Document and Entity Information (USD $)	3 Months Ended
Document and Entity Information (USD $)	Jul. 02, 2011	Oct. 02, 2010	Aug. 05, 2011 Common stock, Class A [Member]	Aug. 05, 2011 Common stock, Class B
Entity Registrant Name	POLO RALPH LAUREN CORP
Entity Central Index Key	0001037038
Document Type	10-Q
Document Period End Date	Jul. 02, 2011
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$ 5,775,447,322
Entity Common Stock, Shares Outstanding			61,635,246	30,831,276

Consolidated Balance Sheets (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Jul. 02, 2011	Apr. 02, 2011
Current assets:
Cash and cash equivalents	$ 431.5	$ 453.0
Short-term investments	520.0	593.9
Accounts receivable, net of allowances of $214.8 million and $230.9 million	388.1	442.8
Inventories	896.3	702.1
Income tax receivable	22.2	57.8
Deferred tax assets	102.0	92.1
Prepaid expenses and other	155.6	136.3
Total current assets	2,515.7	2,478.0
Non-current investments	29.6	83.6
Property and equipment, net	785.1	788.8
Deferred tax assets	83.7	76.7
Goodwill	1,023.1	1,016.3
Intangible assets, net	381.2	387.7
Other assets	141.8	150.0
Total assets	4,960.2	4,981.1
Current liabilities:
Short-term debt	7.7	0
Accounts payable	196.8	141.3
Income tax payable	51.0	8.9
Accrued expenses and other	652.9	681.8
Total current liabilities	908.4	832.0
Long-term debt	296.7	291.9
Non-current liability for unrecognized tax benefits	160.8	156.4
Other non-current liabilities	392.6	396.1
Commitments and contingencies (Note 13)
Total liabilities	1,758.5	1,676.4
Equity:
Additional paid-in-capital	1,476.4	1,444.7
Retained earnings	3,600.9	3,435.3
Treasury stock, Class A, at cost (28.4 million and 25.8 million shares)	(2,116.8)	(1,792.3)
Accumulated other comprehensive income	240.0	215.8
Total equity	3,201.7	3,304.7
Total liabilities and equity	4,960.2	4,981.1
Common stock, Class A [Member]
Equity:
Common stock	0.9	0.9
Common Class B [Member]
Equity:
Common stock	$ 0.3	$ 0.3

Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Millions, except Per Share data, unless otherwise specified	Jul. 02, 2011	Apr. 02, 2011
Current assets:
Allowances on accounts receivable	$ 214.8	$ 230.9
Common stock, Class A [Member]
Equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	90.0	89.5
Common stock, shares outstanding	61.6	63.7
Treasury stock, shares	28.4	25.8
Common stock, Class B
Equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	30.8	30.8
Common stock, shares outstanding	30.8	30.8

Consolidated Statements of Operations (Unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Consolidated Statements of Operations [Abstract]
Net sales	$ 1,486.5	$ 1,115.5
Licensing revenue	39.9	37.8
Net revenues	1,526.4	1,153.3
Cost of goods sold (a)	(564.9)	(441.1)
Gross profit	961.5	712.2
Other costs and expenses:
Selling, general and administrative expenses (a)	(672.3)	(532.0)
Amortization of intangible assets	(7.1)	(6.0)
Total other costs and expenses	(679.4)	(538.0)
Operating income	282.1	174.2
Foreign currency gains (losses)	(3.8)	(0.8)
Interest expense	(6.1)	(4.5)
Interest and other income, net	4.2	1.8
Equity in income (loss) of equity-method investees	(1.9)	(1.2)
Income before provision for income taxes	274.5	169.5
Provision for income taxes	(90.4)	(48.7)
Net income attributable to PRLC	184.1	120.8
Net income per common share attributable to PRLC:
Basic	$ 1.96	$ 1.24
Diluted	$ 1.90	$ 1.21
Weighted average common shares outstanding:
Basic	93.9	97.2
Diluted	96.8	99.9
Dividends declared per share	$ 0.20	$ 0.10
(a) Includes total depreciation expense of:	$ (48.3)	$ (40.0)

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Cash flows from operating activities:
Net income	$ 184.1	$ 120.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	55.4	46.0
Deferred income tax benefit	(7.1)	(21.1)
Equity in losses of equity-method investees, net of dividends received	1.9	1.2
Non-cash stock-based compensation expense	17.9	15.5
Excess tax benefits from stock-based compensation arrangements	(10.6)	(1.8)
Other non-cash charges (benefits), net	5.2	(3.1)
Changes in operating assets and liabilities:
Accounts receivable	58.0	104.4
Inventories	(183.0)	(132.5)
Accounts payable and accrued liabilities	18.0	9.9
Income tax receivables and payables	96.2	30.1
Deferred income	(1.1)	(5.6)
Other balance sheet changes	(22.5)	7.6
Net cash provided by operating activities	212.4	171.4
Cash flows from investing activities:
Acquisitions and ventures, net of cash acquired and purchase price settlements	(7.9)	(2.4)
Purchases of investments	(377.5)	(359.5)
Proceeds from sales and maturities of investments	516.3	268.3
Capital expenditures	(39.3)	(38.5)
Change in restricted cash deposits	0.3	(2.8)
Net cash provided by (used in) investing activities	91.9	(134.9)
Cash flows from financing activities:
Proceeds from credit facilities	7.7	0
Payments of capital lease obligations	(1.4)	(1.3)
Payments of dividends	(18.9)	(9.8)
Repurchases of common stock, including shares surrendered for tax withholdings	(324.5)	(247.0)
Proceeds from exercise of stock options	3.2	5.3
Excess tax benefits from stock-based compensation arrangements	10.6	1.8
Payment on interest rate swap termination	(7.6)	0
Other financing activities	0.2	0
Net cash used in financing activities	(330.7)	(251.0)
Effect of exchange rate changes on cash and cash equivalents	4.9	(2.8)
Net decrease in cash and cash equivalents	(21.5)	(217.3)
Cash and cash equivalents at beginning of period	453.0	563.1
Cash and cash equivalents at end of period	$ 431.5	$ 345.8

Description of Business

3 Months Ended

Jul. 02, 2011

Description of Business [Abstract]

Description of Business


1.	Description of Business

Polo Ralph Lauren Corporation (“PRLC”) is a global leader in the design, marketing and distribution of premium lifestyle products, including men’s, women’s and children’s apparel, accessories, fragrances and home furnishings. PRLC’s long-standing reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. PRLC’s brand names include Polo Ralph Lauren, Purple Label, Ralph Lauren Collection, Black Label, Blue Label, Lauren by Ralph Lauren, RRL, RLX, Ralph Lauren Denim & Supply, Rugby Ralph Lauren, Ralph Lauren Childrenswear, American Living, Chaps and Club Monaco, among others. PRLC and its subsidiaries are collectively referred to herein as the “Company,” “we,” “us,” “our” and “ourselves,” unless the context indicates otherwise.

The Company classifies its businesses into three segments: Wholesale, Retail and Licensing. The Company’s wholesale sales are made principally to major department and specialty stores located throughout the U.S., Canada, Europe, South America and Asia. The Company also sells directly to consumers through full-price and factory retail stores located throughout the U.S., Canada, Europe, South America and Asia, through concessions-based shop-within-shops located primarily in Asia, through its retail domestic e-commerce sites located at www.RalphLauren.com and www.Rugby.com, as well as its United Kingdom retail e-commerce site located at www.RalphLauren.co.uk. In addition, the Company often licenses the right to unrelated third parties to use its various trademarks in connection with the manufacture and sale of designated products, such as apparel, eyewear and fragrances, in specified geographical areas for specified periods.

Basis of Presentation

3 Months Ended

Jul. 02, 2011

Basis of Presentation [Abstract]

Basis of Presentation


2.	Basis of Presentation

Interim Financial Statements

The interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The interim consolidated financial statements are unaudited. In the opinion of management, however, such consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial condition, results of operations and changes in cash flows of the Company for the interim periods presented. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“US GAAP”) have been condensed or omitted from this report as is permitted by the SEC’s rules and regulations. However, the Company believes that the disclosures herein are adequate to make the information presented not misleading.

The consolidated balance sheet data as of April 2, 2011 is derived from the audited financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended April 2, 2011 (the “Fiscal 2011 10-K”), which should be read in conjunction with these interim financial statements. Reference is made to the Fiscal 2011 10-K for a complete set of financial statements.

Basis of Consolidation

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

Fiscal Year

The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2012 will end on March 31, 2012 and will be a 52-week period (“Fiscal 2012”). Fiscal year 2011 ended on April 2, 2011 and reflected a 52-week period (“Fiscal 2011”). Accordingly, the first quarter of Fiscal 2012 ended on July 2, 2011 and was a 13-week period. The first quarter of Fiscal 2011 ended on July 3, 2010 and also was a 13-week period.

Prior to the first quarter of Fiscal 2012, the financial position and operating results of the Company’s Japanese subsidiary, Polo Ralph Lauren Kabushiki Kaisha (“PRL KK”), were reported on a one-month lag. During the first quarter of Fiscal 2012, PRL KK changed its fiscal year to conform to the Company’s fiscal-year basis. The previously existing reporting lag was eliminated as it is no longer required to achieve a timely consolidation due to the Company’s investments in technology to enhance its financial statement close process. The Company believes this change is preferable as it will result in contemporaneous reporting of the subsidiary’s operating results. The Company has not retrospectively applied this change in accounting principle as the effect was not material to its previously reported annual and interim consolidated financial statements. The cumulative effect of this change was reflected within “Interest and other income, net” in the consolidated statement of operations, and increased the Company’s pretax income and net income by $1.0 million and $0.6 million, respectively, during the first quarter of Fiscal 2012.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes 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 and operational chargebacks; the realizability of inventory; reserves for litigation and other contingencies; useful lives and impairments of long-lived tangible and intangible assets; accounting for income taxes and related uncertain tax positions; the valuation of stock-based compensation and related expected forfeiture rates; reserves for restructuring; and accounting for business combinations.

Reclassifications

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

Seasonality of Business

The Company’s business is typically affected by seasonal trends, with higher levels of wholesale sales generated in its second and fourth quarters and higher retail sales generated in its second and third quarters. These trends result primarily from the timing of seasonal wholesale shipments and key vacation travel, back-to-school and holiday shopping periods in the Retail segment. Accordingly, the Company’s operating results and cash flows for the three-month period ended July 2, 2011 are not necessarily indicative of the results and cash flows that may be expected for the full Fiscal 2012.

- Definition

Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

Summary of Significant Accounting Policies

3 Months Ended

Jul. 02, 2011

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies


3.	Summary of Significant Accounting Policies

Revenue Recognition

Revenue is recognized across all segments of the business when there is persuasive evidence of an arrangement, delivery has occurred, price has been fixed or is determinable and collectibility is reasonably assured.

Revenue within the Company’s Wholesale segment is recognized at the time title passes and risk of loss is transferred to customers. Wholesale revenue is recorded net of estimates of returns, discounts, end-of-season markdown allowances, 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 notifications of order fulfillment discrepancies and historical trends. The Company reviews and refines these estimates on a quarterly basis. The Company’s historical estimates of these costs have not differed materially from actual results.

Retail store and concessions-based shop-within-shop revenue is recognized net of estimated returns at the time of sale to consumers. E-commerce revenue from sales of products ordered through the Company’s retail Internet sites is recognized upon delivery and receipt of the shipment by its customers. Such revenue is also reduced by an estimate of returns.

Gift cards issued by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. The Company recognizes income for unredeemed gift cards when the likelihood of a gift card being redeemed by a customer is remote and the Company determines that it does not have a legal obligation to remit the value of the unredeemed gift card to the relevant jurisdiction as unclaimed or abandoned property.

Revenue from licensing arrangements is recognized when earned in accordance with the terms of the underlying agreements, generally based upon the higher of (a) contractually guaranteed minimum royalty levels or (b) actual sales and royalty data, or estimates thereof, received from the Company’s licensees.

The Company accounts for sales and other related taxes on a net basis, excluding such taxes from revenue.

Shipping and Handling Costs

The costs associated with shipping goods to customers are reflected as a component of selling, general and administrative (“SG&A”) expenses in the consolidated statements of operations. Shipping costs were $8.2 million and $6.2 million during the three-month periods ended July 2, 2011 and July 3, 2010, respectively. The costs of preparing merchandise for sale, such as picking, packing, warehousing and order charges (“handling costs”) are also included in SG&A expenses. Handling costs were $30.5 million and $22.8 million during the three-month periods ended July 2, 2011 and July 3, 2010, respectively. Shipping and handling costs billed to customers are included in revenue.

Net Income per Common Share

Basic net income per common share is computed by dividing the net income applicable to common shares after preferred dividend requirements, if any, by the weighted-average number of common shares outstanding during the period. Weighted-average common shares include shares of the Company’s Class A and Class B common stock. Diluted net income per common share adjusts basic net income per common share for the effects of outstanding stock options, restricted stock, restricted stock units and any other potentially dilutive financial instruments; only in the periods in which such effect is dilutive under the treasury stock method.

The weighted-average number of common shares outstanding used to calculate basic net income per common share is reconciled to those shares used in calculating diluted net income per common share as follows:


	Three Months Ended
	July 2,		July 3,
	2011		2010
	(millions)

Basic		93.9		97.2
Dilutive effect of stock options, restricted stock and restricted stock units		2.9		2.7

Diluted shares		96.8		99.9

Options to purchase shares of common stock at an exercise price greater than the average market price of the common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income per common share. In addition, the Company has outstanding restricted stock units that are issuable only upon the achievement of certain service and/or performance goals. Performance-based restricted stock units are included in the computation of diluted shares only to the extent that the underlying performance conditions (a) are satisfied prior to the end of the reporting period or (b) would be satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method. As of July 2, 2011 and July 3, 2010, there was an aggregate of approximately 0.4 million and 1.2 million, respectively, of additional shares issuable upon the exercise of anti-dilutive options and the contingent vesting of performance-based restricted stock units that were excluded from the diluted share calculations.

Accounts Receivable

In the normal course of business, the Company extends credit to customers that satisfy defined credit criteria. Accounts receivable, net, as shown in the Company’s consolidated balance sheets, is net of certain reserves and allowances. These reserves and allowances consist of (a) reserves for returns, discounts, end-of-season markdowns and operational chargebacks and (b) allowances for doubtful accounts. These reserves and allowances are discussed in further detail below.

A reserve for sales returns is determined based on an evaluation of current market conditions and historical returns experience. Charges to increase the reserve are treated as reductions of revenue.

A reserve for trade discounts is determined based on open invoices where trade discounts have been extended to customers, and charges to increase the reserve are treated as reductions of revenue.

Estimated end-of-season markdown charges are included as reductions of revenue. The related markdown provisions are based on retail sales performance, seasonal negotiations with customers, historical and forecasted deduction trends, an evaluation of current economic and market conditions and, in certain cases, contractual terms.

A reserve for operational chargebacks represents various deductions by customers relating to individual shipments. Charges to increase this reserve, net of expected recoveries, are included as reductions of revenue. The reserve is based on actual notifications of order fulfillment discrepancies and past experience.

A rollforward of the activity in the Company’s aggregate reserve for returns, discounts, end-of-season markdowns and operational chargebacks is presented below:


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Beginning reserve balance	$	213.2		$	186.0
Amount charged against revenue to increase reserve		113.0			93.5
Amount credited against customer accounts to decrease reserve		(131.8	)		(111.7	)
Foreign currency translation		2.7			(5.7	)

Ending reserve balance	$	197.1		$	162.1

An allowance for doubtful accounts is determined through analysis of periodic aging of accounts receivable, assessments of collectibility based on an evaluation of historic and anticipated trends, the financial condition of the Company’s customers, and an evaluation of the impact of economic conditions, among other factors.

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


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Beginning reserve balance	$	17.7		$	20.1
Amount recorded to expense to increase reserve^(a)		0.3			0.8
Amount written off against customer accounts to decrease reserve		(0.6	)		(0.2	)
Foreign currency translation		0.3			(0.9	)

Ending reserve balance	$	17.7		$	19.8


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

Concentration of Credit Risk

The Company sells its wholesale merchandise primarily to major department and specialty stores across the U.S., Canada, Europe, South America and Asia, 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 four key wholesale customers that generate significant sales volume. For Fiscal 2011, these customers in the aggregate contributed approximately 40% of all wholesale revenues. Further, as of July 2, 2011, the Company’s four key wholesale customers represented approximately 30% of gross accounts receivable.

Derivative Financial Instruments

The Company records all derivative instruments on the consolidated balance sheets at fair value. In addition, for derivative instruments that qualify for hedge accounting, the effective portion of changes in their fair value is either (a) offset against the changes in fair value of the hedged assets, liabilities or firm commitments through earnings or (b) recognized in equity as a component of accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows, respectively.

Each derivative instrument entered into by the Company which qualifies for hedge accounting is expected to be highly effective at reducing the risk associated with the exposure being hedged. For each derivative that is designated as a hedge, the Company formally documents the related risk management objective and strategy, including the identification of the hedging instrument, the hedged item and the risk exposure, as well as how effectiveness is to be assessed prospectively and retrospectively. To assess the effectiveness of derivative instruments that are designated as hedges, the Company uses non-statistical methods, including the dollar-offset method, which compare the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. The extent to which a hedging instrument has been and is expected to continue to be effective at achieving offsetting changes in fair value or cash flows is assessed and documented by the Company on at least a quarterly basis.

To the extent that a derivative contract designated as a cash flow hedge is not considered to be effective, any changes in fair value relating to the ineffective portion are immediately recognized in earnings within foreign currency gains (losses). If it is determined that a derivative has not been highly effective, and will continue not to be highly effective at hedging the designated exposure, hedge accounting is discontinued. If a hedge relationship is terminated, the change in fair value of the derivative previously recorded in AOCI is recognized when the hedged item affects earnings consistent with the original hedging strategy, unless the forecasted transaction is no longer probable of occurring in which case the accumulated amount is immediately recognized in earnings.

As a result of the use of derivative instruments, the Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate the counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The Company’s established policies and procedures for mitigating credit risk on derivative transactions include continually reviewing and assessing the creditworthiness of counterparties.

For cash flow reporting purposes, the Company classifies proceeds received or amounts paid upon the settlement of a derivative instrument in the same manner as the related item being hedged.

Forward Foreign Currency Exchange Contracts

The Company primarily enters into forward foreign currency exchange contracts as hedges to reduce its risk from exchange rate fluctuations on inventory purchases, intercompany royalty payments made by certain of its international operations, intercompany contributions to fund certain marketing efforts of its international operations, interest payments made in connection with outstanding debt and other foreign currency-denominated operational cash flows. To the extent foreign currency exchange contracts designated as cash flow hedges at hedge inception are highly effective in offsetting the change in the value of the hedged item, the related gains (losses) are initially deferred in equity as a component of AOCI and subsequently recognized in the consolidated statements of operations as follows:


	•	Forecasted Inventory Purchases — Recognized as part of the cost of the inventory purchases being hedged within cost of goods sold when the related inventory is sold.

	•	Intercompany Royalty Payments and Marketing Contributions — Recognized within foreign currency gains (losses) generally in the period in which the related royalties or marketing contributions being hedged are received or paid.

	•	Interest Payments on Euro Debt — Recognized within foreign currency gains (losses) in the period in which the recorded liability impacts earnings due to foreign currency exchange remeasurement.

Hedge of a Net Investment in a Foreign Operation

Changes in the fair value of a derivative instrument or a non-derivative financial instrument (such as debt) that is designated as a hedge of a net investment in a foreign operation are reported in the same manner as a translation adjustment, to the extent it is effective as a hedge. In assessing the effectiveness of a non-derivative financial instrument that has been designated as a hedge of a net investment, the Company uses the spot rate method of accounting to value foreign currency exchange rate changes in both its foreign subsidiaries and the financial instrument. If the notional amount of the financial instrument designated as a hedge of a net investment is greater than the portion of the net investment being hedged, hedge ineffectiveness is recognized immediately in earnings within foreign currency gains (losses). To the extent the financial instrument remains effective, changes in its fair value are recorded in equity as a component of AOCI until the sale or liquidation of the hedged net investment.

Undesignated Hedges

All of the Company’s undesignated hedges are entered into to hedge specific economic risks, such as foreign currency exchange rate risk. Changes in fair value of undesignated derivative instruments are immediately recognized in earnings within foreign currency gains (losses).

See Note 12 for further discussion of the Company’s derivative financial instruments.

For a summary of all of the Company’s significant accounting policies, refer to Note 3 to the audited consolidated financial statements included in the Company’s Fiscal 2011 10-K.

Recently Issued Accounting Standards

3 Months Ended

Jul. 02, 2011

Recently Issued Accounting Standards [Abstract]

Recently Issued Accounting Standards


4.	Recently Issued Accounting Standards

Comprehensive Income

In June 2011, the Financial Accounting Standards Board (“FASB”) issued revised guidance on the presentation of comprehensive income within Accounting Standards Update (“ASU”) No. 2011-05, “Comprehensive Income: Presentation of Comprehensive Income” (“ASU 2011-05”). ASU 2011-05 eliminates the option to present the components of other comprehensive income (“OCI”) as part of the consolidated statement of equity and provides two alternatives for presenting the components of net income and OCI, either: (i) in a single continuous statement of comprehensive income or (ii) in two separate but consecutive financial statements, consisting of an income statement followed by a separate statement of comprehensive income. Additionally, items that are reclassified from OCI to net income must be presented on the face of the financial statements. ASU 2011-05 requires retrospective application, and is effective for the Company as of the beginning of fiscal year 2013. The application of ASU 2011-05 is not expected to have a significant impact on the Company’s consolidated financial statements, but will result in a change in the presentation of the Company’s consolidated statements of operations and equity.

Proposed Amendments to Current Accounting Standards

The FASB is currently working on amendments to existing accounting standards governing a number of areas including, but not limited to, accounting for leases. In August 2010, the FASB issued an exposure draft, “Leases” (the “Exposure Draft”), which would replace the existing guidance in Accounting Standards Codification (“ASC”) topic 840, “Leases.” Under the Exposure Draft, among other changes in practice, a lessee’s rights and obligations under all leases, including existing and new arrangements, would be recognized as assets and liabilities, respectively, on the balance sheet. Subsequent to the end of the related comment period, the FASB made several amendments to the exposure draft, including revising the definition of the “lease term” to include the non-cancelable lease term plus only those option periods for which there is significant economic incentive for the lessee to extend or not terminate the lease. The FASB also redefined the initial lease liability to be recorded on the Company’s balance sheet to contemplate only those variable lease payments that are in substance “fixed.” In July 2011, the FASB re-exposed the proposed lease standard for comment, with a final standard expected to be issued by mid-2012. When and if effective, this proposed standard will likely have a significant impact on the Company’s consolidated financial statements. However, as the standard-setting process is still ongoing, the Company is unable to determine the impact this proposed change in accounting will have on its consolidated financial statements at this time.

Acquisitions

3 Months Ended

Jul. 02, 2011

Acquisitions [Abstract]

Acquisitions


5.	Acquisitions

South Korea Licensed Operations Acquisition

On January 1, 2011, in connection with the transition of the Polo-branded apparel and accessories business in South Korea (the “Polo South Korea business”) from a licensed to a wholly owned operation, the Company acquired certain net assets (including inventory) and employees from Doosan in exchange for an initial payment of approximately $25 million plus an additional aggregate payment of approximately $22 million (the “South Korea Licensed Operations Acquisition”). Doosan was the Company’s licensee for the Polo South Korea business. The Company funded the South Korea Licensed Operations Acquisition with available cash on-hand. In conjunction with the South Korea Licensed Operations Acquisition, the Company also entered into a transition services agreement with Doosan for the provision of certain financial and information systems services for a period of up to twelve months commencing on January 1, 2011.

The Company accounted for the South Korea Licensed Operations Acquisition as a business combination during the third quarter of Fiscal 2011. The acquisition cost of $47 million (excluding transaction costs) has been allocated to the net assets acquired based on their respective fair values as follows: inventory of $8 million; property and equipment of $7 million; customer relationship intangible asset of $26 million; other net assets of $3 million; and non tax-deductible goodwill of $3 million. Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired. Transaction costs of $3 million were expensed as incurred and classified within SG&A expenses in the consolidated statement of operations during Fiscal 2011.

The customer relationship intangible asset was valued using the excess earnings method. This approach discounts the estimated after tax cash flows associated with the existing base of customers as of the acquisition date, factoring in expected attrition of the existing customer base. The customer relationship intangible asset is being amortized over its estimated useful life of ten years.

The operating results for the Polo South Korea business have been consolidated in the Company’s operating results commencing on January 1, 2011.

Inventories

3 Months Ended

Jul. 02, 2011

Inventories [Abstract]

Inventories


6.	Inventories

Inventories consist of the following:


	July 2,		April 2,		July 3,
	2011		2011		2010
	(millions)

Raw materials	$	9.2	$	7.5	$	7.0
Work-in-process		1.5		1.8		2.4
Finished goods		885.6		692.8		620.2

Total inventories	$	896.3	$	702.1	$	629.6

Income Taxes

3 Months Ended

Jul. 02, 2011

Income Taxes [Abstract]

Income Taxes


9.	Income Taxes

Uncertain Income Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for the three months ended July 2, 2011 and July 3, 2010 is presented below:


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Unrecognized tax benefits beginning balance	$	125.0		$	96.2
Additions related to current period tax positions		1.0			0.8
Additions related to prior period tax positions		0.1			24.8
Reductions related to prior period tax positions		(0.4	)		(8.1	)
Additions (reductions) related to foreign currency translation		1.3			(2.2	)

Unrecognized tax benefits ending balance	$	127.0		$	111.5

The Company classifies interest and penalties related to unrecognized tax benefits as part of its provision for income taxes. A reconciliation of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for the three months ended July 2, 2011 and July 3, 2010 is presented below:


	Three Months Ended
	July 2,		July 3,
	2011		2010
	(millions)

Accrued interest and penalties beginning balance	$	31.4	$	29.8
Net additions charged to expense		2.0		0.9
Additions (reductions) related to foreign currency translation		0.4		(0.5	)

Accrued interest and penalties ending balance	$	33.8	$	30.2

The total amount of unrecognized tax benefits, including interest and penalties, was $160.8 million as of July 2, 2011 and $156.4 million as of April 2, 2011 and is included within non-current liability for unrecognized tax benefits in the consolidated balance sheets. The total amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $114.6 million as of July 2, 2011.

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, the settlements of ongoing audits and/or 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 12 months. However, changes in the occurrence, expected outcomes and timing of those events could cause the Company’s current estimate to change materially in the future.

The Company files tax returns in the U.S. federal and various state, local and foreign jurisdictions. With few exceptions for those tax returns, the Company is no longer subject to examinations by the relevant tax authorities for years prior to Fiscal 2004.

Debt

3 Months Ended

Jul. 02, 2011

Debt [Abstract]

Debt


10.	Debt

Euro Debt

As of July 2, 2011, the Company had outstanding €209.2 million principal amount of 4.5% notes due October 4, 2013 (the “Euro Debt”). The Company has the option to redeem all of the outstanding Euro Debt at any time at a redemption price equal to the principal amount plus a premium. The Company also has the option to redeem all of the outstanding Euro Debt at any time at par plus accrued interest in the event of certain developments involving U.S. tax law. Partial redemption of the Euro Debt is not permitted in either instance. In the event of a change of control of the Company, each holder of the Euro Debt has the option to require the Company to redeem the Euro Debt at its principal amount plus accrued interest. The indenture governing the Euro Debt (the “Indenture”) contains certain limited covenants that restrict the Company’s ability, subject to specified exceptions, to incur liens or enter into a sale and leaseback transaction for any principal property. The Indenture does not contain any financial covenants.

As of July 2, 2011, the carrying value of the Euro Debt was $296.7 million, compared to $291.9 million as of April 2, 2011.

Revolving Credit Facilities

Global Credit Facility

The Company has a credit facility that provides for a $500 million senior unsecured revolving line of credit through March 2016, also used to support the issuance of letters of credit (the “Global Credit Facility”). As of July 2, 2011, there were no borrowings outstanding under the Global Credit Facility and the Company was contingently liable for $16.2 million of outstanding letters of credit. Borrowings under the Global Credit Facility may be denominated in U.S. dollars and other currencies, including Euros, Hong Kong Dollars and Japanese Yen. The Company has the ability to expand its borrowing availability to $750 million, 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.

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 investments. The Global Credit Facility also requires the Company to maintain a maximum ratio of Adjusted Debt to Consolidated EBITDAR (the “leverage ratio”) of no greater than 3.75 as of the date of measurement for the four most recent consecutive fiscal quarters. Adjusted Debt is defined generally as consolidated debt outstanding plus 8 times consolidated rent expense for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined generally as consolidated net income plus (i) income tax expense, (ii) net interest expense, (iii) depreciation and amortization expense and (iv) consolidated rent expense. As of July 2, 2011, no Event of Default (as such term is defined pursuant to the Global Credit Facility) has occurred under the Company’s Global Credit Facility.

Chinese Credit Facility

The Company also has an uncommitted credit facility in China that provides for a revolving line of credit of up to 70 million Chinese Renminbi (approximately $11 million as of July 2, 2011) through February 9, 2012 (the “Chinese Credit Facility”). The Chinese Credit Facility is used to fund general working capital needs of the Company’s operations in China. The borrowing availability under the Chinese Credit Facility is at the sole discretion of JPMorgan Chase Bank (China) Company Limited, Shanghai Branch (the “Bank”) and is subject to availability of the Bank’s funds and satisfaction of certain regulatory requirements. Borrowings under the Chinese Credit Facility are guaranteed by PRLC and bear interest at either (i) at least 90% of the short-term interest rate published by the People’s Bank of China or (ii) a rate determined by the Bank at its discretion based on prevailing market conditions. As of July 2, 2011, borrowings outstanding under the Chinese Credit Facility were $7.7 million and were classified as short-term debt in the Company’s consolidated balance sheet. The remaining availability under the Chinese Credit Facility was approximately $3 million as of July 2, 2011. The Chinese Credit Facility does not contain any financial covenants.

Refer to Note 14 of the Fiscal 2011 10-K for detailed disclosure of the terms and conditions of the Company’s debt and its credit facilities.

Fair Value Measurements

3 Months Ended

Jul. 02, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements


11.	Fair Value Measurements

US GAAP establishes a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). 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 and 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.

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 following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis:


	July 2,		April 2,
	2011		2011
	(millions)

Financial assets carried at fair value:
Municipal bonds^(a)	$	36.2	$	100.4
Variable rate municipal securities^(a)		—		14.5
Auction rate securities^(b)		2.3		2.3
Other securities^(a)		0.4		0.5
Derivative financial instruments^(b)		4.6		2.0

Total	$	43.5	$	119.7

Financial liabilities carried at fair value:
Derivative financial instruments^(b)	$	19.1	$	17.8

Total	$	19.1	$	17.8


^(a)		Based on Level 1 measurements.

^(b)		Based on Level 2 measurements.

Certain of the Company’s municipal bonds and variable rate municipal securities are classified as available-for-sale securities and recorded at fair value in the Company’s consolidated balance sheets based upon quoted market prices in active markets.

The Company’s auction rate securities are classified as available-for-sale securities and recorded at fair value in the Company’s consolidated balance sheets. Third-party pricing institutions may value auction rate securities at par, which may not necessarily reflect prices that would be obtained in the current market. When quoted market prices are unobservable, fair value is estimated based on a number of known factors and external pricing data, including known maturity dates, the coupon rate based upon the most recent reset market clearing rate, the price/yield representing the average rate of recently successful traded securities, and the total principal balance of each security.

Derivative financial instruments are recorded at fair value in the Company’s consolidated balance sheets and are valued using a pricing model, primarily based on market observable external inputs including forward and spot rates for foreign currencies, which considers the impact of the Company’s own credit risk, if any. Changes in counterparty credit risk are considered in the valuation of derivative financial instruments.

Cash and cash equivalents, restricted cash, investments classified as held-to-maturity and accounts receivable are recorded at carrying value, which approximates fair value. The Company’s Euro Debt, adjusted for foreign currency fluctuations and the loss on the termination of the Company’s preexisting interest rate swap (see Note 12), and investments in equity method investees are also reported at carrying value. However, other than differences in the fair value of the Company’s Euro debt, the differences between fair value and carrying value were not significant as of July 2, 2011 or April 2, 2011.

The Company’s non-financial instruments, which primarily consist of goodwill, intangible assets, and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill), non-financial instruments are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering external market participant assumptions.

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Financial Instruments

3 Months Ended

Jul. 02, 2011

Financial Instruments [Abstract]

Financial Instruments


12.	Financial Instruments

Derivative Financial Instruments

The Company is primarily exposed to changes in foreign currency exchange rates relating to certain anticipated cash flows from its international operations and potential declines in the value of reported net assets of certain of its foreign operations, as well as changes in the fair value of its fixed-rate debt relating to changes in interest rates. Consequently, the Company periodically uses derivative financial instruments to manage such risks. The Company does not enter into derivative transactions for speculative or trading purposes.

The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded on its consolidated balance sheets as of July 2, 2011 and April 2, 2011:


	Notional Amounts				Derivative Assets						Derivative Liabilities
					Balance			Balance			Balance				Balance
					Sheet	Fair		Sheet	Fair		Sheet	Fair			Sheet	Fair
					Line^(b)	Value		Line^(b)	Value		Line^(b)	Value			Line^(b)	Value
Derivative Instrument^(a)	July 2, 2011		April 2, 2011		July 2, 2011			April 2, 2011			July 2, 2011				April 2, 2011
	(millions)

Designated Hedges:
FC — Inventory purchases	$	676.4	$	342.4	^(c)	$	4.0	PP	$	1.1	^(d)	$	(15.6	)	AE	$	(9.4	)
FC — I/C royalty payments		20.9		46.8	—		—	—		—	AE		(2.1	)	AE		(3.6	)
FC — Interest payments		13.4		9.3	PP		0.2	PP		0.4	—		—		—		—
FC — Other		36.4		29.6	—		—	PP		0.5	AE		(0.1	)	AE		(0.1	)
IRS — Euro Debt		—		295.5	—		—	—		—	—		—		ONCL		(3.3	)
NI — Euro Debt		296.7		291.9	—		—	—		—	LTD		(313.6	)^(e)	LTD		(305.0	)^(e)

Total Designated Hedges	$	1,043.8	$	1,015.5		$	4.2		$	2.0		$	(331.4	)		$	(321.4	)

Undesignated Hedges:
FC — Other	$	56.9	$	40.0	PP	$	0.4	—	$	—	^(f)	$	(1.3	)	^(g)	$	(1.4	)

Total Hedges	$	1,100.7	$	1,055.5		$	4.6		$	2.0		$	(332.7	)		$	(322.8	)


^(a)		FC = Forward exchange contracts for the sale or purchase of foreign currencies; IRS = Interest Rate Swap; NI = Net Investment; Euro Debt = Euro-denominated 4.5% notes due October 4, 2013.

^(b)		PP = Prepaid expenses and other; OA = Other assets; AE = Accrued expenses and other; ONCL = Other non-current liabilities; LTD = Long-term debt.

^(c)		$1.6 million included within PP and $2.4 million included within OA.

^(d)		$14.6 million included within AE and $1.0 million included within ONCL.

^(e)		The Company’s Euro Debt is reported at carrying value in the Company’s consolidated balance sheets. The carrying value of the Euro Debt was $296.7 million as of July 2, 2011 and $291.9 million as of April 2, 2011.

^(f)		$1.2 million included within AE and $0.1 million included within ONCL.

^(g)		$0.4 million included within AE and $1.0 million included within ONCL.

The following tables summarize the impact of the Company’s derivative instruments on its consolidated financial statements for the three-month periods ended July 2, 2011 and July 3, 2010:


	Gains (Losses)						Gains (Losses) Reclassified
	Recognized in OCI^(b)						from AOCI^(b) to Earnings
	Three Months Ended						Three Months Ended						Location of Gains (Losses)
Derivative Instrument^(a)	July 2, 2011			July 3, 2010			July 2, 2011			July 3, 2010			Reclassified from AOCI^(b)to Earnings
	(millions)

Designated Cash Flow Hedges:
FC — Inventory purchases	$	(8.7	)	$	12.7		$	3.2		$	0.3		Cost of goods sold
FC — I/C royalty payments		0.9			(1.9	)		(2.5	)		0.6		Foreign currency gains (losses)
FC — Interest payments		(0.4	)		(0.8	)		0.6			—		Foreign currency gains (losses)
FC — Other		(0.4	)		0.1			0.3			(0.2	)	^(c)

	$	(8.6	)	$	10.1		$	1.6		$	0.7

Designated Hedge of Net Investment:
Euro Debt	$	(8.3	)	$	20.4		$	—		$	—		^(d)

Total Designated Hedges	$	(16.9	)	$	30.5		$	1.6		$	0.7


	Gains (Losses)
	Recognized in Earnings
	Three Months Ended					Location of Gains (Losses)
Derivative Instrument^(a)	July 2, 2011			July 3, 2010		Recognized in Earnings
	(millions)

Undesignated Hedges:
FC — Other	$	(0.1	)	$	1.0	Foreign currency gains (losses)


^(a)		FC = Forward exchange contracts for the sale or purchase of foreign currencies; Euro Debt = Euro-denominated 4.5% notes due October 4, 2013.


^(b)		AOCI, including the respective fiscal period’s OCI, is classified as a component of total equity.

^(c)		Principally recorded within foreign currency gains (losses).

^(d)		To the extent applicable, to be recognized as a gain (loss) on the sale or liquidation of the hedged net investment.

Over the next twelve months, it is expected that approximately $15 million of net losses deferred in AOCI related to derivative financial instruments outstanding as of July 2, 2011 will be recognized in earnings. No material gains or losses relating to ineffective hedges were recognized during any of the fiscal periods presented.

The following is a summary of the Company’s risk management strategies and the effect of those strategies on the consolidated financial statements.

Foreign Currency Risk Management

Forward Foreign Currency Exchange Contracts

The Company primarily enters into forward foreign currency exchange contracts as hedges to reduce its risk from exchange rate fluctuations on inventory purchases, intercompany royalty payments made by certain of its international operations, intercompany contributions to fund certain marketing efforts of its international operations, interest payments made in connection with outstanding debt and other foreign currency-denominated operational cash flows. As part of its overall strategy to manage the level of exposure to the risk of foreign currency exchange rate fluctuations, primarily to changes in the value of the Euro, the Japanese Yen, the Hong Kong Dollar, the Swiss Franc, and the British Pound Sterling, the Company hedges a portion of its foreign currency exposures anticipated over the ensuing twelve-month to two-year periods. In doing so, the Company uses foreign currency exchange forward contracts that generally have maturities of three months to two years to provide continuing coverage throughout the hedging period.

Hedge of a Net Investment in Certain European Subsidiaries

The Company designated the entire principal amount of its outstanding Euro Debt as a hedge of its net investment in certain of its European subsidiaries. To the extent this hedge remains effective, changes in the value of the Euro Debt resulting from fluctuations in the Euro exchange rate will continue to be reported in equity as a component of AOCI.

Interest Rate Risk Management

Interest Rate Swap Contracts

During the first quarter of Fiscal 2011, the Company entered into a fixed-to-floating interest rate swap with an aggregate notional value of €209.2 million, which was designated as a fair value hedge to mitigate its exposure to changes in the fair value of the Company’s Euro Debt due to changes in the benchmark interest rate. The interest rate swap was executed to swap the 4.5% fixed interest rate on the Company’s Euro Debt for a variable interest rate. On April 11, 2011, the interest rate swap agreement was terminated by the Company at a loss of $7.6 million. This loss has been recorded as an adjustment to the carrying value of the Company’s Euro Debt and will be recognized within interest expense over the remaining term of the debt, through October 4, 2013. During the three months ended July 2, 2011, $0.8 million of this loss was recognized as interest expense within the Company’s consolidated statement of operations.

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

Investments

The following table summarizes the Company’s short-term and non-current investments recorded in the consolidated balance sheets as of July 2, 2011 and April 2, 2011:


	July 2, 2011						April 2, 2011
	Short-term		Non-current				Short-term		Non-current
Type of Investment	< 1 year		1 - 3 years		Total		< 1 year		1 - 3 years		Total
	(millions)

Held-to-Maturity:
Municipal bonds	$	23.6	$	2.7	$	26.3	$	90.8	$	12.7	$	103.5

Total held-to-maturity investments	$	23.6	$	2.7	$	26.3	$	90.8	$	12.7	$	103.5

Available-for-Sale:
Municipal bonds	$	12.0	$	24.2	$	36.2	$	32.3	$	68.1	$	100.4
Variable rate municipal securities		—		—		—		14.5		—		14.5
Auction rate securities		—		2.3		2.3		—		2.3		2.3
Other securities		—		0.4		0.4		—		0.5		0.5

Total available-for-sale investments	$	12.0	$	26.9	$	38.9	$	46.8	$	70.9	$	117.7

Other:
Time deposits and other	$	484.4	$	—	$	484.4	$	456.3	$	—	$	456.3

Total Investments	$	520.0	$	29.6	$	549.6	$	593.9	$	83.6	$	677.5

See Note 3 to the Company’s Fiscal 2011 10-K for further discussion of the Company’s accounting policies relating to its investments.

- Definition

This item represents the entity's disclosure related to: (1) derivative instruments and hedging activities, including (a) the entity's risk management strategies, (b) derivatives in hedging activities and non-hedging derivative instruments, (c) the assets, obligations, liabilities, revenues and expenses arising there from, and (d) the amounts of and methodologies and assumptions used in determining the amounts of such items; and (2) investments in certain debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values, including (a) debt securities representing creditor relationships with enterprises that are in the form of a security, such as US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper and all securitized debt instruments, and (b) equity securities representing ownership interests in enterprises or the right to acquire or dispose of ownership interests in enterprises at fixed or determinable prices, such as common stock, certain preferred stock, warrant rights, call options and put options, but not convertible debt.

+ References+ Details

Commitments and Contingencies

3 Months Ended

Jul. 02, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies


13.	Commitments and Contingencies

Wathne Imports Litigation

On August 19, 2005, Wathne Imports, Ltd. (“Wathne”), Polo’s then domestic licensee for luggage and handbags, filed a complaint in the U.S. District Court in the Southern District of New York against the Company and Ralph Lauren, its Chairman and Chief Executive Officer, asserting, among other things, federal trademark law violations, breach of contract, breach of obligations of good faith and fair dealing, fraud and negligent misrepresentation. The complaint sought, among other relief, injunctive relief, compensatory damages in excess of $250 million and punitive damages of not less than $750 million. On September 13, 2005, Wathne withdrew this complaint from the U.S. District Court and filed a complaint in the Supreme Court of the State of New York, New York County, making substantially the same allegations and claims (excluding the federal trademark claims), and seeking similar relief. On February 1, 2006, the court granted the Company’s motion to dismiss all of the causes of action, including the cause of action against Mr. Lauren, except for breach of contract related claims, and denied Wathne’s motion for a preliminary injunction. Following some discovery, the Company moved for summary judgment on the remaining claims. Wathne cross-moved for partial summary judgment. In an April 11, 2008 Decision and Order, the court granted Polo’s summary judgment motion to dismiss most of the claims against the Company, and denied Wathne’s cross-motion for summary judgment. Wathne appealed the dismissal of its claims to the Appellate Division of the Supreme Court. Following a hearing on May 19, 2009, the Appellate Division issued a Decision and Order on June 9, 2009 which, in large part, affirmed the lower court’s ruling. Discovery on those claims that were not dismissed is ongoing and a trial date has not yet been set. The Company intends to continue to contest the remaining claims in this lawsuit vigorously. Management does not expect that the ultimate resolution of this matter will have a material adverse effect on the Company’s financial statements.

Other Matters

The Company is otherwise 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, and employee relations. The Company believes that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on its financial statements. However, the Company’s assessment of the current litigation or other legal claims could change in light of the discovery of facts not presently known or determinations by judges, juries or other finders of fact which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or claims.

Equity

3 Months Ended

Jul. 02, 2011

Equity [Abstract]

Equity


14.	Equity

Summary of Changes in Equity


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Balance at beginning of period	$	3,304.7		$	3,116.6
Comprehensive income:
Net income attributable to PRLC		184.1			120.8
Foreign currency translation adjustments		40.7			(61.2	)
Net realized and unrealized gains (losses) on derivatives		(16.4	)		23.7
Net unrealized gains (losses) on defined benefit plans		(0.1	)		—

Total comprehensive income		208.3			83.3

Cash dividends declared		(18.5	)		(9.6	)
Repurchases of common stock		(324.5	)		(247.0	)
Shares issued and equity grants made pursuant to stock-based compensation plans		31.7			22.5

Balance at end of period	$	3,201.7		$	2,965.8

Common Stock Repurchase Program

On May 24, 2011, 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 $500 million of Class A common stock. Repurchases of shares of Class A common stock are subject to overall business and market conditions.

During the three months ended July 2, 2011, 2.5 million shares of Class A common stock were repurchased by the Company at a cost of $301.7 million under its repurchase program. The remaining availability under the Company’s common stock repurchase program was $670 million as of July 2, 2011. In addition, 0.1 million shares of Class A common stock at a cost of $22.8 million were surrendered to, or withheld by, the Company in satisfaction of withholding taxes in connection with the vesting of awards under the Company’s 1997 Long-Term Stock Incentive Plan, as amended (the “1997 Incentive Plan”) and 2010 Long-Term Stock Incentive Plan (the “2010 Incentive Plan”).

During the three months ended July 3, 2010, 2.7 million shares of Class A common stock were repurchased by the Company at a cost of $231.0 million under its repurchase program, including a repurchase of 1.0 million shares of Class A common stock from its principal stockholder, Mr. Lauren, at a cost of $81.0 million in connection with the Company’s secondary public offerings of 10 million shares of Class A common stock on behalf of Mr. Ralph Lauren on June 1, 2010. In addition, 0.2 million shares of Class A common stock at a cost of $16 million were surrendered to, or withheld by, the Company in satisfaction of withholding taxes in connection with the vesting of awards under the 1997 Incentive Plan.

Repurchased and surrendered shares are accounted for as treasury stock at cost and will be held in treasury for future use.

Dividends

Since 2003, the Company has maintained a regular quarterly cash dividend program on its common stock. On February 8, 2011, the Company’s Board of Directors approved an increase to the Company’s quarterly cash dividend on its common stock from $0.10 per share to $0.20 per share. The first quarter Fiscal 2012 dividend of $0.20 per share was declared on June 20, 2011, was payable to shareholders of record at the close of business on July 1, 2011, and was paid on July 15, 2011. Dividends paid amounted to $18.9 million during the three months ended July 2, 2011 and $9.8 million during the three months ended July 3, 2010.

- Definition

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References+ Details

Stock-Based Compensation

3 Months Ended

Jul. 02, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation


15.	Stock-based Compensation

Long-term Stock Incentive Plans

On August 5, 2010, the Company’s shareholders approved the 2010 Incentive Plan, which replaced the Company’s 1997 Incentive Plan. The 2010 Incentive Plan provides for up to 3.0 million of new shares authorized for issuance to participants, in addition to the shares that remained available for issuance under the 1997 Incentive Plan as of August 5, 2010 that are not subject to outstanding awards under the 1997 Incentive Plan. In addition, any outstanding awards under the 1997 Incentive Plan that expire, are forfeited, or are surrendered to the Company in satisfaction of taxes, will be transferred to the 2010 Incentive Plan and be available for issuance. Any new grants are being issued under the 2010 Incentive Plan. However, awards that were outstanding as of August 5, 2010 continue to remain subject to the terms of the 1997 Incentive Plan.

Under both the 2010 Incentive Plan and the 1997 Incentive Plan (the “Plans”), there are limits as to the number of shares available for certain awards and to any one participant. Equity awards that may be made under the Plans include, but are not limited to (a) stock options, (b) restricted stock and (c) restricted stock units (“RSUs”).

Impact on Results

A summary of the total compensation expense recorded within SG&A expenses and the associated income tax benefits recognized related to stock-based compensation arrangements is as follows:


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Compensation expense	$	17.9		$	15.5

Income tax benefit	$	(6.4	)	$	(5.8	)

The Company issues its annual grant of stock-based compensation awards in the second quarter of its fiscal year. Due to the timing of the annual grant, stock-based compensation cost recognized during the three months ended July 2, 2011 is not indicative of the level of compensation cost expected to be incurred for the full Fiscal 2012.

Stock Options

Stock options are granted to employees and non-employee directors with exercise prices equal to the fair market value of the Company’s unrestricted Class A common stock on the date of grant. Generally, the options become exercisable ratably (a graded-vesting schedule) over a three-year vesting period. Stock options generally expire seven years from the date of grant. The Company recognizes compensation expense for share-based awards that have graded vesting and no performance conditions on an accelerated basis.

A summary of the stock option activity under all plans during the three months ended July 2, 2011 is as follows:


	Number of
	Shares
	(thousands)

Options outstanding at April 2, 2011		3,804
Granted		3
Exercised		(60	)
Cancelled/Forfeited		(52	)

Options outstanding at July 2, 2011		3,695

Restricted Stock and RSUs

The Company grants restricted shares of Class A common stock and service-based RSUs to certain of its senior executives and non-employee directors. In addition, the Company grants performance-based RSUs to such senior executives and other key executives, as well as certain other employees of the Company. The fair values of restricted stock shares and RSUs are based on the fair value of unrestricted Class A common stock, as adjusted to reflect the absence of dividends for those restricted securities that are not entitled to dividend equivalents.

Restricted stock shares granted to non-employee directors vest over a three-year period of time. Service-based RSUs generally vest over a five-year period of time, subject to the executive’s continuing employment. Performance-based RSUs generally vest (a) upon the completion of a three-year period of time (cliff vesting), subject to the employee’s continuing employment and the Company’s achievement of certain performance goals over the three-year period or (b) ratably, over a three-year period of time (graded vesting), subject to the employee’s continuing employment during the applicable vesting period and the achievement by the Company of certain performance goals in the initial year of the three-year vesting period.

A summary of the restricted stock and RSU activity during the three months ended July 2, 2011 is as follows:


			Service-			Performance-
	Restricted Stock		based RSUs			based RSUs
	Number of		Number of			Number of
	Shares		Shares			Shares
	(thousands)

Nonvested at April 2, 2011		8		342			1,416
Granted		—		—			58
Vested		—		(100	)		(468	)
Cancelled		—		—			(35	)

Nonvested at July 2, 2011		8		242			971

Segment Information

3 Months Ended

Jul. 02, 2011

Segment Information [Abstract]

Segment Information


16.	Segment Information

The Company has three reportable segments based on its business activities and organization: Wholesale, Retail and Licensing. Such segments offer a variety of products through different channels of distribution. The Wholesale segment consists of women’s, men’s and children’s apparel, accessories, home furnishings, and related products which are sold to major department stores, specialty stores, golf and pro shops and the Company’s owned and licensed retail stores in the U.S. and overseas. The Retail segment consists of the Company’s worldwide retail operations, which sell products through its full-price and factory stores, its concessions-based shop-within-shops, as well as RalphLauren.com, Rugby.com and RalphLauren.co.uk, its e-commerce websites. The stores, concessions- based shop-within-shops and websites sell products purchased from the Company’s licensees, suppliers and Wholesale segment. The Licensing segment generates revenues from royalties earned on the sale of the Company’s apparel, home and other products internationally and domestically through licensing alliances. The licensing agreements grant the licensees rights to use the Company’s various trademarks in connection with the manufacture and sale of designated products in specified geographical areas for specified periods.

The accounting policies of the Company’s segments are consistent with those described in Note 2 and 3 to the Company’s consolidated financial statements included in the Fiscal 2011 10-K. Sales and transfers between segments generally are 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 operating income before restructuring charges and certain other one-time items, such as legal charges, if any. Corporate overhead expenses (exclusive of certain expenses for senior management, overall branding-related expenses and certain other corporate-related expenses) are allocated to the segments based upon specific usage or other allocation methods.

Net revenues and operating income for each of the Company’s segments are as follows:


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Net revenues:
Wholesale	$	673.0		$	523.0
Retail		813.5			592.5
Licensing		39.9			37.8

Total net revenues	$	1,526.4		$	1,153.3

Operating income:
Wholesale	$	151.1		$	107.6
Retail		173.1			103.7
Licensing		25.2			23.8

		349.4			235.1
Unallocated corporate expenses		(67.3	)		(60.9	)

Total operating income	$	282.1		$	174.2

Depreciation and amortization expense for each segment is as follows:


	Three Months Ended
	July 2,		July 3,
	2011		2010
	(millions)

Depreciation and amortization:
Wholesale	$	15.5	$	12.5
Retail		28.3		21.6
Licensing		0.4		0.3
Unallocated corporate expenses		11.2		11.6

Total depreciation and amortization	$	55.4	$	46.0

Additional Financial Information

3 Months Ended

Jul. 02, 2011

Additional Financial Information [Abstract]

Additional Financial Information


17.	Additional Financial Information

Cash Interest and Taxes


	Three Months Ended
	July 2,		July 3,
	2011		2010
	(millions)

Cash paid for interest	$	4.9	$	0.9

Cash paid for income taxes	$	11.4	$	34.9

Non-cash Transactions

Significant non-cash investing activities included the capitalization of fixed assets and recognition of related obligations in the net amount of $7.6 million for the three months ended July 2, 2011 and $11.3 million for the three months ended July 3, 2010.

Significant non-cash financing activities during the three months ended July 3, 2010 included the conversion of 11.3 million shares of Class B common stock into an equal number of shares of Class A common stock by Mr. Ralph Lauren, pursuant to the terms of the security.

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

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jul. 02, 2011

Summary of Significant Accounting Policies (Policies) [Abstract]

Revenue Recognition

Revenue Recognition

The Company accounts for sales and other related taxes on a net basis, excluding such taxes from revenue.

Shipping and Handling Costs

Shipping and Handling Costs

Net Income Per Common Share

Net Income per Common Share


	Three Months Ended
	July 2,		July 3,
	2011		2010
	(millions)

Basic		93.9		97.2
Dilutive effect of stock options, restricted stock and restricted stock units		2.9		2.7

Diluted shares		96.8		99.9

Accounts Receivable

Accounts Receivable

A reserve for sales returns is determined based on an evaluation of current market conditions and historical returns experience. Charges to increase the reserve are treated as reductions of revenue.

A reserve for trade discounts is determined based on open invoices where trade discounts have been extended to customers, and charges to increase the reserve are treated as reductions of revenue.

A rollforward of the activity in the Company’s aggregate reserve for returns, discounts, end-of-season markdowns and operational chargebacks is presented below:


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Beginning reserve balance	$	213.2		$	186.0
Amount charged against revenue to increase reserve		113.0			93.5
Amount credited against customer accounts to decrease reserve		(131.8	)		(111.7	)
Foreign currency translation		2.7			(5.7	)

Ending reserve balance	$	197.1		$	162.1

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


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Beginning reserve balance	$	17.7		$	20.1
Amount recorded to expense to increase reserve^(a)		0.3			0.8
Amount written off against customer accounts to decrease reserve		(0.6	)		(0.2	)
Foreign currency translation		0.3			(0.9	)

Ending reserve balance	$	17.7		$	19.8


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

Concentration of Credit Risk

Concentration of Credit Risk

Derivative Financial Instruments

Derivative Financial Instruments

For cash flow reporting purposes, the Company classifies proceeds received or amounts paid upon the settlement of a derivative instrument in the same manner as the related item being hedged.

Forward Foreign Currency Exchange Contracts


	•	Forecasted Inventory Purchases — Recognized as part of the cost of the inventory purchases being hedged within cost of goods sold when the related inventory is sold.

	•	Intercompany Royalty Payments and Marketing Contributions — Recognized within foreign currency gains (losses) generally in the period in which the related royalties or marketing contributions being hedged are received or paid.

	•	Interest Payments on Euro Debt — Recognized within foreign currency gains (losses) in the period in which the recorded liability impacts earnings due to foreign currency exchange remeasurement.

Hedge of a Net Investment in a Foreign Operation

Undesignated Hedges

See Note 12 for further discussion of the Company’s derivative financial instruments.

For a summary of all of the Company’s significant accounting policies, refer to Note 3 to the audited consolidated financial statements included in the Company’s Fiscal 2011 10-K.

- Definition

Describes an entity's accounting policies for its derivative instruments and hedging activities. Disclosure may include: (1) Each method used to account for derivative financial instruments and derivative commodity instruments ("derivatives"); (2) the types of derivatives accounted for under each method; (3) the criteria required to be met for each accounting method used, including a discussion of the criteria required to be met for hedge or deferral accounting and accrual or settlement accounting (for example: whether and how risk reduction, correlation, designation, and effectiveness tests are applied); (4) the accounting method used if the criteria specified for hedge accounting are not met; (5) the method used to account for termination of derivatives designated as hedges or derivatives used to affect directly or indirectly the terms, fair values, or cash flows of a designated item; (6) the method used to account for derivatives when the designated item matures, is sold, is extinguished, or is terminated. In addition, the method used to account for derivatives designated to an anticipated transaction, when the anticipated transaction is no longer likely to occur; and (7) where and when derivatives, and their related gains (losses) are reported in the statement of financial position, cash flows, and results of operations and (8) an accounting policy decision to offset fair value amounts with counterparties. An entity should also consider describing its embedded derivatives, and the method(s) used to determine the fair values of derivatives and any significant assumptions used in such valuations.

+ References+ Details

- Definition

Describes an entity's accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.

+ References+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jul. 02, 2011

Summary of Significant Accounting Policies (Tables) [Abstract]

Summary of Basic and Diluted shares


	Three Months Ended
	July 2,		July 3,
	2011		2010
	(millions)

Basic		93.9		97.2
Dilutive effect of stock options, restricted stock and restricted stock units		2.9		2.7

Diluted shares		96.8		99.9

Summary of Company's roll forwarded activity of reserves for returns, discounts, end-of-season markdowns and operational charge backs


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Beginning reserve balance	$	213.2		$	186.0
Amount charged against revenue to increase reserve		113.0			93.5
Amount credited against customer accounts to decrease reserve		(131.8	)		(111.7	)
Foreign currency translation		2.7			(5.7	)

Ending reserve balance	$	197.1		$	162.1

Summary of Company's roll forwarded activity of allowance for doubtful accounts


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Beginning reserve balance	$	17.7		$	20.1
Amount recorded to expense to increase reserve^(a)		0.3			0.8
Amount written off against customer accounts to decrease reserve		(0.6	)		(0.2	)
Foreign currency translation		0.3			(0.9	)

Ending reserve balance	$	17.7		$	19.8


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

Income Taxes (Tables)

3 Months Ended

Jul. 02, 2011

Income Taxes (Tables) [Abstract]

Reconciliation of unrecognized tax benefits, excluding interest and penalties


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Unrecognized tax benefits beginning balance	$	125.0		$	96.2
Additions related to current period tax positions		1.0			0.8
Additions related to prior period tax positions		0.1			24.8
Reductions related to prior period tax positions		(0.4	)		(8.1	)
Additions (reductions) related to foreign currency translation		1.3			(2.2	)

Unrecognized tax benefits ending balance	$	127.0		$	111.5

Reconciliation of accrued interest and penalties related to unrecognized tax benefit


	Three Months Ended
	July 2,		July 3,
	2011		2010
	(millions)

Accrued interest and penalties beginning balance	$	31.4	$	29.8
Net additions charged to expense		2.0		0.9
Additions (reductions) related to foreign currency translation		0.4		(0.5	)

Accrued interest and penalties ending balance	$	33.8	$	30.2

- Definition

The disclosure required for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References+ Details

Fair Value Measurements (Tables)

3 Months Ended

Jul. 02, 2011

Fair Value Measurements (Tables) [Abstract]

Company's financial assets and liabilities measured at fair value on a recurring basis


	July 2,		April 2,
	2011		2011
	(millions)

Financial assets carried at fair value:
Municipal bonds^(a)	$	36.2	$	100.4
Variable rate municipal securities^(a)		—		14.5
Auction rate securities^(b)		2.3		2.3
Other securities^(a)		0.4		0.5
Derivative financial instruments^(b)		4.6		2.0

Total	$	43.5	$	119.7

Financial liabilities carried at fair value:
Derivative financial instruments^(b)	$	19.1	$	17.8

Total	$	19.1	$	17.8


^(a)		Based on Level 1 measurements.

^(b)		Based on Level 2 measurements.

- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

+ References+ Details

Financial Instruments (Tables)

3 Months Ended

Jul. 02, 2011

Financial Instruments (Tables) [Abstract]

Company's outstanding derivative instruments on a gross basis as recorded on its consolidated balance sheets


	Notional Amounts				Derivative Assets						Derivative Liabilities
					Balance			Balance			Balance				Balance
					Sheet	Fair		Sheet	Fair		Sheet	Fair			Sheet	Fair
					Line^(b)	Value		Line^(b)	Value		Line^(b)	Value			Line^(b)	Value
Derivative Instrument^(a)	July 2, 2011		April 2, 2011		July 2, 2011			April 2, 2011			July 2, 2011				April 2, 2011
	(millions)

Designated Hedges:
FC — Inventory purchases	$	676.4	$	342.4	^(c)	$	4.0	PP	$	1.1	^(d)	$	(15.6	)	AE	$	(9.4	)
FC — I/C royalty payments		20.9		46.8	—		—	—		—	AE		(2.1	)	AE		(3.6	)
FC — Interest payments		13.4		9.3	PP		0.2	PP		0.4	—		—		—		—
FC — Other		36.4		29.6	—		—	PP		0.5	AE		(0.1	)	AE		(0.1	)
IRS — Euro Debt		—		295.5	—		—	—		—	—		—		ONCL		(3.3	)
NI — Euro Debt		296.7		291.9	—		—	—		—	LTD		(313.6	)^(e)	LTD		(305.0	)^(e)

Total Designated Hedges	$	1,043.8	$	1,015.5		$	4.2		$	2.0		$	(331.4	)		$	(321.4	)

Undesignated Hedges:
FC — Other	$	56.9	$	40.0	PP	$	0.4	—	$	—	^(f)	$	(1.3	)	^(g)	$	(1.4	)

Total Hedges	$	1,100.7	$	1,055.5		$	4.6		$	2.0		$	(332.7	)		$	(322.8	)


^(a)		FC = Forward exchange contracts for the sale or purchase of foreign currencies; IRS = Interest Rate Swap; NI = Net Investment; Euro Debt = Euro-denominated 4.5% notes due October 4, 2013.

^(b)		PP = Prepaid expenses and other; OA = Other assets; AE = Accrued expenses and other; ONCL = Other non-current liabilities; LTD = Long-term debt.

^(c)		$1.6 million included within PP and $2.4 million included within OA.

^(d)		$14.6 million included within AE and $1.0 million included within ONCL.

^(e)		The Company’s Euro Debt is reported at carrying value in the Company’s consolidated balance sheets. The carrying value of the Euro Debt was $296.7 million as of July 2, 2011 and $291.9 million as of April 2, 2011.

^(f)		$1.2 million included within AE and $0.1 million included within ONCL.

^(g)		$0.4 million included within AE and $1.0 million included within ONCL.

Gains (Losses) Recognized in OCI


	Gains (Losses)						Gains (Losses) Reclassified
	Recognized in OCI^(b)						from AOCI^(b) to Earnings
	Three Months Ended						Three Months Ended						Location of Gains (Losses)
Derivative Instrument^(a)	July 2, 2011			July 3, 2010			July 2, 2011			July 3, 2010			Reclassified from AOCI^(b)to Earnings
	(millions)

Designated Cash Flow Hedges:
FC — Inventory purchases	$	(8.7	)	$	12.7		$	3.2		$	0.3		Cost of goods sold
FC — I/C royalty payments		0.9			(1.9	)		(2.5	)		0.6		Foreign currency gains (losses)
FC — Interest payments		(0.4	)		(0.8	)		0.6			—		Foreign currency gains (losses)
FC — Other		(0.4	)		0.1			0.3			(0.2	)	^(c)

	$	(8.6	)	$	10.1		$	1.6		$	0.7

Designated Hedge of Net Investment:
Euro Debt	$	(8.3	)	$	20.4		$	—		$	—		^(d)

Total Designated Hedges	$	(16.9	)	$	30.5		$	1.6		$	0.7


^(a)		FC = Forward exchange contracts for the sale or purchase of foreign currencies; Euro Debt = Euro-denominated 4.5% notes due October 4, 2013.


^(b)		AOCI, including the respective fiscal period’s OCI, is classified as a component of total equity.

^(c)		Principally recorded within foreign currency gains (losses).

^(d)		To the extent applicable, to be recognized as a gain (loss) on the sale or liquidation of the hedged net investment.

Reclassification of Cash Flow Hedge Gain (Loss)


	Gains (Losses)
	Recognized in Earnings
	Three Months Ended					Location of Gains (Losses)
Derivative Instrument^(a)	July 2, 2011			July 3, 2010		Recognized in Earnings
	(millions)

Undesignated Hedges:
FC — Other	$	(0.1	)	$	1.0	Foreign currency gains (losses)


^(a)		FC = Forward exchange contracts for the sale or purchase of foreign currencies; Euro Debt = Euro-denominated 4.5% notes due October 4, 2013.

Company's short-term and non-current investments recorded in the consolidated balance sheets


	July 2, 2011						April 2, 2011
	Short-term		Non-current				Short-term		Non-current
Type of Investment	< 1 year		1 - 3 years		Total		< 1 year		1 - 3 years		Total
	(millions)

Held-to-Maturity:
Municipal bonds	$	23.6	$	2.7	$	26.3	$	90.8	$	12.7	$	103.5

Total held-to-maturity investments	$	23.6	$	2.7	$	26.3	$	90.8	$	12.7	$	103.5

Available-for-Sale:
Municipal bonds	$	12.0	$	24.2	$	36.2	$	32.3	$	68.1	$	100.4
Variable rate municipal securities		—		—		—		14.5		—		14.5
Auction rate securities		—		2.3		2.3		—		2.3		2.3
Other securities		—		0.4		0.4		—		0.5		0.5

Total available-for-sale investments	$	12.0	$	26.9	$	38.9	$	46.8	$	70.9	$	117.7

Other:
Time deposits and other	$	484.4	$	—	$	484.4	$	456.3	$	—	$	456.3

Total Investments	$	520.0	$	29.6	$	549.6	$	593.9	$	83.6	$	677.5

- Definition

This item represents the entire disclosure related to Investments in Certain Debt and Equity Securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References+ Details

Stock-based Compensation (Tables)

3 Months Ended

Jul. 02, 2011

Stock-based Compensation (Tables) [Abstract]

Summary of the total compensation expense recorded within SG&A expenses and the associated income tax benefits recognized related to stock-based compensation arrangements


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Compensation expense	$	17.9		$	15.5

Income tax benefit	$	(6.4	)	$	(5.8	)

Summary of the stock option activity under all plans


	Number of
	Shares
	(thousands)

Options outstanding at April 2, 2011		3,804
Granted		3
Exercised		(60	)
Cancelled/Forfeited		(52	)

Options outstanding at July 2, 2011		3,695

Summary of the restricted stock and RSU activity


			Service-			Performance-
	Restricted Stock		based RSUs			based RSUs
	Number of		Number of			Number of
	Shares		Shares			Shares
	(thousands)

Nonvested at April 2, 2011		8		342			1,416
Granted		—		—			58
Vested		—		(100	)		(468	)
Cancelled		—		—			(35	)

Nonvested at July 2, 2011		8		242			971

Segment Information (Tables)

3 Months Ended

Jul. 02, 2011

Segment Information (Tables) [Abstract]

Net revenues and operating income


	Three Months Ended
	July 2,			July 3,
	2011			2010
	(millions)

Net revenues:
Wholesale	$	673.0		$	523.0
Retail		813.5			592.5
Licensing		39.9			37.8

Total net revenues	$	1,526.4		$	1,153.3

Operating income:
Wholesale	$	151.1		$	107.6
Retail		173.1			103.7
Licensing		25.2			23.8

		349.4			235.1
Unallocated corporate expenses		(67.3	)		(60.9	)

Total operating income	$	282.1		$	174.2

Depreciation and amortization expense


	Three Months Ended
	July 2,		July 3,
	2011		2010
	(millions)

Depreciation and amortization:
Wholesale	$	15.5	$	12.5
Retail		28.3		21.6
Licensing		0.4		0.3
Unallocated corporate expenses		11.2		11.6

Total depreciation and amortization	$	55.4	$	46.0

Basis of Presentation (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Jul. 02, 2011	Jul. 03, 2010	Mar. 31, 2012	Apr. 02, 2011
Basis of Presentation (Textuals) [Abstract]
Fiscal year period range	13-week period	13-week period	52-week period	52-week period
Effect of change in accounting principle on pretax income	$ 1.0
Effect of change in accounting principle on net income	$ 0.6

- Definition

Describes an entity's fiscal year or other fiscal period. This disclosure may include identification of the fiscal period end-date, the length of the fiscal period, any reporting period lag between the entity and its subsidiaries, or equity investees. If a reporting lag exists, the closing date of the entity having a different period end should be noted, along with an explanation of the necessity for using different closing dates. Any intervening events that materially affect the entity's financial position or results of operations also should be disclosed.

+ References+ Details

Summary of Significant Accounting Policies (Details) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Summary of basic and diluted shares
Basic	93.9	97.2
Dilutive effect of stock options, restricted stock and restricted stock units	2.9	2.7
Diluted	96.8	99.9
Summary of Significant Accounting Policies (Textuals) [Abstract]
Additional shares issuable upon the exercise of options and performance-based restricted stock units that were excluded from computation of earnings per share	0.4	1.2

- Definition

Aggregate awards of share options and nonvested shares to be issued to an employee under a share-based compensation arrangement are considered options for purposes of computing diluted earnings per share. Such share-based awards shall be considered to be outstanding as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those share-based awards are included in the diluted Earnings Per Share (EPS) computation even if the employee may not receive (or be able to sell) the stock until some future date. Accordingly, all shares to be issued shall be included in computing diluted EPS if the effect is dilutive. The dilutive effect of share-based compensation arrangements shall be computed using the treasury stock method. If the equity share options or other equity instruments are outstanding for only part of a period, the shares issuable shall be weighted to reflect the portion of the period during which the equity instruments were outstanding.

+ References+ Details

Summary of Significant Accounting Policies (Details 1) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Summary of Company's roll forwarded activity of reserves for returns, discounts, end-of-season markdowns and operational charge backs
Beginning reserve balance	$ 213.2	$ 186.0
Amount charged against revenue to increase reserve	113.0	93.5
Amount credited against customer accounts to decrease reserve	(131.8)	(111.7)
Foreign currency translation	2.7	(5.7)
Ending reserve balance	$ 197.1	$ 162.1

Summary of Significant Accounting Policies (Details 2) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Summary of Company's roll forwarded activity of allowance for doubtful accounts
Beginning reserve balance	$ 17.7	$ 20.1
Amount recorded to expense to increase reserve	0.3	0.8
Amount written off against customer accounts to decrease reserve	(0.6)	(0.2)
Foreign currency translation	0.3	(0.9)
Ending reserve balance	$ 17.7	$ 19.8

Summary of Significant Accounting Policies (Details) (Textuals) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Jul. 02, 2011	Jul. 03, 2010	Apr. 02, 2011
Summary of Significant Accounting Policies (Textuals) [Abstract]
Shipping costs	$ 8.2	$ 6.2
Handling costs	$ 30.5	$ 22.8
Number of Key Department Store Customers	4		4
Wholesale Revenue Contribution of Key Wholesale Customers			40.00%
Accounts Receivable Contribution of Key Wholesale Customers	30.00%

Acquisitions (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jan. 01, 2011
Acquisitions (Textuals) [Abstract]
Cost allocated to inventory		$ 8
Cost allocated to property and equipment		7
Cost allocated to customer relationship intangible asset		26
Cost allocated to other net assets		3
Cost allocated to tax-deductible goodwill		3
Total acquisition cost		47
Initial payment for acquiring Direct control on businesses		25
Additional consideration for inventory and certain other net assets		22
Period for which Doosan has been included in operating results	January 1, 2011 through July 2, 2011
Provision of financial and information systems services for period	up to twelve months
Estimated useful life of customer relationship intangible asset (years)	10
Transaction cost		$ 3

Inventories (Details) (USD $) In Millions, unless otherwise specified	Jul. 02, 2011	Apr. 02, 2011	Jul. 03, 2010
Inventories [Abstract]
Raw materials	$ 9.2	$ 7.5	$ 7.0
Work-in-process	1.5	1.8	2.4
Finished goods	885.6	692.8	620.2
Total inventories	$ 896.3	$ 702.1	$ 629.6

Property and Equipment (Details) (USD $) In Millions, unless otherwise specified	Jul. 02, 2011	Apr. 02, 2011
Property and Equipment
Land and improvements	$ 9.9	$ 9.9
Buildings and improvements	117.6	115.3
Furniture and fixtures	497.0	490.9
Machinery and equipment	151.8	144.4
Capitalized software	183.8	165.4
Leasehold improvements	863.8	826.3
Construction in progress	37.0	58.1
Property plant and equipment, gross	1,860.9	1,810.3
Less: accumulated depreciation	(1,075.8)	(1,021.5)
Property and equipment, net	$ 785.1	$ 788.8

Accrued Expenses and Other Current Liabilities (Details) (USD $) In Millions, unless otherwise specified	Jul. 02, 2011	Apr. 02, 2011
Accrued Expenses and Other Current Liabilities
Accrued operating expenses	$ 176.1	$ 167.0
Accrued payroll and benefits	120.0	209.3
Accrued inventory	186.7	132.0
Deferred income	51.6	46.8
Other taxes payable	60.7	66.2
Other	57.8	60.5
Total accrued expenses and other current liabilities	$ 652.9	$ 681.8

Income Taxes (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010	Apr. 02, 2011
Reconciliation of unrecognized tax benefits, excluding interest and penalties
Unrecognized tax benefits beginning balance	$ 125.0	$ 96.2
Additions related to current period tax positions	1.0	0.8
Additions related to prior period tax positions	0.1	24.8
Reductions related to prior period tax positions	(0.4)	(8.1)
Additions (reductions) related to foreign currency translation	1.3	(2.2)
Unrecognized tax benefits ending balance	127.0	111.5
Reconciliation of accrued interest and penalties related to unrecognized tax benefits
Accrued interest and penalties beginning balance	31.4	29.8
Net additions charged to expense	2.0	0.9
Additions (reductions) related to foreign currency translation	0.4	(0.5)
Accrued interest and penalties ending balance	33.8	30.2
Income Tax Uncertainties (Textuals) [Abstract]
Total amount of unrecognized tax benefits, including interest and penalties	160.8		156.4
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	$ 114.6

Debt (Details) In Millions, unless otherwise specified	3 Months Ended
Debt (Details) In Millions, unless otherwise specified	Jul. 02, 2011 USD ($)	Jul. 02, 2011 EUR (€)	Apr. 02, 2011 USD ($)	Jul. 03, 2010
Schedule of Long Term Debt Instruments (Textuals) [Abstract]
Euro Debt, outstanding		€ 209.2
Euro Debt, interest rate	4.50%	4.50%	4.50%	4.50%
Euro Debt, carrying value	$ 296.7		$ 291.9
Euro Debt, maturity date	Oct. 04, 2013	Oct. 04, 2013
Debt instrument restrictive covenants	The indenture governing the Euro Debt (the “Indenture”) contains certain limited covenants that restrict the Company’s ability, subject to specified exceptions, to incur liens or enter into a sale and leaseback transaction for any principal property. The Indenture does not contain any financial covenants.	The indenture governing the Euro Debt (the “Indenture”) contains certain limited covenants that restrict the Company’s ability, subject to specified exceptions, to incur liens or enter into a sale and leaseback transaction for any principal property. The Indenture does not contain any financial covenants.

Debt (Details Textuals) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011 Global Credit Facility [Member] USD ($)	Jul. 02, 2011 Chinese Credit Facility [Member] USD ($)	Jul. 02, 2011 Chinese Credit Facility [Member] CNY
Credit Facilities (Textuals) [Abstract]
Unsecured revolving line of credit	$ 500
Maximum borrowing capacity	750	11	70
Remaining availability under credit facility		3
Amount of borrowings outstanding under the Credit Facility	0	7.7
Line of credit facility, contingent liability for outstanding LOCs	$ 16.2
Maximum ratio of adjusted debt to consolidated EBITDAR as of date of measurement for four consecutive quarters	3.75
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 and contingent liabilities; sell or dispose of assets, including equity interests; 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 investments. The Credit Facility also requires the Company to maintain a maximum ratio of Adjusted Debt to Consolidated EBITDAR (the “leverage ratio”) of no greater than 3.75 as of the date of measurement for four consecutive quarters. Adjusted Debt is defined generally as consolidated debt outstanding plus 8 times consolidated rent expense for the last twelve months. EBITDAR is defined generally as consolidated net income plus (i) income tax expense, (ii) net interest expense, (iii) depreciation and amortization expense and (iv) consolidated rent expense.
Line of credit facility, expiration date	2016 March	February 9, 2012	February 9, 2012
Short-term interest rate		either (i) at least 90% of the short-term interest rate published by the People’s Bank of China or (ii) a rate determined by the Bank at its discretion based on prevailing market conditions.	either (i) at least 90% of the short-term interest rate published by the People’s Bank of China or (ii) a rate determined by the Bank at its discretion based on prevailing market conditions.

Fair Value Measurements (Details) (USD $) In Millions, unless otherwise specified	Jul. 02, 2011	Apr. 02, 2011
Financial assets carried at fair value:
Total	$ 43.5	$ 119.7
Financial liabilities carried at fair value:
Total	19.1	17.8
Fair Value, Inputs, Level 2 [Member]
Financial liabilities carried at fair value:
Derivative financial instruments	19.1	17.8
Fair Value, Inputs, Level 2 [Member]
Financial assets carried at fair value:
Derivative financial instruments	4.6	2.0
Municipal Bonds [Member] \| Fair Value, Inputs, Level 1 [Member]
Financial assets carried at fair value:
Investments carried at fair value	36.2	100.4
Variable rate municipal securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Financial assets carried at fair value:
Investments carried at fair value	0	14.5
Auction rate securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Financial assets carried at fair value:
Investments carried at fair value	2.3	2.3
Other Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Financial assets carried at fair value:
Investments carried at fair value	$ 0.4	$ 0.5

Financial Instruments (Details) In Millions, unless otherwise specified	Jul. 02, 2011 USD ($)	Apr. 02, 2011 USD ($)	Jul. 03, 2010 EUR (€)	Jul. 02, 2011 Accrued expenses and other [Member] USD ($)	Apr. 02, 2011 Accrued expenses and other [Member] USD ($)	Jul. 02, 2011 Other non-current liabilities [Member] USD ($)	Apr. 02, 2011 Other non-current liabilities [Member] USD ($)	Jul. 02, 2011 Inventory purchases [Member] USD ($)	Apr. 02, 2011 Inventory purchases [Member] USD ($)	Jul. 02, 2011 Inventory purchases [Member] Prepaid expenses and other [Member] USD ($)	Apr. 02, 2011 Inventory purchases [Member] Prepaid expenses and other [Member] USD ($)	Jul. 02, 2011 Inventory purchases [Member] Accrued expenses and other [Member] USD ($)	Apr. 02, 2011 Inventory purchases [Member] Accrued expenses and other [Member] USD ($)	Jul. 02, 2011 Inventory purchases [Member] Other non-current liabilities [Member] USD ($)	Jul. 02, 2011 Inventory purchases [Member] Other Assets [Member] USD ($)	Jul. 02, 2011 I/C royalty payments [Member] USD ($)	Apr. 02, 2011 I/C royalty payments [Member] USD ($)	Jul. 02, 2011 I/C royalty payments [Member] Accrued expenses and other [Member] USD ($)	Apr. 02, 2011 I/C royalty payments [Member] Accrued expenses and other [Member] USD ($)	Jul. 02, 2011 Forward Exchange Contract Interest Payments Member USD ($)	Apr. 02, 2011 Forward Exchange Contract Interest Payments Member USD ($)	Jul. 02, 2011 Forward Exchange Contract Interest Payments Member Prepaid expenses and other [Member] USD ($)	Apr. 02, 2011 Forward Exchange Contract Interest Payments Member Prepaid expenses and other [Member] USD ($)	Jul. 02, 2011 Forward Exchange Contract Other Member USD ($)	Apr. 02, 2011 Forward Exchange Contract Other Member USD ($)	Apr. 02, 2011 Forward Exchange Contract Other Member Prepaid expenses and other [Member] USD ($)	Jul. 02, 2011 Forward Exchange Contract Other Member Accrued expenses and other [Member] USD ($)	Apr. 02, 2011 Forward Exchange Contract Other Member Accrued expenses and other [Member] USD ($)
Designated Hedges
Notional amount of designated Fx forward exchange contracts								$ 676.4	$ 342.4							$ 20.9	$ 46.8			$ 13.4	$ 9.3			$ 36.4	$ 29.6
Notional amount of interest rate swap designated as a fair value hedge	0	295.5	209.2
Notional amount of designated net investment hedges	296.7	291.9
Notional amount of total designated hedges	1,043.8	1,015.5
Fair value of assets for designated Fx forward exchange contracts								4.0		1.6	1.1				2.4	0	0					0.2	0.4	0		0.5
Fair Value of Assets for interest rate swap designated as a fair value hedge	0	0
Fair value of assets of designated net investment hedges	0	0
Derivative assets as Designated Hedges, Fair Value	4.2	2.0
Fair value of liabilities for designated Fx forward exchange contracts								(15.6)				(14.6)	(9.4)	(1.0)				(2.1)	(3.6)	0	0						(0.1)	(0.1)
Fair Value of liabilities for interest rate swap designated as a fair value hedge	0	(3.3)
Fair value of liabilities of designated net investment hedges	(313.6)	(305.0)
Derivative Liabilities Designated as Hedges, Fair Value	(331.4)	(321.4)
Undesignated Hedges
Notional amount of undesignated forward exchange contracts	56.9	40.0
Fair value of assets of undesignated forward exchange contracts	0.4	0
Fair value of liabilities of undesignated forward exchange contracts	(1.3)	(1.4)		(1.2)	(0.4)	(0.1)	(1.0)
Notional Amount of Total Hedges	1,100.7	1,055.5
Derivative Assets, Total Hedges	4.6	2.0
Derivative Liabilities, Total Hedges	(332.7)	(322.8)
Carrying value of the Euro Debt	$ 296.7	$ 291.9

Financial Instruments (Details 1) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Total Gain (Loss) recognized in OCI on derivative instruments
Gains (Losses) Recognized in OCI	$ (16.9)	$ 30.5
Designated Cash Flow Hedge [Member]
Total Gain (Loss) recognized in OCI on derivative instruments
Gains (Losses) Recognized in OCI	(8.6)	10.1
Designated Cash Flow Hedge [Member] \| Inventory purchases [Member]
Total Gain (Loss) recognized in OCI on derivative instruments
Gains (Losses) Recognized in OCI	(8.7)	12.7
Designated Cash Flow Hedge [Member] \| I/C royalty payments [Member]
Total Gain (Loss) recognized in OCI on derivative instruments
Gains (Losses) Recognized in OCI	0.9	(1.9)
Designated Cash Flow Hedge [Member] \| Interest payments [Member]
Total Gain (Loss) recognized in OCI on derivative instruments
Gains (Losses) Recognized in OCI	(0.4)	(0.8)
Designated Cash Flow Hedge [Member] \| Other [Member]
Total Gain (Loss) recognized in OCI on derivative instruments
Gains (Losses) Recognized in OCI	(0.4)	0.1
Designated Net Investment Hedge [Member] \| NI- Euro Debt [Member]
Total Gain (Loss) recognized in OCI on derivative instruments
Gains (Losses) Recognized in OCI	$ (8.3)	$ 20.4

Financial Instruments (Details 2) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Reclassification of Cash Flow Hedge Gain (Loss)
Gains (losses) on total designated cash flow hedges reclassified from AOCI to earnings	$ 1.6	$ 0.7
Designated Hedges of Net Investment
Gains (losses) for hedges of net investment reclassified from AOCI to earnings	0	0
Total Designated Hedges
Gains (losses) for total designated hedges reclassified from AOCI to earnings	1.6	0.7
Inventory purchases [Member]
Reclassification of Cash Flow Hedge Gain (Loss)
Gains (Losses) for Fx forward exchange contracts relating to Inventory purchases reclassified from AOCI to Cost of Sales	3.2	0.3
I/C royalty payments [Member]
Reclassification of Cash Flow Hedge Gain (Loss)
Gains (Losses) for Fx forward exchange contracts reclassified from AOCI to Foreign currency gains (losses)	(2.5)	0.6
Interest payments [Member]
Reclassification of Cash Flow Hedge Gain (Loss)
Gains (Losses) for Fx forward exchange contracts reclassified from AOCI to Foreign currency gains (losses)	0.6	0
Other [Member]
Reclassification of Cash Flow Hedge Gain (Loss)
Gains (Losses) for Fx forward exchange contracts reclassified from AOCI to Foreign currency gains (losses)	$ 0.3	$ (0.2)

Financial Instruments (Details 4) (USD $) In Millions, unless otherwise specified	Jul. 02, 2011	Apr. 02, 2011
Held-to-Maturity:
Held-to-maturity Securities, Short term	$ 23.6	$ 90.8
Held-to-maturity Securities, Noncurrent	2.7	12.7
Held-to-maturity Securities, Total	26.3	103.5
Available-for-Sale:
Available-for-sale Securities, Short term	12.0	46.8
Available-for-sale Securities, Noncurrent	26.9	70.9
Available-for-sale Securities, Total	38.9	117.7
Other:
Time deposits and other, Short term	484.4	456.3
Time deposits and other, Noncurrent	0	0
Time deposits and other, Total	484.4	456.3
Total:
Total Investments	520.0	593.9
Total Investments, Noncurrent	29.6	83.6
Total Investments	549.6	677.5
Municipal Bonds [Member]
Available-for-Sale:
Available-for-sale Securities, Short term	12.0	32.3
Available-for-sale Securities, Noncurrent	24.2	68.1
Available-for-sale Securities, Total	36.2	100.4
Other Securities [Member]
Available-for-Sale:
Available-for-sale Securities, Short term	0	0
Available-for-sale Securities, Noncurrent	0.4	0.5
Available-for-sale Securities, Total	0.4	0.5
Variable rate municipal securities [Member]
Available-for-Sale:
Available-for-sale Securities, Short term	0	14.5
Available-for-sale Securities, Noncurrent	0	0
Available-for-sale Securities, Total	0	14.5
Auction rate securities [Member]
Available-for-Sale:
Available-for-sale Securities, Short term	0	0
Available-for-sale Securities, Noncurrent	2.3	2.3
Available-for-sale Securities, Total	2.3	2.3
Municipal Bonds [Member]
Held-to-Maturity:
Held-to-maturity Securities, Short term	23.6	90.8
Held-to-maturity Securities, Noncurrent	2.7	12.7
Held-to-maturity Securities, Total	$ 26.3	$ 103.5

Financial Instruments (Details Textuals) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011 USD ($)	Apr. 11, 2011 USD ($)	Apr. 02, 2011 USD ($)	Jul. 03, 2010 EUR (€)
Financial Instruments (Textuals) [Abstract]
Interest rate of Euro-denominated notes	4.50%		4.50%	4.50%
Euro-denominated notes maturity date	Oct. 04, 2013
Net losses deferred in AOCI for derivative financial instruments expected to be recognized in the earnings over the next 12 months	$ 15
Aggregate notional value of interest rate swap	0		295.5	209.2
Loss on termination of interest rate swap agreement		7.6
Amortization of loss on discontinuation of an interest rate swap	$ 0.8

Equity (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Summary of Changes in Equity
Beginning balance	$ 3,304.7	$ 3,116.6
Comprehensive Income:
Net income attributable to PRLC	184.1	120.8
Foreign currency translation adjustments	40.7	(61.2)
Net realized and unrealized (losses) on derivatives	(16.4)	23.7
Net unrealized gains on defined benefit plans	(0.1)	0
Total comprehensive income	208.3	83.3
Cash dividends declared	(18.5)	(9.6)
Repurchases of common stock	(324.5)	(247.0)
Shares issued and equity grants made pursuant to stock-based compensation plans	31.7	22.5
Ending balance	$ 3,201.7	$ 2,965.8

Equity (Details Textuals) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010	May 24, 2011	Feb. 08, 2011
Common Stock Activity (Textuals) [Abstract]
Treasury stock repurchase program increase			$ 500
Remaining availability under common stock repurchase program	670
Repurchases of common stock	324.5	247.0
Increases in quarterly cash dividend on common stock				from $0.10 per share to $0.20 per share
Dividends per share declared	$ 0.20	$ 0.10
Dividend Paid	18.9	9.8
Secondary Stock Offering [Member]
Common Stock Activity (Textuals) [Abstract]
Class A common stock shares sold under secondary public offering		10
Withholding in satisfaction of taxes on vested equity award [Member]
Common Stock Activity (Textuals) [Abstract]
Repurchases of common stock	22.8	16.0
Repurchases of common stock, shares	0.1	0.2
Common Stock Repurchase Program [Member]
Common Stock Activity (Textuals) [Abstract]
Repurchases of common stock	301.7	231.0
Repurchases of common stock, shares	2.5	2.7
Common Stock Repurchase Program [Member] \| Secondary Stock Offering [Member]
Common Stock Activity (Textuals) [Abstract]
Repurchases of common stock		$ 81.0
Repurchases of common stock, shares		1.0

Stock-based Compensation (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Summary of the total compensation expense recorded within SG&A expenses and the associated income tax benefits recognized related to stock-based compensation arrangements
Compensation expense	$ 17.9	$ 15.5
Income tax benefit	$ (6.4)	$ (5.8)

Stock-based Compensation (Details 1) In Thousands, unless otherwise specified	3 Months Ended
	Jul. 02, 2011
Summary of the stock option activity
Options outstanding, Beginning balance	3,804
Granted	3
Exercised	(60)
Cancelled/Forfeited	(52)
Options outstanding, Ending balance	3,695

Stock-based Compensation (Details 2)	3 Months Ended
Stock-based Compensation (Details 2)	Jul. 02, 2011
Restricted Stock Award [Member]
Summary of the restricted stock and RSU activity
Nonvested, Beginning Balance	8
Granted	0
Vested	0
Cancelled	0
Nonvested, Ending Balance	8
Service-based RSUs [Member]
Summary of the restricted stock and RSU activity
Nonvested, Beginning Balance	342
Vested	(100)
Nonvested, Ending Balance	242
Performance-based RSUs [Member]
Summary of the restricted stock and RSU activity
Nonvested, Beginning Balance	1,416
Granted	58
Vested	(468)
Cancelled	(35)
Nonvested, Ending Balance	971

Stock-based Compensation (Details Textuals) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Aug. 05, 2010
Stock-based Compensation (Textuals) [Abstract]
Stock options expiration period	7 years
Additional shares authorized for issuance to participants under company's 2010 incentive plan		3.0
Employee Stock Option [Member]
Stock-based Compensation (Textuals) [Abstract]
Vesting period	3 years
Restricted Stock [Member] \| Non-employee directors [Member]
Stock-based Compensation (Textuals) [Abstract]
Vesting period	3 years
Service-based RSUs [Member]
Stock-based Compensation (Textuals) [Abstract]
Vesting period	5 years
Performance-based RSUs [Member]
Stock-based Compensation (Textuals) [Abstract]
Vesting period	3 years

Segment Information (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Net revenues:
Sales revenue	$ 1,486.5	$ 1,115.5
Licensing revenue	39.9	37.8
Total net revenues	1,526.4	1,153.3
Operating income:
Segment operating income	349.4	235.1
Unallocated corporate expenses	(67.3)	(60.9)
Total operating income	282.1	174.2
Wholesale [Member]
Net revenues:
Sales revenue	673.0	523.0
Operating income:
Segment operating income	151.1	107.6
Retail [Member]
Net revenues:
Sales revenue	813.5	592.5
Operating income:
Segment operating income	173.1	103.7
Licensing [Member]
Net revenues:
Licensing revenue	39.9	37.8
Operating income:
Segment operating income	$ 25.2	$ 23.8

Additional Financial Information (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Cash Interest and Taxes
Cash paid for interest	$ 4.9	$ 0.9
Cash paid for income taxes	11.4	34.9
Additional Financial Information (Textuals) [Abstract]
Capitalization of fixed assets and recognition of related obligations, net	$ 7.6	$ 11.3
Number of Class B common shares converted into Class A common shares	0.0	11.3

Description of Business (Details)	Jul. 02, 2011
Description of Business (Textuals) [Abstract]
Number of reportable segments	3

Commitments and Contingencies (Details)	3 Months Ended
Commitments and Contingencies (Details)	Jul. 02, 2011
Compensatory Damages [Member]
Commitment and contingencies (Textuals) [Abstract]
Compensatory/Punitive damages sought	in excess of $250 million
Punitive Damages [Member]
Commitment and contingencies (Textuals) [Abstract]
Compensatory/Punitive damages sought	not less than $750 million

Segment Information (Details Textuals)	Jul. 02, 2011
Segment Information (Textuals) [Abstract]
Number of reportable segments	3

Financial Instruments (Details 3) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Undesignated Hedges:
Gains (Losses) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ (0.1)	$ 1.0

Segment Information (Details 1) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Depreciation and amortization expense
Depreciation and amortization expense	$ 55.4	$ 46.0
Wholesale [Member]
Depreciation and amortization expense
Depreciation and amortization expense	15.5	12.5
Retail [Member]
Depreciation and amortization expense
Depreciation and amortization expense	28.3	21.6
Licensing [Member]
Depreciation and amortization expense
Depreciation and amortization expense	0.4	0.3
Unallocated Corporate Expenses [Member]
Depreciation and amortization expense
Depreciation and amortization expense	$ 11.2	$ 11.6