
2.125% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 300
Debt instrument, maturity date	Sep. 26, 2018
Interest rate on debt		2.125%
2.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300
Debt instrument, maturity date	Aug. 18, 2020
Interest rate on debt	2.625%
3.750% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400
Debt instrument, maturity date	Sep. 15, 2025
Long-term debt, net of discount	99.521%
Interest rate on debt	3.75%
1.700% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500
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
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750
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.

Debt (Details Textual 1) ¥ in Millions, ¥ in Millions, $ in Millions, ₩ in Billions	12 Months Ended
	Apr. 02, 2022 USD ($) Quarter	Mar. 27, 2021 USD ($)	Mar. 28, 2020 USD ($)	Apr. 29, 2022 USD ($)	Apr. 29, 2022 CNY (¥)	Apr. 02, 2022 CNY (¥)	Apr. 02, 2022 KRW (₩)	Apr. 02, 2022 JPY (¥)
Credit Facilities (Textual) [Abstract]
Maximum expected combined borrowings outstanding - Commercial Paper Program and Global Credit Facility	$ 500.0
Commercial Paper	0.0	$ 0.0
Line of credit facility, contingent liability for outstanding LOCs	9.5
Proceeds from credit facility borrowings	0.0	0.0	$ 475.0
Commercial Paper [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity	$ 500.0
Commercial Paper [Member] \| Maximum [Member]
Credit Facilities (Textual) [Abstract]
Short-term Debt, Term	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	$ 9.5	8.9
Commitment fee, percentage	0.09%
Maximum ratio of adjusted debt to consolidated EBITDAR as of date of measurement for four consecutive quarters	4.25
Leverage Ratio Number of Consecutive Fiscal Quarters Used \| Quarter	4
Credit facility covenant terms	The Global Credit Facility contains a number of covenants that, among other things, restrict the Company's ability, subject to specified exceptions, to incur additional debt; incur liens; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve itself; engage in businesses that are not in a related line of business; make loans, advances, or guarantees; engage in transactions with affiliates; and make certain investments. As originally implemented, the Global Credit Facility also requires the Company to maintain a maximum ratio of Adjusted Debt to Consolidated EBITDAR (the "leverage ratio") of no greater than 4.25 as of the date of measurement for the four most recent consecutive fiscal quarters. Adjusted Debt is defined generally as consolidated debt outstanding, including finance lease obligations, plus all operating lease obligations. Consolidated EBITDAR is defined generally as consolidated net income plus (i) income tax expense, (ii) net interest expense, (iii) depreciation and amortization expense, (iv) operating lease cost, (v) restructuring and other non-recurring expenses, and (vi) acquisition-related costs.
Credit Facility covenant compliance	no Event of Default (as such term is defined pursuant to the Global Credit Facility) has occurred under the Company's Global Credit Facility
Proceeds from credit facility borrowings			$ 475.0
China Credit Facility [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity	$ 8.0					¥ 50
Line of credit facility, expiration date	Apr. 03, 2023
China Credit Facility [Member] \| Subsequent Event [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity				$ 16.0	¥ 100
South Korea Credit Facility [Member]
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity	$ 25.0						₩ 30
Line of credit facility, expiration date	Oct. 28, 2022
Japan Overdraft Facility
Credit Facilities (Textual) [Abstract]
Maximum borrowing capacity	$ 41.0							¥ 5,000
Line of credit facility, expiration date	Apr. 28, 2023
Pan-Asia Borrowing Facilities
Credit Facilities (Textual) [Abstract]
Borrowings outstanding under revolving credit facilities	$ 0.0	$ 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%
Federal Reserve Bank of New York \| Global Credit Facility Third Amendment
Credit Facilities (Textual) [Abstract]
Percentage of variable rate	0.50%
Adjusted Term Secured Overnight Financing Rate \| Global Credit Facility Third Amendment
Credit Facilities (Textual) [Abstract]
Percentage of variable rate	1.00%
Daily Simple Secured Overnight Financing Rate \| Global Credit Facility Third Amendment
Credit Facilities (Textual) [Abstract]
Percentage of variable rate	0.10%

Fair Value Measurements (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Financial assets recorded at fair value:
Derivative assets, fair value	$ 32.4	$ 15.8
Financial liabilities recorded at fair value
Derivative liabilities, fair value	18.3	55.4
Fair Value, Inputs, Level 2 [Member] \| Fair Value Measurements, Recurring [Member]
Financial assets recorded at fair value:
Derivative assets, fair value	32.4	15.8
Financial liabilities recorded at fair value
Derivative liabilities, fair value	$ 18.3	$ 55.4

Fair Value Measurements (Details 1) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
3.750% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Carrying Value, Noncurrent	$ 397.7	$ 397.1
1.700% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Carrying Value, Noncurrent		498.4
Senior Notes, Carrying Value, Current	499.8
2.950% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Carrying Value, Noncurrent	738.8	737.4
Fair Value, Inputs, Level 2 [Member] \| 3.750% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Fair Value	407.9	443.4
Fair Value, Inputs, Level 2 [Member] \| 1.700% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Fair Value	500.5	507.8
Fair Value, Inputs, Level 2 [Member] \| 2.950% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Fair Value	$ 721.0	$ 779.4

Fair Value Measurements (Details 2) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details 2) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Long-Lived Assets Held-for-Use	$ 21.3	$ 96.0	$ 31.6
Impairment of Equity Method Investment			7.1
Property, Plant and Equipment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value as of Impairment Date	0.0	23.5	2.4
Impairment of Long-Lived Assets Held-for-Use	1.0	44.1	16.8
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	27.8	84.3	120.8
Impairment of Long-Lived Assets Held-for-Use	20.3	51.9	239.9
Equity Method Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value as of Impairment Date			1.3
Impairment of Equity Method Investment	$ 0.0	$ 0.0	$ 7.1
Accounting Standards Update 2016-02 [Member] \| Operating Lease, Right-of-Use Asset [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
ROU Asset impairment, impact of adoption of ASU 2016-02				$ 225.1
Retained Earnings impact of adoption of ASU 2016-02				$ (169.4)

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Fair Value Disclosures [Abstract]
Goodwill impairment charges	$ 0.0	$ 0.0	$ 0.0

Financial Instruments (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	$ 1,161.5	$ 1,134.5
Derivative Assets
Derivative assets, fair value	32.4	15.8
Derivative Liabilities
Derivative liabilities, fair value	18.3	55.4
Designated [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	936.5	892.1
Derivative Assets
Derivative assets, fair value	30.3	15.2
Derivative Liabilities
Derivative liabilities, fair value	18.1	55.1
Undesignated [Member] \| Foreign Exchange Forward [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	225.0	242.4
Undesignated [Member] \| Foreign Exchange Forward [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivative Assets
Derivative assets, fair value	2.1	0.6
Undesignated [Member] \| Foreign Exchange Forward [Member] \| Accrued expenses and other [Member]
Derivative Liabilities
Derivative liabilities, fair value	0.2	0.3
Cash Flow Hedging [Member] \| Designated [Member] \| Foreign Exchange Forward [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	236.5	168.9
Derivative Liabilities
Foreign Currency Cash Flow Hedge Liability at Fair Value	0.0	0.0
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	6.6	5.0
Net Investment Hedging [Member] \| Designated [Member]
Notional Amounts of Derivative Financial Instruments
Notional amount of hedges	700.0	723.2
Net Investment Hedging [Member] \| Designated [Member] \| Other Noncurrent Assets [Member]
Derivative Assets
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value	23.7	10.2
Net Investment Hedging [Member] \| Designated [Member] \| Other Noncurrent Liabilities [Member]
Derivative Liabilities
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value	$ 18.1	$ 55.1

Financial Instruments (Details 1) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets, gross amount in the balance sheet	$ 32.4	$ 15.8
Gross amount of derivatives assets subject to master netting arrangements not offset	(0.2)	(0.3)
Derivative Asset, net basis	32.2	15.5
Derivative Liability, gross amount in the balance sheet	18.3	55.4
Gross amount of derivative liabilities subject to master netting arrangements not offset	(0.2)	(0.3)
Derivative Liability, net basis	$ 18.1	$ 55.1

Financial Instruments (Details 2) - USD ($) $ in Millions	12 Months Ended
Financial Instruments (Details 2) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Reclassification of hedge gain (loss) from accumulated OCI into income
Cost of goods sold	$ (2,071.0)	$ (1,539.4)	$ (2,506.5)
Other income (expense), net	4.7	7.6	(7.4)
Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income, Designated Hedges, Before Reclassifications and Tax	59.4	(89.8)	62.4
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings	11.9	11.3	19.0
Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	9.0	(3.5)	24.0
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 - cash flow hedge impact	3.8	12.6	24.9
Other income (expense), net	0.0	(0.3)	1.1
Effective portion \| Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	46.8	(35.5)	7.7
Portion excluded from assessment of hedge effectiveness \| Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	3.6	(50.8)	30.7
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings	$ 11.9	$ 11.3	$ 19.0

Financial Instruments (Details 3) - USD ($) $ in Millions	12 Months Ended
Financial Instruments (Details 3) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 6.9	$ (0.8)	$ 16.0
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 6.9	$ (0.8)	$ 16.0

Financial Instruments (Details Textual) $ in Millions	12 Months Ended
Financial Instruments (Details Textual) $ in Millions	Apr. 02, 2022 USD ($) counterparty
Derivative [Line Items]
Number of counterparties to master netting arrangements \| counterparty	9
Net gains (losses) deferred in AOCI for derivative financial instruments expected to be recognized in the earnings over the next 12 months \| $	$ 10.0
Maximum length of time hedged in cash flow hedge	12 months
Minimum [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Term of Contract	2 months
Maximum [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Term of Contract	1 year

Financial Instruments (Details Textual 1) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Debt Securities, Available-for-sale [Line Items]
Short-term investments	$ 734.6	$ 197.5
Bank Time Deposits [Member]
Debt Securities, Available-for-sale [Line Items]
Short-term investments	$ 734.6	$ 197.5

Leases (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Lessee Disclosure [Abstract]
Operating lease right-of-use assets	$ 1,111.3	$ 1,239.5
Finance lease right-of-use assets	299.4	331.6
Total lease assets	1,410.7	1,571.1
Current operating lease liabilities	262.0	302.9
Long-term operating lease liabilities	1,132.2	1,294.5
Total operating lease liabilities	1,394.2	1,597.4
Current portion of finance lease liabilities	19.8	19.7
Long-term finance lease liabilities	341.6	370.5
Total finance lease liabilities	361.4	390.2
Total lease liabilities	$ 1,755.6	$ 1,987.6
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current

Leases (Details 1) - USD ($) $ in Millions	12 Months Ended
Leases (Details 1) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Lease, Cost [Abstract]
Operating lease cost	$ 300.2	$ 323.5	$ 322.0
Variable lease cost	291.2	224.7	298.0
Total lease cost	626.6	581.5	648.8
Cost of goods sold
Lease, Cost [Abstract]
Operating lease cost	3.3	3.4	4.4
Variable lease cost	4.6	4.5	4.7
SG&A expenses
Lease, Cost [Abstract]
Operating lease cost	276.2	307.0	307.3
Variable lease cost	288.6	220.2	290.3
Short-term lease cost	3.6	4.9	5.5
Finance Lease Cost [Abstract]
Depreciation of finance lease assets	26.1	20.5	18.1
Restructuring and other charges
Lease, Cost [Abstract]
Operating lease cost	20.7	13.1	10.3
Variable lease cost			3.0
Variable lease income	(2.0)
Sublease income	(6.7)	(1.8)	(2.9)
Interest expense
Finance Lease Cost [Abstract]
Accretion of finance lease liabilities	$ 12.2	$ 9.7	$ 8.1

Leases (Details 2) - USD ($) $ in Millions	12 Months Ended
Leases (Details 2) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Lessee Disclosure [Abstract]
Operating cash flows from operating leases	$ 384.6	$ 360.6	$ 383.9
Operating cash flows from finance leases	12.3	6.7	8.0
Financing cash flows from finance leases	$ 23.1	$ 13.9	$ 13.6

Leases (Details 3) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021
Operating Lease Liabilities, Payments, Due [Abstract]
Fiscal 2023	$ 286.1
Fiscal 2024	276.6
Fiscal 2025	230.7
Fiscal 2026	162.9
Fiscal 2027	141.4
Fiscal 2028 and thereafter	396.5
Total lease payments	1,494.2
Less: interest	(100.0)
Total lease liabilities	1,394.2	$ 1,597.4
Finance Lease Liabilities, Payments, Due [Abstract]
Fiscal 2023	32.5
Fiscal 2024	34.3
Fiscal 2025	34.8
Fiscal 2026	35.1
Fiscal 2027	34.6
Fiscal 2028 and thereafter	276.1
Total lease payments	447.4
Less: interest	(86.0)
Total lease liabilities	361.4	$ 390.2
Future payment obligation for leases not commenced	$ 23.9

Leases (Details 4)	Apr. 02, 2022	Mar. 27, 2021
Lessee Disclosure [Abstract]
Operating leases - weighted-average remaining lease term (years)	6 years 9 months 18 days	6 years 10 months 24 days
Operating leases - weighted-average discount rate	1.90%	2.00%
Finance leases - weighted-average remaining lease term (years)	13 years 6 months	14 years 2 months 12 days
Finance leases - weighted-average discount rate	3.20%	3.30%

Commitments and Contingencies (Details) $ in Millions	Apr. 02, 2022 USD ($)
Other Commitments [Abstract]
Contractual Obligation	$ 1,339.0
Line of credit facility, contingent liability for outstanding LOCs	9.5
Future payment obligation for leases not commenced	23.9
Inventory-related commitments [Member]
Other Commitments [Abstract]
Contractual Obligation	916.0
Interest payment
Other Commitments [Abstract]
Contractual Obligation	244.9
Other Commitments [Member]
Other Commitments [Abstract]
Contractual Obligation	144.9
US Tax Reform [Member]
Loss Contingencies [Line Items]
Mandatory Transition Tax Payments Due in Fiscal 2023	13.9
Mandatory Transition Tax Payments Due in Fiscal 2024	24.7
Mandatory Transition Tax Payments Due in Fiscal 2025	33.0
Mandatory Transition Tax Payments Due in Fiscal 2026	41.2
Mandatory Transition Tax Payments Due under the Tax Reform, Net of Foreign Tax Credit Carryover	$ 112.8

Equity (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased	$ 492.6	$ 37.7	$ 694.8
Stock Repurchase Program, Authorized Amount	1,500.0
Stock Repurchase Program, Remaining Available Amount	1,629.0
General repurchase program [Member]
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased	$ 450.5	$ 0.0	$ 650.3
Number of shares repurchased	3.7	0.0	6.2
Withholding in satisfaction of taxes on vested equity award [Member]
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased	$ 42.1	$ 37.7	$ 44.5
Number of shares repurchased	0.4	0.5	0.4

Equity (Details Textual) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
Equity (Details Textual) $ / shares in Units, $ in Millions	May 18, 2022 $ / shares	Jun. 27, 2020 $ / shares	Apr. 02, 2022 USD ($) class_of_stock $ / shares shares	Mar. 27, 2021 USD ($) $ / shares	Mar. 28, 2020 USD ($) $ / shares shares
Class of Stock [Line Items]
Number of classes of stock \| class_of_stock			2
Conversion of Stock, Conversion Ratio			one-for-one
Conversion of Stock, Shares Converted					1,000,000
Quarterly dividend per share \| $ / shares		$ 0.6875	$ 2.75	$ 0	$ 2.75
Payments of Ordinary Dividends, Common Stock \| $			$ (150.0)	$ (49.8)	$ (203.9)
Subsequent Event [Member]
Class of Stock [Line Items]
Quarterly dividend per share \| $ / shares	$ 0.75
Common stock, Class A
Class of Stock [Line Items]
Common stock authorized to be issued			500,000,000
Number of votes per share			1
Common stock, Class B
Class of Stock [Line Items]
Common stock authorized to be issued			100,000,000
Number of votes per share			10

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (120.8)
OCI before reclassifications	(56.6)	$ 7.5	$ 12.6
Amounts reclassified from AOCI to earnings	(2.9)	(10.1)	(27.4)
Other comprehensive income (loss), net of tax	(59.5)	(2.6)	(14.8)
Ending balance	(180.3)	(120.8)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	17.7	(22.1)	9.2
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	38.1	(65.6)	29.0
Gain (Loss) on Derivative Used in Net Investment Hedge, Tax	12.3	(20.7)	9.4
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	1.3	(0.5)	2.8
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax		1.2
Foreign Currency Translation Gains (Losses) [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(123.2)	(130.4)	(118.5)
OCI before reclassifications	(66.5)	7.2	(7.0)
Amounts reclassified from AOCI to earnings	0.0	0.0	(4.9)
Other comprehensive income (loss), net of tax	(66.5)	7.2	(11.9)
Ending balance	(189.7)	(123.2)	(130.4)
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	4.6	18.0	20.2
OCI before reclassifications	7.7	(3.0)	21.2
Amounts reclassified from AOCI to earnings	(3.3)	(10.4)	(23.4)
Other comprehensive income (loss), net of tax	4.4	(13.4)	(2.2)
Ending balance	9.0	4.6	18.0
Net Unrealized Gains (Losses) on Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(2.2)	(5.8)	(5.1)
OCI before reclassifications	2.2	3.3	(1.6)
Amounts reclassified from AOCI to earnings	0.4	0.3	0.9
Other comprehensive income (loss), net of tax	2.6	3.6	(0.7)
Ending balance	0.4	(2.2)	(5.8)
AOCI [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(120.8)	(118.2)	(103.4)
Other comprehensive income (loss), net of tax	(59.5)	(2.6)	(14.8)
Ending balance	$ (180.3)	$ (120.8)	$ (118.2)

Accumulated Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense), net	$ 4.7	$ 7.6	$ (7.4)
Income tax benefit (provision)	(154.5)	(46.3)	57.9
Net income (loss)	600.1	(121.1)	384.3
Cash Flow Hedging [Member] \| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax benefit (provision)	(0.5)	(1.9)	(2.6)
Net income (loss)	3.3	10.4	23.4
Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member] \| Cash Flow Hedging [Member] \| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of goods sold - cash flow hedge impact	3.8	12.6	24.9
Other income (expense), net	$ 0.0	$ (0.3)	$ 1.1

- 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	12 Months Ended
Stock-based Compensation (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Summary of the total compensation expense and the associated income tax benefits recognized related to stock-based compensation arrangements
Compensation expense	$ 81.7	$ 72.7	$ 100.6
Income tax benefit	(13.0)	(12.4)	(15.3)
Fiscal 2019 Restructuring Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash charges			14.5
Fiscal 2021 Strategic Realignment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash charges	23.3	77.7
Accelerated stock-based compensation expense [Member] \| Fiscal 2019 Restructuring Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash charges			$ 3.6
Accelerated stock-based compensation expense [Member] \| Fiscal 2021 Strategic Realignment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash charges	$ 2.0	$ 0.0

Stock-based Compensation (Details 1) - Service-based Restricted Stock Units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Number of Shares
Nonvested, beginning balance	1,809
Granted	555
Vested	(617)
Forfeited	(181)
Nonvested, ending balance	1,566	1,809
Granted, weighted-average grant date fair value	$ 117.33	$ 64.55	$ 102.27
Weighted Average Grant Date Fair Value
Nonvested, weighted average grant date fair value, Beginning Balance	77.20
Vested, weighted average grant date fair value	86.76
Forfeited, weighted average grant date fair value	82.32
Nonvested, weighted average grant date fair value, Ending Balance	$ 87.07	$ 77.20
Unrecognized compensation expenses related to nonvested restricted stock and nonvested restricted stock units granted	$ 47.9
Unrecognized compensation expenses related to nonvested restricted stock and restricted stock units granted, weighted average recognition period	1 year 3 months 18 days

Stock-based Compensation (Details 2) - Service-based Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted-average grant date fair value	$ 117.33	$ 64.55	$ 102.27
Total fair value of awards vested	$ 79.5	$ 33.4	$ 52.5

Stock-based Compensation (Details 3) - Market-based restricted stock units [Member] - $ / shares	12 Months Ended
	Apr. 02, 2022	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	46.80%	31.40%
Expected dividend yield	2.20%	3.20%
Risk-free interest rate	0.40%	1.40%
Granted, weighted-average grant date fair value	$ 146.46	$ 90.59

Stock-based Compensation (Details 4) - Performance-based restricted stock units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 28, 2020
Number of Shares
Nonvested, beginning balance	600
Granted	239
Change due to performance condition achievement	9
Vested	(229)
Forfeited	(77)
Nonvested, ending balance	542
Weighted Average Grant Date Fair Value
Nonvested, weighted average grant date fair value, Beginning Balance	$ 105.85
Granted, weighted-average grant date fair value	129.56	$ 85.80
Change due to performance condition achievement, weighted average grant date fair value	169.86
Vested, weighted average grant date fair value	140.16
Forfeited, weighted average grant date fair value	98.12
Nonvested, weighted average grant date fair value, Ending Balance	$ 104.29
Unrecognized compensation expenses related to nonvested restricted stock and nonvested restricted stock units granted	$ 28.6
Unrecognized compensation expenses related to nonvested restricted stock and restricted stock units granted, weighted average recognition period	1 year 10 months 24 days

Stock-based Compensation (Details 5) - Performance-based restricted stock units [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted-average grant date fair value	$ 129.56		$ 85.80
Total fair value of awards vested	$ 27.6	$ 55.0	$ 52.8

Stock-based Compensation (Details 6) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Number of Shares
Options beginning outstanding	255
Granted	0	0	0
Exercised	0
Cancelled/Forfeited	(255)
Options ending outstanding	0	255
Options vested	0
Options exercisable	0
Weighted Average Exercise Price
Options outstanding, weighted average exercise price, Beginning balance	$ 159.83
Cancelled/Forfeited, weighted average exercise price	$ 159.83
Options outstanding, weighted average exercise price, Ending balance		$ 159.83
Weighted Average Remaining Contractual Term
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		3 months 18 days
Aggregate Intrinsic Value
Options outstanding, aggregate intrinsic value, period start	$ 0.0
Options outstanding, aggregate intrinsic value, period end		$ 0.0

Stock-based Compensation (Details 7) - shares shares in Thousands	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	0

Stock-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 28, 2020	Aug. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future issuance	3,200
Nonvested options	0
Service-based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation expenses related to nonvested stock options granted	$ 47.9
Unrecognized compensation expenses related to nonvested stock options granted, weighted average recognition period	1 year 3 months 18 days
Performance-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Period	3 years
Unrecognized compensation expenses related to nonvested stock options granted	$ 28.6
Unrecognized compensation expenses related to nonvested stock options granted, weighted average recognition period	1 year 10 months 24 days
Performance-based restricted stock units [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	0.00%
Performance-based restricted stock units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	200.00%
Market-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Market-based restricted stock units [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	0.00%
Market-based restricted stock units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	200.00%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock options expiration period	7 years
Unrecognized compensation expenses related to nonvested stock options granted	$ 0.0
2019 Long-Term Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		1,200
2010 Long-Term Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			3,000

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Maximum amount of employee contributions eligible for the Company's discretionary match	6.00%
Required service period for participants to become fully vested	5 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 12.9	$ 9.8	$ 8.7
Defined benefit plans, net assets (liabilities)	2.5	0.7
Aggregate projected benefit obligations	46.1	56.1
Aggregate fair value of plan assets	48.6	56.8
Total defined benefit plan expense	4.6	5.1	5.0
Defined benefit plan expense - service cost	$ 4.8	$ 5.9	$ 4.7
Above target performance - minimum match
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	67.00%
Above target performance - maximum match
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%

Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Net revenues by segment
Total net revenues	$ 6,218.5	$ 4,400.8	$ 6,159.8
North America Segment [Member]
Net revenues by segment
Total net revenues	2,968.2	1,992.4	3,140.5
Europe Segment [Member]
Net revenues by segment
Total net revenues	1,780.7	1,165.9	1,632.2
Asia Segment [Member]
Net revenues by segment
Total net revenues	1,286.8	1,027.5	1,017.2
Other non-reportable segments [Member]
Net revenues by segment
Total net revenues	$ 182.8	$ 215.0	$ 369.9

- 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
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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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Details 1) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 1) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Operating income (loss) by segment
Operating income (loss)	$ 798.4	$ (43.6)	$ 317.0
Restructuring and other charges, net	(22.2)	(170.5)	(67.2)
Bad debt expense	2.2	27.6	(58.7)
Unallocated charges [Member]
Operating income (loss) by segment
Unallocated corporate expenses	(667.3)	(577.0)	(618.1)
Restructuring and other charges, net	(22.2)	(170.5)	(67.2)
North America Segment [Member]
Operating income (loss) by segment
Operating income (loss)	676.7	334.0	456.0
Bad debt expense		22.0	(38.7)
Increase in inventory-related charges			108.0
Europe Segment [Member]
Operating income (loss) by segment
Operating income (loss)	444.0	189.3	336.3
Bad debt expense		4.8	(15.2)
Increase in inventory-related charges			42.0
Asia Segment [Member]
Operating income (loss) by segment
Operating income (loss)	228.8	148.2	124.8
Bad debt expense		0.3	(1.7)
Increase in inventory-related charges			17.0
Other non-reportable segments [Member]
Operating income (loss) by segment
Operating income (loss)	138.4	32.4	85.2
Bad debt expense		0.5	(3.1)
Increase in inventory-related charges			8.0
Total Operating Segments
Operating income (loss) by segment
Operating income (loss)	$ 1,487.9	$ 703.9	$ 1,002.3

Segment Information (Details 2) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 2) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Asset Impairment Charges	$ (21.3)	$ (96.0)	$ (31.6)
Unallocated corporate [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	(17.5)	(39.9)	(6.7)
North America Segment [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	(2.4)	(12.2)	(1.9)
Europe Segment [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	0.0	(24.3)	0.0
Asia Segment [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	(1.1)	(1.4)	(3.7)
Other non-reportable segments [Member]
Segment Reporting Information [Line Items]
Asset Impairment Charges	$ (0.3)	$ (18.2)	$ (19.3)

Segment Information (Details 3) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 3) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Unallocated restructuring charges	$ (4.0)	$ (159.1)	$ (37.6)
Other Charges	(18.2)	(11.4)	(29.6)
Restructuring and other charges, net	(22.2)	(170.5)	(67.2)
North America-Related [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Unallocated restructuring charges	0.1	(22.4)	(1.2)
Europe-Related [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Unallocated restructuring charges	2.1	(30.0)	(3.3)
Asia-Related [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Unallocated restructuring charges	2.8	(7.4)	(0.9)
Other Non-Reportable Segment-Related [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Unallocated restructuring charges	(0.1)	(3.3)	(0.8)
Corporate-Related [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Unallocated restructuring charges	$ (8.9)	$ (96.0)	$ (31.4)

Segment Information (Details 4) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 4) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 229.7	$ 247.6	$ 269.5
North America Segment [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	72.8	73.4	74.6
Europe Segment [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	32.3	31.6	32.8
Asia Segment [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	51.9	56.3	59.3
Other non-reportable segments [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	0.4	4.3	5.4
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 72.3	$ 82.0	$ 97.4

Segment Information (Details 5) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 5) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Capital expenditures	$ 166.9	$ 107.8	$ 270.3
North America Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures	36.6	23.8	48.5
Europe Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures	39.0	16.9	34.3
Asia Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures	49.1	41.2	59.6
Other non-reportable segments [Member]
Segment Reporting Information [Line Items]
Capital expenditures	1.8	2.4	7.3
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Capital expenditures	$ 40.4	$ 23.5	$ 120.6

Segment Information (Details 6) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 6) - USD ($) $ in Millions	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 2,080.8	$ 2,253.5
Total net revenues	6,218.5	4,400.8	$ 6,159.8
Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	1,068.9	1,253.6
Total net revenues	3,164.5	2,208.4	3,516.4
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	698.2	682.1
Total net revenues	1,766.1	1,164.3	1,625.3
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	313.7	317.8
Total net revenues	1,287.9	1,028.1	1,018.1
U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	1,057.0	1,210.0
Total net revenues	$ 3,039.0	$ 2,103.0	$ 3,308.0

- Definition

+ References

+ Details

Segment Information (Details Textual)	12 Months Ended
Segment Information (Details Textual)	Apr. 02, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Additional Financial Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Apr. 02, 2022	Mar. 27, 2021	Mar. 28, 2020	Mar. 30, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and Cash Equivalents	$ 1,863.8	$ 2,579.0
Restricted cash, current	1.6	1.5
Restricted cash, noncurrent	6.6	7.5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	1,872.0	2,588.0	$ 1,629.8	$ 626.5
Cash Paid for Interest and Taxes
Cash paid for interest	46.6	33.5	15.4
Cash paid for income taxes	216.3	47.8	135.5
Additional Financial Information (Textual) [Abstract]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	287.4	66.7	374.0
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	0.0	133.2	64.0
Right-of-Use Asset Reclassified from Operating to Finance Lease		55.7
Capital expenditures incurred but not yet paid	$ 49.6	$ 21.3	$ 29.1
Conversion of Stock, Shares Converted			1.0