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Document and Entity Information (USD $)
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12 Months Ended | |||
|---|---|---|---|---|
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Apr. 02, 2011
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Oct. 02, 2010
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May 20, 2011
Common stock, Class A
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May 20, 2011
Common stock, Class B
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| Entity Registrant Name | POLO RALPH LAUREN CORP | |||
| Entity Central Index Key | 0001037038 | |||
| Document Type | 10-K | |||
| Document Period End Date | Apr. 02, 2011 | |||
| Amendment Flag | false | |||
| Document Fiscal Year Focus | 2011 | |||
| Document Fiscal Period Focus | FY | |||
| Current Fiscal Year End Date | --04-02 | |||
| 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 | 63,742,945 | 30,831,276 | ||
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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| X | ||||||||||
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred and payable, pertaining to (1) costs that are statutory in nature, are incurred on contractual obligations or accumulate over time, and for which invoices have not yet been received or will not be rendered (examples include taxes, interest, rent and utilities); (2) services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits; and (3) all other current obligations not separately disclosed in the balance sheet due to materiality considerations. Current liabilities are expected to be paid within one year (or the normal operating cycle, if longer). No definition available.
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- Definition
Sum of (1) the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event and will be charged against earnings within one year (or the normal operating cycle, if longer); and (2) aggregate carrying amount of current assets not separately presented elsewhere in the balance sheet that are expected to be realized or consumed within one year (or the normal operating cycle, if longer). No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The noncurrent portion of the amount recognized for uncertain tax positions as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total debt and equity financial instruments including: (1) securities held-to-maturity and (2) securities available-for-sale that will be held for the long-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified |
Apr. 02, 2011
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Apr. 03, 2010
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|---|---|---|
| Current assets: | ||
| Allowances on accounts receivable | $ 230.9 | $ 206.1 |
| Equity: | ||
| Treasury stock, shares | 25.8 | 19.6 |
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Common stock, Class A
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| Equity: | ||
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares issued | 89.5 | 75.7 |
| Common stock, shares outstanding | 63.7 | 56.1 |
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Common stock, Class B
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| Equity: | ||
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares issued | 30.8 | 42.1 |
| Common stock, shares outstanding | 30.8 | 42.1 |
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- Definition
Total reserves and allowances for trade receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) including (1) reserves for returns, discounts, end-of-season markdowns and operational chargebacks; and (2) allowances for doubtful/uncollectible accounts. No definition available.
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- Details
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit (loss) and nonoperating income (expense) before provision for income taxes. No definition available.
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| X | ||||||||||
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- Definition
Sum of (1) investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively, net of related investment expenses; and (2) the net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. No definition available.
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- Definition
Total revenue recognized during the period derived from (1) the sale of goods in the normal course of business reduced by sales returns, allowances and discounts; and (2) the licensing arrangements. No definition available.
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| X | ||||||||||
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by (used in) operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate foreign currency transaction gain or loss (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. No definition available.
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| X | ||||||||||
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- Definition
The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity. No definition available.
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| X | ||||||||||
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
Amount charged against earnings in the period for incurred and estimated costs, excluding asset retirement obligations, associated with exit from or disposal of business activities or restructurings pursuant to a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to taxing authorities for taxes that are based on the reporting entity's earnings, net of amounts receivable from taxing authorities for refunds of overpayments or recoveries of income taxes. No definition available.
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| X | ||||||||||
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- Definition
The net amount of (1) non-cash litigation-related charges and (2) non-cash reversals of legal reserves deemed no longer needed during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
The net adjustment to remove non-cash portion of (1) restructuring costs and (2) reversals of restructuring reserves deemed no longer needed when calculating cash flows from operations using the indirect method. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow associated with (1) the acquisition of a business, net of the cash acquired from the purchase and the purchase price settlements; and (2) the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow for (1) a borrowing having initial term of repayment within one year or the normal operating cycle, if longer; and/or (2) a debt initially having maturity due after one year or beyond the normal operating cycle, if longer. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. No definition available.
|
| X | ||||||||||
|
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate unrealized foreign currency transaction gain or loss (pretax) included in determining net income for the reporting period. Represents the aggregate of gains and losses on transactions that are unsettled as of the balance sheet date, which is therefore an adjustment to reconcile income (loss) from continuing operations to net cash provided by (used in) continuing operations. (Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting entity's financial statements. For certain entities, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses.) Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the undistributed income (or loss) of equity method investments, net of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations; such investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
For entities with classified balance sheets, the net change during the reporting period in the value of other assets or liabilities used in operating activities, that are not otherwise defined in the taxonomy. For entities with unclassified balance sheets, the net change during the reporting period in the value of all other assets or liabilities used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from purchases of trading, available-for-sale securities and held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities (trading, held-to-maturity, or available-for-sale) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for the obligation for lease meeting the criteria for capitalization (with maturities exceeding one year or beyond the operating cycle of the entity, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Common stock cash dividend declared by an entity during the period. This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease in noncontrolling interest as a result of redeeming or purchasing the interests of noncontrolling shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross appreciation or the gross loss in value of the total unsold securities at the end of an accounting period, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net changes to accumulated comprehensive income during the period related to benefit plans, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. No definition available.
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statements of Equity (Parenthetical) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Apr. 02, 2011
|
Apr. 03, 2010
|
Mar. 28, 2009
|
|
| Income tax benefits relating to stock-based compensation arrangements | $ 43.0 | $ 25.0 | $ 12.0 |
|
Common Stock
|
|||
| Number of shares of class B converted to Class A | 11.3 | 1.2 | |
| X | ||||||||||
|
- Definition
The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total recognized tax benefit related to compensation cost for share-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Description of Business
|
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Apr. 02, 2011
|
|||||
| Description of Business [Abstract] | |||||
| 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, Ralph
Lauren Purple Label, Ralph Lauren Women’s Collection, Black
Label, Blue Label, Lauren by Ralph Lauren, RRL, RLX, Rugby,
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 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
domestic retail
e-commerce
sites located at www.RalphLauren.com and www.Rugby.com and its
recently launched 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.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Describes the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Disclosures about the nature of operations need not be quantified; relative importance could be conveyed by use of terms such as "predominately", "about equally", or "major and other". This element is also referred to as "Business Description". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Basis of Presentation
|
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Apr. 02, 2011
|
|||||
| Basis of Presentation [Abstract] | |||||
| Basis of Presentation |
Basis
of Consolidation
The consolidated financial statements are prepared in accordance
with accounting principles generally accepted in the
U.S. (“US GAAP”) and 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 2011 ended on April 2, 2011 and reflected a
52-week period; Fiscal 2010 ended on April 3, 2010 and
reflected a
53-week
period; and Fiscal 2009 ended on March 28, 2009 and
reflected a 52-week period.
In April 2009, the Company performed an internal legal entity
reorganization of certain of its wholly owned Japan
subsidiaries. As a result of the reorganization, the
Company’s former Polo Ralph Lauren Japan Corporation and
Impact 21 Co., Ltd. subsidiaries were merged into a new wholly
owned subsidiary named Polo Ralph Lauren Kabushiki Kaisha
(“PRL KK”). The financial position and operating
results of the Company’s consolidated PRL KK entity are
reported on a one-month lag. Accordingly, the Company’s
operating results for Fiscal 2011, Fiscal 2010 and Fiscal 2009
include the operating results of PRL KK for the twelve-month
periods ended February 26, 2011, February 28, 2010 and
February 28, 2009, respectively.
The financial position and operating results of the
Company’s Polo-branded apparel and accessories business in
South Korea acquired from Doosan Corporation
(“Doosan”) on January 1, 2011 (the “Polo
South Korea business”) are also reported on a one-month
lag. Accordingly, the Company’s operating results for
Fiscal 2011 include the operating results of the Polo South
Korea business for the two-month period ended February 26,
2011.
The net effect of these reporting lags is not material, either
individually or in the aggregate, to the Company’s
consolidated financial statements.
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.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Significant Accounting Policies
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Apr. 02, 2011
|
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| Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
Cost
of Goods Sold and Selling Expenses
Cost of goods sold includes the expenses incurred to acquire and
produce inventory for sale, including product costs, freight-in
and import costs, as well as changes in reserves for shrinkage
and inventory realizability. Gains and
losses associated with foreign currency exchange contracts
related to the hedging of inventory purchases also are
recognized within cost of goods sold when the inventory being
hedged is sold. The costs of selling merchandise, including
those associated with preparing the merchandise for sale, such
as picking, packing, warehousing and order charges
(“handling costs”), are included in selling, general
and administrative (“SG&A”) expenses.
Shipping
and Handling Costs
The costs associated with shipping goods to customers are
reflected as a component of SG&A expenses in the
consolidated statements of operations. Shipping costs were
approximately $30 million in Fiscal 2011, $28 million
in Fiscal 2010 and $27 million in Fiscal 2009. Handling
costs, which are described above, were approximately
$108 million in Fiscal 2011, $95 million in Fiscal
2010 and $97 million in Fiscal 2009, and are also included
within SG&A expenses. Shipping and handling costs billed to
customers are included in revenue.
Advertising
Costs
Advertising costs, including the costs to produce advertising,
are expensed when the advertisement is first exhibited. Costs of
out-of-store
advertising paid to wholesale customers under cooperative
advertising programs are expensed as an advertising cost if both
the identified advertising benefit is sufficiently separable
from the purchase of the Company’s products by customers
and the fair value of such benefit is measurable. Otherwise,
such costs are reflected as a reduction of revenue. Costs of
in-store advertising paid to wholesale customers under
cooperative advertising programs are not included in advertising
costs, but are reflected as a reduction of revenues since the
benefits are not sufficiently separable from the purchases of
the Company’s products by customers.
Advertising expense amounted to approximately $192 million
for Fiscal 2011, $157 million for Fiscal 2010 and
$171 million for Fiscal 2009. Deferred advertising costs,
which principally relate to advertisements that have not yet
been exhibited or services that have not yet been received, were
approximately $6 million and $4 million at the end of
Fiscal 2011 and Fiscal 2010, respectively.
Foreign
Currency Translation and Transactions
The financial position and operating results of foreign
operations are primarily consolidated using the local currency
as the functional currency. Local currency assets and
liabilities are translated at the rates of exchange on the
balance sheet date, and local currency revenues and expenses are
translated at average rates of exchange during the period. The
resulting translation gains or losses are included in the
consolidated statements of equity as a component of accumulated
other comprehensive income (“AOCI”). Gains and losses
on translation of intercompany loans with foreign subsidiaries
of a long-term investment nature also are included within this
component of equity.
The Company also recognizes gains and losses on transactions
that are denominated in a currency other than the respective
entity’s functional currency. Foreign currency transaction
gains and losses also include amounts realized on the settlement
of intercompany loans with foreign subsidiaries that are either
of a short-term investment nature or were previously of a
long-term investment nature and deferred as a component of
equity. Foreign currency transaction gains and losses are
recognized in earnings and separately disclosed in the
consolidated statements of operations.
Comprehensive
Income (Loss)
Comprehensive income (loss), which is reported in the
consolidated statements of equity, consists of net income (loss)
and other gains and losses affecting equity that, under US GAAP,
are excluded from net income (loss). The components of other
comprehensive income (loss) (“OCI”) for the Company
primarily consist of foreign currency translation gains and
losses; unrealized gains and losses on
available-for-sale
investments; unrealized gains and losses related to the
accounting for defined benefit plans; and unrealized gains and
losses on designated
hedging instruments, such as forward foreign currency exchange
contracts designated as cash flow hedges and foreign currency
gains (losses) on the Company’s Euro-denominated debt
designated as a hedge of its net investment in certain of its
European subsidiaries.
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:
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 the end
of Fiscal 2011, Fiscal 2010 and Fiscal 2009, there was an
aggregate of approximately 0.4 million, 1.2 million,
and 3.5 million, respectively, of additional shares
issuable upon the exercise of anti-dilutive options and the
contingent vesting of restricted stock and performance-based
restricted stock units that were excluded from the diluted share
calculations.
Stock-Based
Compensation
The Company expenses all share-based payments to employees and
non-employee directors based on the grant date fair value of the
awards over the requisite service period, adjusted for estimated
forfeitures. The Company uses the Black-Scholes valuation method
to determine the grant date fair value of its stock option
awards.
See Note 20 for further discussion of the Company’s
stock-based compensation plans.
Cash
and Cash Equivalents
Cash and cash equivalents include all highly liquid investments
with original maturities of 90 days or less, including
investments in debt securities. Investments in debt securities
are diversified among high-credit quality securities in
accordance with the Company’s risk-management policies, and
primarily include commercial paper and money market funds.
Restricted
Cash
From time to time, the Company is required to place cash in
escrow with various banks as collateral, primarily to secure
guarantees of corresponding amounts made by the banks to
international tax authorities on behalf of the Company, such as
to secure refunds of value-added tax payments in certain
international tax jurisdictions or in the case of certain
international tax audits. Such cash has been classified as
restricted cash and reported as a component of either other
current assets or non-current assets in the Company’s
consolidated balance sheets.
Investments
Short-term investments consist of investments which the Company
expects to convert into cash within one year, including time
deposits, which have original maturities greater than
90 days. Non-current investments consist of those
investments which the Company does not expect to convert into
cash within one year.
The Company classifies its investments in securities at the time
of purchase as
held-to-maturity
or
available-for-sale,
and re-evaluates such classifications on a quarterly basis.
Held-to-maturity
investments consist of securities that the Company has the
intent and ability to retain until maturity. These securities
are recorded at cost, adjusted for the amortization of premiums
and discounts, which approximates fair value.
Available-for-sale
investments are recorded at fair value with unrealized gains or
losses classified as a component of AOCI in the consolidated
balance sheets, and related realized gains or losses classified
as a component of interest and other income, net, in the
consolidated statements of operations.
Cash inflows and outflows related to the sale and purchase of
investments are classified as investing activities in the
Company’s consolidated statements of cash flows.
Equity-method
Investments
Investments in companies in which the Company has significant
influence, but less than a controlling financial interest, are
accounted for using the equity method. This is generally
presumed to exist when the Company owns between 20% and 50% of
the investee. However, if the Company had a greater than 50%
ownership interest in an investee and the noncontrolling
shareholders held certain rights that allowed them to
participate in the
day-to-day
operations of the business, the Company would also generally use
the equity method of accounting.
Under the equity method, only the Company’s investment in
and amounts due to and from the equity investee are included in
the consolidated balance sheets; only the Company’s share
of the investee’s earnings (losses) is included in the
consolidated results of operations; and only the dividends, cash
distributions, loans or other cash received from the investee
and additional cash investments, loan repayments or other cash
paid to the investee are included in the consolidated statements
of cash flows.
The Company’s investments include a joint venture named the
Ralph Lauren Watch and Jewelry Company, S.A.R.L. (the “RL
Watch Company”), formed with Compagnie Financiere Richemont
SA (“Richemont”), the Swiss Luxury Goods Group, in
March 2007. The joint venture is a Swiss corporation whose
purpose is to design, develop, manufacture, sell and distribute
luxury watches and fine jewelry through Ralph Lauren boutiques,
as well as through fine independent jewelry and luxury watch
retailers throughout the world. The Company accounts for its 50%
interest in the RL Watch Company under the equity method of
accounting, and such investment is included in other non-current
assets in the consolidated balance sheets. Royalty payments due
to the Company under the related license agreement for use of
certain of the Company’s trademarks are reflected as
licensing revenue within the consolidated statements of
operations.
Impairment
Assessment
The Company evaluates investments held in unrealized loss
positions for
other-than-temporary
impairment on a quarterly basis. Such evaluation involves a
variety of considerations, including assessments of risks and
uncertainties associated with general economic conditions and
distinct conditions affecting specific issuers. Factors
considered by the Company include (i) the length of time
and the extent to which the fair value has been below cost,
(ii) the financial condition, credit worthiness and
near-term prospects of the issuer, (iii) the length of time
to maturity, (iv) future economic conditions and market
forecasts, (v) the Company’s intent and ability to
retain its investment for a period of time sufficient to allow
for recovery of market value, and (vi) an assessment of
whether it is more-likely-than-not that the Company will be
required to sell its investment before recovery of market value.
See Note 16 for further information relating to the
Company’s investments.
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 reserves for
returns, discounts,
end-of-season
markdowns and operational chargebacks is presented below:
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.
A rollforward of the activity in the Company’s allowance
for doubtful accounts is presented below:
Concentration
of Credit Risk
The Company sells its wholesale merchandise primarily to major
department and specialty stores across the U.S., Canada, Europe
and Asia, and extends credit based on an evaluation of each
customer’s financial capacity and condition, usually
without requiring collateral. In its 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 April 2,
2011, the Company’s four key wholesale customers
represented approximately 30% of gross accounts receivable.
Inventories
The Company holds inventory that is sold through wholesale
distribution channels to major department stores and specialty
retail stores, including its own retail stores. The Company also
holds retail inventory that is sold directly to consumers.
Wholesale and retail inventories are stated at the lower of cost
or estimated realizable value with cost primarily determined on
a weighted-average cost basis.
The Company continuously evaluates the composition of its
inventories, assessing slow-turning product and all fashion
product. Estimated realizable value of inventory is determined
based on an analysis of historical sales trends of the
Company’s individual product lines, the impact of market
trends and economic conditions, and the value of current orders
in-house relating to future sales of inventory. Estimates may
differ from actual results due to quantity, quality and mix of
products in inventory, consumer and retailer preferences and
market conditions. The Company’s historical estimates of
these costs and its provisions have not differed materially from
actual results.
Reserves for inventory shrinkage, representing the risk over
physical loss of inventory, are estimated based on historical
experience and are adjusted based upon physical inventory counts.
Property
and Equipment, Net
Property and equipment, net, is stated at cost less accumulated
depreciation. Depreciation is calculated using the straight-line
method based upon the estimated useful lives of depreciable
assets, which range from three to seven years for furniture,
fixtures, machinery and equipment, and computer software and
equipment; and from ten to forty years for buildings and
improvements. Leasehold improvements are depreciated over the
shorter of the estimated useful lives of the respective assets
or the term of the lease.
Property and equipment, along with other long-lived assets, are
evaluated for impairment periodically whenever events or changes
in circumstances indicate that their related carrying amounts
may not be recoverable. In evaluating long-lived assets for
recoverability, including finite-lived intangibles as described
below, the
Company uses its best estimate of future cash flows expected to
result from the use of the asset and its eventual disposition.
To the extent that estimated future undiscounted net cash flows
attributable to the asset are less than the carrying amount, an
impairment loss is recognized equal to the difference between
the carrying value of such asset and its fair value, considering
external market participant assumptions. Assets to be disposed
of and for which there is a committed plan of disposal are
reported at the lower of carrying value or fair value less costs
to sell.
Goodwill
and Other Intangible Assets
At acquisition, the Company estimates and records the fair value
of purchased intangible assets, which primarily consist of
license agreements, customer relationships, non-compete
agreements and order backlog. The fair value of these intangible
assets is estimated based on management’s assessment,
considering independent third party appraisals, when necessary.
The excess of the purchase consideration over the fair value of
net assets acquired is recorded as goodwill. Goodwill, including
any goodwill included in the carrying value of investments
accounted for using the equity method of accounting, and certain
other intangible assets deemed to have indefinite useful lives
are not amortized. Rather, goodwill and such indefinite-lived
intangible assets are assessed for impairment at least annually
based on comparisons of their respective fair values to their
carrying values. Finite-lived intangible assets are amortized
over their respective estimated useful lives and, along with
other long-lived assets as noted above, are evaluated for
impairment periodically whenever events or changes in
circumstances indicate that their related carrying amounts may
not be recoverable. See discussion of the Company’s
accounting policy for long-lived asset impairment as described
earlier under the caption “Property and Equipment,
Net.”
Officers’
Life Insurance Policies
The Company maintains certain split-dollar life insurance
policies for select senior executives. These policies are
recorded at the lesser of their cash-surrender value or
aggregate premiums
paid-to-date
in the consolidated balance sheets. As of the end of both Fiscal
2011 and Fiscal 2010, amounts of approximately $33 million
relating to officers’ split-dollar life insurance policies
held by the Company were classified within other non-current
assets in the consolidated balance sheets.
Income
Taxes
Income taxes are provided using the asset and liability method.
Under this method, income taxes (i.e., deferred tax assets and
liabilities, current taxes payable/refunds receivable and tax
expense) are recorded based on amounts refundable or payable in
the current year and include the results of any difference
between US GAAP and tax reporting. Deferred income taxes reflect
the tax effect of certain net operating loss, capital loss and
general business credit carryforwards and the net tax effects of
temporary differences between the carrying amount of assets and
liabilities for financial statement and income tax purposes, as
determined under enacted tax laws and rates. The Company
accounts for the financial effect of changes in tax laws or
rates in the period of enactment.
In addition, valuation allowances are established when
management determines that it is more-likely-than-not that some
portion or all of a deferred tax asset will not be realized. Tax
valuation allowances are analyzed periodically and adjusted as
events occur, or circumstances change, that warrant adjustments
to those balances.
In determining the income tax provision for financial reporting
purposes, the Company establishes a reserve for uncertain tax
positions. If the Company considers that a tax position is
“more-likely-than-not” of being sustained upon audit,
based solely on the technical merits of the position, it
recognizes the tax benefit. The Company measures the tax benefit
by determining the largest amount that is greater than 50%
likely of being realized upon settlement, presuming that the tax
position is examined by the appropriate taxing authority that
has full knowledge of all relevant information. These
assessments can be complex and the Company often obtains
assistance from external advisors. To the extent that the
Company’s estimates change or the final tax outcome of
these matters is different than the amounts recorded, such
differences will impact the income tax provision in the period
in which such determinations are made. If the initial assessment
fails to result in the recognition of a tax benefit, the Company
regularly monitors its position and subsequently recognizes the
tax benefit if (i) there are changes in tax law or
analogous case law that sufficiently raise the likelihood of
prevailing on the technical merits of the position to
“more-likely-than-not,” (ii) the statute of
limitations expires, or (iii) there is a completion of an
audit resulting in a settlement of that tax year with the
appropriate agency. Uncertain tax positions are classified as
current only when the Company expects to pay cash within the
next twelve months. Interest and penalties, if any, are recorded
within the provision for income taxes in the Company’s
consolidated statements of operations and are classified on the
consolidated balance sheets with the related liability for
unrecognized tax benefits.
See Note 13 for further discussion of the Company’s
income taxes.
Leases
The Company leases certain facilities and equipment, including
its retail stores. Certain of the Company’s leases contain
renewal options, rent escalation clauses
and/or
landlord incentives. Rent expense for noncancelable operating
leases with scheduled rent increases
and/or
landlord incentives is recognized on a straight-line basis over
the lease term, beginning with the effective lease commencement
date. The excess of straight-line rent expense over scheduled
payment amounts and landlord incentives is recorded as a
deferred rent liability. As of the end of Fiscal 2011 and Fiscal
2010, deferred rent obligations of approximately
$173 million and $148 million, respectively, were
classified primarily within other non-current liabilities in the
Company’s consolidated balance sheets.
In certain lease arrangements the Company is involved with the
construction of the building (generally on land owned by the
landlord). If the Company concludes that it has substantively
all of the risks of ownership during construction of a leased
property and therefore is deemed the owner of the project for
accounting purposes, it records an asset and related financing
obligation for the amount of total project costs related to
construction-in-progress
and the pre-existing building. Once construction is complete,
the Company considers the requirements for sale-leaseback
treatment, including the transfer back of all risks of ownership
and whether the Company has any continuing involvement in the
leased property. If the arrangement does not qualify for
sale-leaseback treatment, the Company continues to amortize the
financing obligation and depreciate the building over the lease
term.
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 the 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 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 designated as a hedge, the
Company formally documents the 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 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:
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.
Fair
Value Hedges
Changes in the fair value of a derivative instrument that has
been designated as a fair value hedge, along with offsetting
changes in the fair value of the hedged item attributable to the
hedged risk, are recorded in earnings. Hedge ineffectiveness is
recorded in earnings to the extent that the change in the fair
value of the hedged item does not offset the change in the fair
value of the hedging instrument.
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 16 for further discussion of the Company’s
derivative financial instruments.
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- Definition
This element may be used to describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Recently Issued Accounting Standards
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Apr. 02, 2011
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| Recently Issued Accounting Standards [Abstract] | |||||
| Recently Issued Accounting Standards |
Consolidation
of Variable Interest Entities
In June 2009, the Financial Accounting Standards Board
(“FASB”) issued revised guidance for accounting for a
variable interest entity (“VIE”), which has been
codified within Accounting Standards Codification
(“ASC”) topic 810, “Consolidation”
(“ASC 810”). The revised guidance within ASC 810
changes the approach to determining the primary beneficiary of a
VIE, replacing the quantitative-based risks and rewards approach
with a qualitative approach that focuses on identifying which
enterprise has (i) the power to direct the activities of a
VIE that most significantly impact the entity’s economic
performance and (ii) the obligation to absorb losses or the
right to receive benefits of the entity that could potentially
be significant to the VIE. ASC 810 also now requires
ongoing reassessment of whether an enterprise is the primary
beneficiary of a VIE, as well as additional disclosures about an
enterprise’s involvement in VIEs. The Company adopted the
revised guidance for VIEs within ASC 810 as of the
beginning of Fiscal 2011 (April 4, 2010). The adoption did
not have an impact on the Company’s consolidated financial
statements.
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 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”. The final standard is expected to be issued
in the second half of 2011. 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.
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- Definition
This item represents the disclosure necessary for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections that may be reported in the Company's financial statements for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions
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Apr. 02, 2011
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| Acquisitions [Abstract] | |||||
| Acquisitions |
Fiscal
2011 Transactions
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; non tax-deductible goodwill of
$4 million; and other net assets of $2 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.
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 “Excess
Earnings Method”). 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 and are reported on a
one-month lag. The net effect of this reporting lag is not
deemed to be material to the Company’s consolidated
financial statements.
Fiscal
2010 Transactions
Asia-Pacific
Licensed Operations Acquisition
On December 31, 2009, in connection with the transition of
the Polo-branded apparel business in Asia-Pacific (excluding
Japan and South Korea) from a licensed to a wholly owned
operation, the Company acquired certain net assets from Dickson
Concepts International Limited and affiliates
(“Dickson”) in exchange for an initial payment of
approximately $20 million and other consideration of
approximately $17 million (the “Asia-Pacific Licensed
Operations Acquisition”). Dickson was the Company’s
licensee for Polo-branded apparel in the Asia-Pacific region
(excluding Japan and South Korea), which is comprised of China,
Hong Kong, Indonesia, Malaysia, the Philippines, Singapore,
Taiwan and Thailand. The Company funded the Asia-Pacific
Licensed Operations Acquisition with available cash on-hand.
The Company accounted for the Asia-Pacific Licensed Operations
Acquisition as a business combination during the fourth quarter
of Fiscal 2010. The acquisition cost of $37 million
(excluding transaction costs) has been allocated to the net
assets acquired based on their respective fair values as
follows: inventory of $2 million; customer relationship
intangible asset of $29 million; tax-deductible goodwill of
$1 million and other net assets of $5 million.
Goodwill represents the excess of the purchase price over the
fair value of the net tangible and identifiable intangible
assets acquired. Transaction costs of $4 million were
expensed as incurred and classified within SG&A expenses in
the consolidated statement of operations.
The customer relationship intangible asset was valued using the
Excess Earnings Method and is being amortized over its estimated
useful life of ten years.
The operating results for the Polo-branded apparel business in
Asia-Pacific have been consolidated in the Company’s
operating results commencing on January 1, 2010.
Fiscal
2009 Transactions
Japanese
Childrenswear and Golf Acquisition
On August 1, 2008, in connection with the transition of the
Polo-branded childrenswear and golf apparel businesses in Japan
from a licensed to a wholly owned operation, the Company
acquired certain net assets (including inventory) from Naigai
Co. Ltd. (“Naigai”) in exchange for a payment of
approximately ¥2.8 billion
(approximately $26 million as of the acquisition date) and
certain other consideration (the “Japanese Childrenswear
and Golf Acquisition”). The Company funded the Japanese
Childrenswear and Golf Acquisition with available cash on-hand.
Naigai was the Company’s licensee for childrenswear, golf
apparel and hosiery under the Polo by Ralph Lauren and Ralph
Lauren brands in Japan. In conjunction with the Japanese
Childrenswear and Golf Acquisition, the Company also entered
into an additional
5-year
licensing and design-related agreement with Naigai for Polo and
Chaps-branded hosiery in Japan and a transition services
agreement for the provision of a variety of operational, human
resources and information systems-related services over a period
of up to eighteen months from the date of the closing of the
transaction.
The Company accounted for the Japanese Childrenswear and Golf
Acquisition as an asset purchase during the second quarter of
Fiscal 2009. Based on the results of valuation analyses
performed, the Company allocated all of the consideration
exchanged in the Japanese Childrenswear and Golf Acquisition to
the net assets acquired in connection with the transaction. No
settlement loss associated with any pre-existing relationships
was recognized. The acquisition cost of $28 million
(including transaction costs of approximately $2 million)
has been allocated to the net assets acquired based on their
respective fair values as follows: inventory of
$16 million; customer relationship intangible asset of
$13 million; and other net liabilities of $1 million.
The operating results for the Polo-branded childrenswear and
golf apparel businesses in Japan have been consolidated in the
Company’s operating results commencing August 2, 2008.
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- Definition
Description of a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. This element may be used as a single block of text to encapsulate the entire disclosure (including data and tables) regarding business combinations, including leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Inventories
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| Inventories |
Inventories consist of the following:
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- Definition
This element represents the complete disclosure related to inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Property and Equipment
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Apr. 02, 2011
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| Property and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment |
Property and equipment, net, consist of the following:
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- Definition
Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. This element may be used as a single block of text to include the entire PPE disclosure, including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill and Other Intangible Assets
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Apr. 02, 2011
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| Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets |
As discussed in Note 3, goodwill and certain other
intangible assets deemed to have indefinite useful lives are not
amortized. Rather, goodwill and such indefinite-lived intangible
assets are subject to annual impairment testing. Finite-lived
intangible assets continue to be amortized over their respective
estimated useful lives. Based on the results of the
Company’s annual impairment testing of goodwill and
indefinite-lived intangible assets in Fiscal 2011, Fiscal 2010
and Fiscal 2009, no impairment charges were deemed necessary.
Goodwill
The following table details the changes in goodwill for each
reportable segment during Fiscal 2011 and Fiscal 2010:
Other
Intangible Assets
Other intangible assets consist of the following:
Amortization
Based on the amount of intangible assets subject to amortization
as of April 2, 2011, the expected amortization for each of
the next five fiscal years and thereafter is as follows:
The expected future amortization expense above reflects
weighted-average estimated useful lives of 18.3 years for
re-acquired licensed trademarks, 12.8 years for customer
relationships/lists and 15.4 years for the Company’s
finite-lived intangible assets in total.
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- Details
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- Definition
Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Current and Non-Current Assets
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Apr. 02, 2011
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| Other Current and Non-Current Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current and Non-Current Assets |
Prepaid expenses and other current assets consist of the
following:
Other non-current assets consist of the following:
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- Definition
This item represents the entity's disclosure related to: (1) prepaid expenses and other current assets that are expected to be charged against earnings, realized or consumed within one year (or the normal operating cycle, if longer); and (2) other non-current assets that are expected to be realized or consumed after one year (or the normal operating cycle, if longer). No definition available.
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Other Current and Non-Current Liabilities
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Apr. 02, 2011
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| Other Current and Non-Current Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current and Non-Current Liabilities |
Accrued expenses and other current liabilities consist of the
following:
Other non-current liabilities consist of the following:
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- Definition
This element may be used as a single block of text to encapsulate the entire disclosure for other liabilities including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Impairments of Assets
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Apr. 02, 2011
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| Impairments of Assets [Abstract] | |||||
| Impairments of Assets |
Property and equipment, along with other long-lived assets, are
evaluated for impairment periodically whenever events or changes
in circumstances indicate that their related carrying amounts
may not be fully recoverable. In evaluating long-lived assets
for recoverability, the Company uses its best estimate of future
cash flows expected to result from the use of the asset and its
eventual disposition. To the extent that the estimated future
undiscounted net cash flows attributable to the asset are less
than its carrying amount, an impairment loss is recognized equal
to the difference between the carrying value of such asset and
its fair value.
Fiscal
2011 Impairment
During Fiscal 2011, the Company recorded a non-cash impairment
charge of $2.5 million to reduce the net carrying value of
certain retail store and concession shop long-lived assets in
the Asia-Pacific region that were determined to no longer be
used over the intended service period to their estimated fair
value, which was calculated based on discounted expected cash
flows.
Fiscal
2010 Impairment
During Fiscal 2010, the Company recorded non-cash impairment
charges of $6.6 million to reduce the net carrying value of
certain long-lived assets primarily in its Retail segment to
their estimated fair value, which was determined based on
discounted expected cash flows. This impairment charge was
primarily related to the underperformance of certain domestic
retail stores, largely related to the Company’s Club Monaco
retail business.
Fiscal
2009 Impairment
During Fiscal 2009, the Company recorded total non-cash
impairment charges of $55.4 million to reduce the net
carrying value of certain long-lived assets to their estimated
fair value, which was determined based on discounted expected
cash flows. These impairment charges included a
$52.0 million write-down of Retail store assets and a
$3.4 million write-down of certain capitalized software
costs (primarily in the Wholesale segment) that were determined
to no longer be used over the intended service period. The
Retail store asset impairment was associated with
underperformance of certain Ralph Lauren, Club Monaco
and Rugby full-price stores primarily located in the
U.S. due in part to the significant contraction in consumer
spending experienced during the latter half of Fiscal 2009.
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- Definition
This item represents the entity's disclosure related to impairments of assets including: (a) a description of the impaired long-lived asset and facts and circumstances leading to the impairment; (b) amount of the impairment loss and where the loss is located in the income statement; (c) method(s) for determining fair value; and (d) the segment in which the impaired long-lived asset is reported. No definition available.
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Restructuring
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Apr. 02, 2011
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| Restructuring [Abstract] | |||||
| Restructuring |
The Company has recorded restructuring liabilities in recent
years relating to various cost-savings initiatives, as well as
certain of its acquisitions. Liabilities for restructuring costs
are measured at fair value when incurred. A description of the
nature of significant restructuring activities and related costs
is presented below.
Fiscal
2011 Restructuring
During Fiscal 2011, the Company recognized net restructuring
charges of $2.6 million primarily related to employee
termination costs associated with its wholesale operations and
the closing of a warehouse facility, partially offset by
reversals of reserves deemed no longer necessary largely
associated with previously closed retail stores.
Fiscal
2010 Restructuring
During Fiscal 2010, the Company recognized net restructuring
charges of $6.9 million primarily related to employee
termination costs, as well as the write-down of an asset
associated with exiting a retail store in Japan.
Fiscal
2009 Restructuring
During the fourth quarter of Fiscal 2009, the Company initiated
a restructuring plan designed to better align its cost base with
the slowdown in consumer spending that negatively affected sales
and operating margins and to improve overall operating
effectiveness (the “Fiscal 2009 Restructuring Plan”).
The Fiscal 2009 Restructuring Plan included the termination of
approximately 500 employees and the closure of certain
underperforming retail stores.
In connection with the Fiscal 2009 Restructuring Plan, the
Company recorded $20.8 million in restructuring charges
during the fourth quarter of Fiscal 2009. The remaining
restructuring liability as of April 2, 2011 and
April 3, 2010 was $0.1 million and $1.1 million,
respectively.
In addition to the restructuring charges incurred in connection
with the Fiscal 2009 Restructuring Plan as discussed above, the
Company recognized $2.8 million of other restructuring
charges earlier in Fiscal 2009, primarily related to severance
costs associated with the transition of certain sourcing and
production facilities in Asia-Pacific.
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- Definition
Description of restructuring activities including exit and disposal activities, which should include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This description does not include restructuring costs in connection with a business combination or discontinued operations and long-lived assets (disposal groups) sold or classified as held for sale. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Apr. 02, 2011
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| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes |
Taxes
on Income
Domestic and foreign pretax income are as follows:
Provisions (benefits) for current and deferred income taxes are
as follows:
Tax
Rate Reconciliation
The differences between income taxes expected at the
U.S. federal statutory income tax rate of 35% and income
taxes provided are as set forth below:
The Company’s effective tax rate is lower than the
statutory rate principally as a result of the proportion of
earnings generated in lower taxed foreign jurisdictions versus
the U.S., as well as reductions in tax reserves associated with
conclusions of tax examinations and other discrete tax reserve
reductions.
Deferred
Taxes
Significant components of the Company’s net deferred tax
assets (liabilities) are as follows:
The Company has available state and foreign net operating loss
carryforwards of $5.0 million and $43.7 million,
respectively, for tax purposes to offset future taxable income.
The net operating loss carryforwards expire beginning in Fiscal
2012.
Also, the Company has available state and foreign net operating
loss carryforwards of $7.8 million and $67.9 million,
respectively, for which no net deferred tax asset has been
recognized. A full valuation allowance has been recorded since
management does not believe that the Company will more likely
than not be able to utilize these carryforwards to offset future
taxable income. Subsequent recognition of these deferred tax
assets would result in an income tax benefit in the year of such
recognition. The valuation allowance relating to state and
foreign net operating tax carryforwards increased
$3.6 million and $1.9 million, respectively, as a
result of the Company’s inability to utilize certain state
and foreign net operating tax carryforwards.
Provision has not been made for U.S. or additional foreign
taxes on $1.182 billion of undistributed earnings of
foreign subsidiaries. Those earnings have been and are expected
to continue to be reinvested. These earnings could become
subject to tax if they were remitted as dividends, if foreign
earnings were lent to PRLC, a subsidiary or a
U.S. affiliate of PRLC, or if the stock of the subsidiaries
were sold. Determination of the amount of unrecognized deferred
tax liability with respect to such earnings is not practical.
Management believes that the amount of the additional taxes that
might be payable on the earnings of foreign subsidiaries, if
remitted, would be partially offset by U.S. foreign tax
credits.
Uncertain
Income Tax Benefits
Fiscal
2011, Fiscal 2010 and Fiscal 2009 Activity
A reconciliation of the beginning and ending amounts of
unrecognized tax benefits, excluding interest and penalties, for
Fiscal 2011, Fiscal 2010 and Fiscal 2009 is presented below:
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 Fiscal 2011, Fiscal 2010 and Fiscal 2009 is
presented below:
The total amount of unrecognized tax benefits, including
interest and penalties, was $156.4 million as of
April 2, 2011 and $126.0 million as of April 3,
2010 and was 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 $110.8 million as of April 2, 2011 and
$99.6 million as of April 3, 2010.
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.
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- Definition
Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt
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Apr. 02, 2011
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| Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt |
Debt consists of the following:
Euro
Debt
As of April 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.
In July 2009, the Company completed a cash tender offer and used
$121.0 million to repurchase €90.8 million of
principal amount of its then outstanding €300 million
principal amount of 4.5% notes due October 4, 2013 at
a discounted purchase price of approximately 95%. A net pretax
gain of $4.1 million related to this extinguishment of debt
was recorded during the second quarter of Fiscal 2010 and
classified as a component of interest and other income, net in
the Company’s consolidated statements of operations. The
Company used its cash on-hand to fund the debt extinguishment.
Refer to Note 16 for discussion of the designation of the
Company’s Euro Debt as a hedge of its net investment in
certain of its European subsidiaries.
Revolving
Credit Facilities
Global
Credit Facility
On March 10, 2011, the Company entered into a new credit
facility that provides for a $500 million senior unsecured
revolving line of credit through March 2016 (the “Global
Credit Facility”). The Global Credit Facility replaced the
Company’s previous $450 million unsecured revolving
line of credit scheduled to mature in November 2011. Key changes
under the Global Credit Facility include:
Consistent with the previous facility, the Global Credit
Facility is also used to support the issuance of letters of
credit. As of April 2, 2011, there were no borrowings
outstanding under the Global Credit Facility and the Company was
contingently liable for $16.8 million of outstanding
letters of credit.
U.S. Dollar-denominated borrowings under the Global Credit
Facility bear interest, at the Company’s option, either at
(a) a base rate, by reference to the greatest of:
(i) the annual prime commercial lending rate of JPMorgan
Chase Bank, N.A. in effect from time to time, (ii) the
weighted-average overnight Federal funds rate plus 50 basis
points, or (iii) the one-month London Interbank Offered
Rate (“LIBOR”) plus 100 basis points; or
(b) LIBOR, adjusted for the Federal Reserve Board’s
Eurocurrency liabilities maximum reserve percentage, plus a
spread of 112.5 basis points, subject to adjustment based
on the Company’s credit ratings (“Adjusted
LIBOR”). Foreign currency-denominated borrowings bear
interest at Adjusted LIBOR, as described above. There are no
mandatory reductions in borrowing ability throughout the term of
the Global Credit Facility.
In addition to paying interest on any outstanding borrowings
under the Global Credit Facility, the Company is required to pay
a commitment fee to the lenders under the Global Credit Facility
in respect of the unutilized commitments. The commitment fee
rate of 15 basis points under the terms of the Global
Credit Facility is subject to adjustment based on the
Company’s credit ratings.
The Global Credit Facility contains a number of covenants that,
among other things, restrict the Company’s ability, subject
to specified exceptions, to incur additional debt; incur liens,
sell or dispose of assets; merge with or acquire other
companies; liquidate or dissolve itself; engage in businesses
that are not in a related line of business; make loans,
advances, or guarantees; engage in transactions with affiliates;
and make 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 April 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.
Upon the occurrence of an Event of Default under the Global
Credit Facility, the lenders may cease making loans, terminate
the Global Credit Facility and declare all amounts outstanding
to be immediately due and payable. The Global Credit Facility
specifies a number of events of default (many of which are
subject to applicable grace periods), including, among others,
the failure to make timely principal, interest and fee payments
or to satisfy the covenants, including the financial covenant
described above. Additionally, the Global Credit Facility
provides that an Event of Default will occur if Mr. Ralph
Lauren, the Company’s Chairman and Chief Executive Officer,
and entities controlled by the Lauren family fail to maintain a
specified minimum percentage of the voting power of the
Company’s common stock.
Chinese
Credit Facility
On February 10, 2011, two of the Company’s
subsidiaries, Polo Ralph Lauren Trading (Shanghai) Co., LTD and
Polo Ralph Lauren Commerce and Trading (Shanghai) Co., LTD,
entered into an uncommitted credit facility that provides for a
revolving line of credit of up to 70 million Chinese
Renminbi (approximately $10 million) through
February 9, 2012 (the “Chinese Credit Facility”).
The Chinese Credit Facility will be used to fund general working
capital funding 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 the Polo Ralph Lauren
Corporation 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
April 2, 2011, there were no borrowings outstanding under
the Chinese Credit Facility.
Fair
Value of Debt
Based on the prevailing level of market interest rates as of
April 2, 2011, the fair value of the Company’s Euro
Debt exceeded its carrying value by approximately
$13 million. As of April 3, 2010, the fair value of
the Euro Debt exceeded its carrying value by approximately
$10 million. Unrealized gains or losses on debt do not
result in the realization or expenditure of cash, unless the
debt is retired prior to its maturity.
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| X | ||||||||||
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- Definition
Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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Apr. 02, 2011
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| Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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:
Certain of the Company’s municipal bonds and variable rate
municipal securities (“VRMS”) 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, which is
adjusted for foreign currency fluctuations and changes in the
fair value of the Company’s
fixed-to-floating
interest rate swap,
and investments in equity method investees are also reported at
carrying value. However, other than differences in the fair
value of the Company’s fixed rate debt as disclosed in
Note 14, the differences between fair value and carrying
value were not significant as of April 2, 2011 or
April 3, 2010.
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.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments
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Apr. 02, 2011
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| Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 in the
consolidated balance sheets as of April 2, 2011 and
April 3, 2010:
The following tables summarize the impact of the Company’s
derivative instruments on its consolidated financial statements
for the fiscal years presented:
Over the next twelve months, it is expected that approximately
$11 million of net losses deferred in AOCI related to
derivative financial instruments outstanding as of April 2,
2011 will be recognized in earnings. No material gains or losses
relating to ineffective or discontinued hedges were recognized
during any of the fiscal years 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 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, which has a maturity date of October 4,
2013, has an aggregate notional value of
€209.2 million and swaps the 4.5% fixed interest rate
on the Company’s Euro Debt for a variable interest rate
equal to the
3-month Euro
Interbank Offered Rate plus 299 basis points. The
Company’s interest rate swap meets the requirements for
shortcut method accounting. Accordingly, changes in the fair
value of the interest rate swap are exactly offset by changes in
the fair value of the Euro Debt. No ineffectiveness has been
recorded during Fiscal 2011.
On April 11, 2011, the Company terminated its interest rate
swap, the impact of which is not expected to have a material
impact on its consolidated financial statements.
See Note 3 for further discussion of the Company’s
accounting policies relating to its derivative and other
financial instruments.
Investments
The following table summarizes the Company’s short-term and
non-current investments recorded in the consolidated balance
sheets as of April 2, 2011 and April 3, 2010:
Held-to-maturity
investments consist of debt securities that the Company has the
intent and ability to retain until maturity. These securities
are recorded at cost, adjusted for the amortization of premiums
and discounts, which approximates fair value.
Available-for-sale
investments primarily consist of municipal bonds, VRMS and
auction rate securities. VRMS represent long-term municipal
bonds with interest rates that reset at pre-determined
short-term intervals, and can typically be put to the issuer and
redeemed for cash upon demand, or shortly thereafter. Auction
rate securities also have characteristics similar to short-term
investments. However, the Company has classified these
securities as non-current investments in its consolidated
balance sheets as current market conditions call into question
its ability to redeem these investments for cash within the next
twelve months. No material unrealized or realized gains or
losses on
available-for-sale
investments were recorded during any of the fiscal periods
presented.
The Company did not recognize any
other-than-temporary
impairment charges in any of the fiscal years presented.
See Note 3 for further discussion of the Company’s
accounting policies relating to investments.
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- 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. No definition available.
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Commitments and Contingencies
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Apr. 02, 2011
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| Commitments and Contingencies |
Leases
The Company operates its retail stores under various leasing
arrangements. The Company also occupies various office and
warehouse facilities and uses certain equipment under numerous
lease agreements. Such leasing arrangements are accounted for as
either operating leases or capital leases. In this context,
capital leases include
leases whereby the Company is considered to have the substantive
risks of ownership during construction of a leased property.
Information on the Company’s operating and capital leasing
activities is set forth below.
Operating
Leases
The Company is typically required to make minimum rental
payments, and often contingent rental payments, under its
operating leases. Many of the Company’s factory and
full-price retail store leases provide for contingent rentals
based upon sales, and certain rental agreements require payment
based solely on a percentage of sales. Terms of the
Company’s leases generally contain renewal options, rent
escalation clauses and landlord incentives. Rent expense, net of
sublease income which was not significant, was approximately
$317 million in Fiscal 2011, $267 million in Fiscal
2010 and $237 million in Fiscal 2009. Such amounts include
contingent rental charges of approximately $89 million for
Fiscal 2011, $74 million for Fiscal 2010 and
$51 million for Fiscal 2009. In addition to such amounts,
the Company is normally required to pay taxes, insurance and
occupancy costs relating to the leased real estate properties.
As of April 2, 2011, future minimum rental payments under
noncancelable operating leases with lease terms in excess of one
year were as follows:
Capital
Leases
Assets under capital leases amounted to approximately
$34 million at the end of both Fiscal 2011 and Fiscal 2010,
net of accumulated amortization of $11 million and
$8 million, respectively. Such assets are classified within
property and equipment in the consolidated balance sheets. As of
April 2, 2011, future minimum rental payments under
noncancelable capital leases with lease terms in excess of one
year were as follows:
Employment
Agreements
The Company has employment agreements with certain executives in
the normal course of business which provide for compensation and
certain other benefits. These agreements also provide for
severance payments under certain circumstances.
Other
Commitments
Other off-balance sheet firm commitments, which primarily
include inventory purchase commitments, marketing and
advertising commitments, outstanding letters of credit and
minimum funding commitments to investees, amounted to
approximately $1.053 billion as of April 2, 2011.
Litigation
California
Class Action Litigation
On October 11, 2007 and November 2, 2007, two class
action lawsuits were filed by two customers in state court in
California asserting that while they were shopping at certain of
the Company’s factory stores in California, the Company
allegedly required them to provide certain personal information
at the
point-of-sale
in order to complete a credit card purchase. The plaintiffs
purported to represent a class of customers in California who
allegedly were injured by being forced to provide their address
and telephone numbers in order to use their credit cards to
purchase items from the Company’s stores, which allegedly
violated Section 1747.08 of California’s Song-Beverly
Act. The complaints sought an unspecified amount of statutory
penalties, attorneys’ fees and injunctive relief. The
Company subsequently had the actions moved to the United States
District Court for the Eastern and Central Districts of
California. Subsequently, the parties agreed to settle these
claims by agreeing that the Company would issue $20 merchandise
discount coupons with six month expiration dates to eligible
parties and would pay the plaintiffs’ attorneys’ fees.
In connection with this settlement, the Company recorded a
$5 million reserve against its expected loss exposure
during the second quarter of Fiscal 2009. The terms of the
settlement were later approved by the Court. Accordingly, the
coupons were issued in February 2010 and expired on
August 16, 2010. Based on the coupon redemption experience,
the Company reversed $1.7 million of its original
$5.0 million reserve into income during Fiscal 2010, and
the remaining $1.9 million of reserves was reversed into
income during Fiscal 2011.
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.
California
Labor Litigation
On May 30, 2006, four former employees of the
Company’s Ralph Lauren stores in Palo Alto and
San Francisco, California filed a lawsuit in the
San Francisco Superior Court alleging violations of
California wage and hour laws. The plaintiffs purported to
represent a class of employees who allegedly had been injured by
not properly being paid commission earnings, not being paid
overtime, not receiving rest breaks, being forced to work off of
the clock while waiting to enter or leave stores and being
falsely imprisoned while waiting to leave stores. The complaint
sought an unspecified amount of compensatory damages, damages
for emotional distress, disgorgement of profits, punitive
damages, attorneys’ fees and injunctive and declaratory
relief. Subsequent to answering the complaint, the Company had
the action moved to the United States District Court for the
Northern District of California. On July 8, 2008, the
United States District Court for the Northern District of
California granted plaintiffs’ motion for class
certification and subsequently denied the Company’s motion
to decertify the class. On November 5, 2008, the District
Court stayed litigation of the rest break claims pending the
resolution of a separate California Supreme Court case on the
standards of class treatment for rest break claims. On
January 25, 2010, the District Court granted
plaintiffs’ motion to sever the rest break claims from the
rest of the case and denied the Company’s motion to
decertify the waiting time claims. The District Court also
ordered that a trial be held on the waiting time and overtime
claims, which commenced on March 8, 2010. During trial, the
parties reached an agreement to settle all of the claims in the
litigation, including the rest break claims, for
$4 million. The District Court granted preliminary approval
of the settlement on May 21, 2010. Class members had
60 days from the date of preliminary approval to submit
claims or object to the settlement. Only a single objection to
the settlement was received from one former employee. The Court
dismissed the objection and granted final approval of the
settlement on August 27, 2010. In connection with this
settlement, the Company recorded a $4 million reserve
against its expected loss exposure during the fourth quarter of
Fiscal 2010.
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.
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- Details
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- Definition
This item represents disclosure of commitments and contingencies, including leases of lessee as applicable. Disclosure of the entity's leasing arrangements includes, but is not limited to, the following: (a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; and (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. No definition available.
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Equity
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Apr. 02, 2011
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| Equity [Abstract] | |||||
| Equity |
Capital
Stock
The Company’s capital stock consists of two classes of
common stock. There are 500 million shares of Class A
common stock and 100 million shares of Class B common
stock authorized to be issued. Shares of Class A and
Class B common stock have substantially identical rights,
except with respect to voting rights. Holders of Class A
common stock are entitled to one vote per share and holders of
Class B common stock are entitled to ten votes per share.
Holders of both classes of stock vote together as a single class
on all matters presented to the stockholders for their approval,
except with respect to the election and removal of directors or
as otherwise required by applicable law. All outstanding shares
of Class B common stock are owned by Mr. Ralph Lauren,
Chairman of the Board and Chief Executive Officer, and entities
controlled by the Lauren family and are convertible at any time
into shares of Class A common stock on a
one-for-one
basis.
Secondary
Stock Offering
On June 14, 2010, the Company commenced a secondary public
offering under which approximately 10 million shares of
Class A common stock were sold on behalf of its principal
stockholder, Mr. Lauren (the “Offering”). The
Offering was made pursuant to a shelf registration statement on
Form S-3
filed on the same day, and closed on June 24, 2010.
Concurrent with the Offering, the Company also purchased an
additional 1.0 million shares of Class A common stock
under its repurchase program from Mr. Lauren at a cost of
$81 million, representing the per share price of the public
offering.
Class B
Common Stock Conversion
In connection with the Offering and share repurchase discussed
above, during the first quarter of Fiscal 2011, Mr. Lauren
converted approximately 11 million shares of Class B
common stock into an equal number of shares of Class A
common stock pursuant to the terms of the security.
Mr. Lauren also converted an additional 0.3 million
shares of Class B common stock into an equal number of
shares of Class A common stock pursuant to the terms of the
security. During Fiscal 2010, Mr. Lauren converted
1.2 million shares of Class B common stock into an
equal number of shares of Class A common stock pursuant to
the terms of the security. These transactions resulted in a
reclassification within equity, and had no effect on the
Company’s consolidated balance sheets.
Common
Stock Repurchase Program
During Fiscal 2011, the Company’s Board of Directors
approved an expansion of the Company’s existing stock
repurchase program allowing the Company to repurchase up to an
additional $775 million in Class A common stock,
$275 million of which was approved on May 18, 2010,
$250 million of which was approved on August 5, 2010,
and $250 million of which was approved on February 8,
2011. Repurchases of shares of Class A common stock are
subject to overall business and market conditions.
In Fiscal 2011, 6.0 million shares of Class A common
stock were repurchased by the Company at a cost of
$577.8 million under its repurchase program, including a
repurchase of 1.0 million shares of Class A common
stock at a cost of $81.0 million in connection with the
secondary stock offering discussed above. The remaining
availability under the Company’s common stock repurchase
program was $472.0 million as of April 2, 2011. In
addition, during Fiscal 2011, 0.2 million shares of
Class A common stock at a cost of $16.8 million were
surrendered to, or withheld by, the Company in satisfaction of
withholding taxes in connection with the vesting of awards
issued under the Company’s 1997 Long-Term Stock Incentive
Plan, as amended (the “1997 Incentive Plan”).
In Fiscal 2010, 2.9 million shares of Class A common
stock were repurchased by the Company at a cost of
$215.9 million under its repurchase program. In addition,
0.3 million shares of Class A common stock at a cost
of $15.1 million were surrendered to, or withheld by, the
Company in satisfaction of withholding taxes in connection with
the vesting of awards issued under the 1997 Plan.
In Fiscal 2009, 1.8 million shares of Class A common
stock were repurchased by the Company at a cost of
$126.2 million. Also, during the first quarter of Fiscal
2009, 0.4 million shares traded prior to the end of Fiscal
2008 were settled at a cost of $24.0 million. In addition,
in Fiscal 2009, 0.3 million shares of Class A common
stock at a cost of $19.6 million were surrendered to, or
withheld by, the Company in satisfaction of withholding taxes in
connection with the vesting of awards issued under the 1997 Plan.
Repurchased and surrendered shares are accounted for as treasury
stock at cost and will be held in treasury for future use.
On May 24, 2011, the Company’s Board of Directors
approved a further expansion of the Company’s existing
common stock repurchase program that will allow it to repurchase
up to an additional $500 million of Class A common
stock.
Dividends
Since 2003, the Company has maintained a regular quarterly cash
dividend program on its common stock. On November 4, 2009,
the Company’s Board of Directors approved an increase to
the Company’s quarterly cash dividend on its common stock
from $0.05 per share to $0.10 per share. On February 8,
2011, the Company’s Board of Directors approved an
additional increase to the Company’s quarterly cash
dividend on its common stock from $0.10 per share to $0.20 per
share. Dividends paid amounted to $38.5 million in Fiscal
2011, $24.7 million in Fiscal 2010 and $19.9 million
in Fiscal 2009.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income |
The following summary sets forth the components of other
comprehensive income (loss), net of tax, accumulated in equity:
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- Definition
This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-Based Compensation
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| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
Long-term
Stock Incentive Plans
On August 5, 2010, the Company’s shareholders approved
the 2010 Long-Term Stock Incentive Plan (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. The 2010 Incentive Plan became
effective immediately and no further grants will be made under
the 1997 Incentive Plan. Outstanding awards as of August 5,
2010 will 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 associated income tax benefits recognized
related to stock-based compensation arrangements is as follows:
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. The Company uses the
Black-Scholes option-pricing model to estimate the fair value of
stock options granted, which requires the input of both
subjective and objective assumptions as follows:
Expected Term — The estimate of expected term
is based on the historical exercise behavior of employees and
non-employee directors, as well as the contractual life of the
option grants.
Expected Volatility — The expected volatility
factor is based on the historical volatility of the
Company’s common stock for a period equal to the stock
option’s expected term.
Expected Dividend Yield — The expected dividend
yield is based on the Company’s quarterly cash dividend of
(a) $0.05 per share for grants made prior to the third
quarter of Fiscal 2010, (b) $0.10 per share for grants made
during and after the third quarter of Fiscal 2010, but prior to
the fourth quarter of Fiscal 2011, and (c) $0.20 per share
for grants made during the fourth quarter of Fiscal 2011.
Risk-free Interest Rate — The risk-free
interest rate is determined using the implied yield for a traded
zero-coupon U.S. Treasury bond with a term equal to the
option’s expected term.
The Company’s weighted-average assumptions used to estimate
the fair value of stock options granted during the fiscal years
presented were as follows:
A summary of the stock option activity under all plans during
Fiscal 2011 is as follows:
Additional information pertaining to the Company’s stock
option plans is as follows:
As of April 2, 2011, there was $17.6 million of total
unrecognized compensation expense related to nonvested stock
options granted, expected to be recognized over a
weighted-average period of 1.4 years.
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.
Restricted shares of Class A common stock, which entitle
the holder to receive a specified number of shares of
Class A common stock at the end of a vesting period, are
accounted for at fair value at the date of grant. In addition,
holders of restricted shares are entitled to receive cash
dividends in connection with the payments of dividends on the
Company’s Class A common stock. Restricted stock
shares granted to non-employee directors vest over a three-year
period of time.
RSUs entitle the grantee to receive shares of Class A
common stock at the end of a vesting period. Service-based RSUs
are payable in shares of Class A common stock and generally
vest over a five-year period of time, subject to the
executive’s continuing employment. Performance-based RSUs
also are payable in shares of Class A common stock and
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. In addition, holders of certain RSUs
are entitled to receive dividend equivalents in the form of
additional RSUs in connection with the payment of dividends on
the Company’s Class A common stock. RSUs, including
shares resulting from dividend equivalents paid on such units,
are accounted for at fair value at the date of grant. The fair
value of a restricted security is 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. Compensation expense
for performance-based RSUs is recognized over the related
service period when attainment of the performance goals is
deemed probable.
A summary of the restricted stock and RSU activity during Fiscal
2011 is as follows:
Additional information pertaining to the restricted stock and
RSU activity is as follows:
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- Definition
Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Employee Benefit Plans
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12 Months Ended | ||||
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Apr. 02, 2011
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| Employee Benefit Plans [Abstract] | |||||
| Employee Benefit Plans |
Profit
Sharing Retirement Savings Plans
The Company sponsors three defined contribution benefit plans
covering substantially all eligible employees in the
U.S. and Puerto Rico who are not covered by a collective
bargaining agreement. The plans include a savings plan feature
under Section 401(k) of the Internal Revenue Code. The
Company makes discretionary contributions to the plans and
contributes an amount equal to 50% of the first 6% of salary
contributed by an employee.
Under the terms of the plans, a participant is 100% vested in
Company matching and discretionary contributions after five
years of credited service. Contributions made by the Company
under these plans approximated $8 million in Fiscal 2011
and $6 million in each of Fiscal 2010 and Fiscal 2009.
International
Defined Benefit Plans
The Company sponsors certain single-employer defined benefit
plans and cash balance plans at international locations which
are not considered to be material individually or in the
aggregate. Pension benefits under these plans are based on
formulas that reflect the employees’ years of service and
compensation levels during their employment period. The
aggregate funded status of the single-employer defined benefit
plans were net liabilities of $1.7 million and
$5.1 million as of April 2, 2011 and April 3,
2010, respectively, and were primarily recorded within other
non-current liabilities in the Company’s consolidated
balance sheets. These single-employer defined benefit plans had
aggregate projected benefit obligations of $33.6 million
and aggregate fair values of plan assets of $31.9 million
as of April 2, 2011, compared to projected benefit
obligations of $25.4 million and aggregate fair values of
plan assets of $22.5 million as of April 3, 2010. The
asset portfolio of the single-employer defined benefit plans
primarily consists of debt securities, which have been measured
at fair value largely using Level 2 inputs, as defined in
Note 15. Pension expense for these plans, recorded within
SG&A expenses in the Company’s consolidated statements
of operations, was $1.8 million in Fiscal 2011,
$4.2 million in Fiscal 2010 and $4.0 million in Fiscal
2009.
Union
Pension Plan
The Company participates in a multi-employer pension plan and is
required to make contributions to the UNITE HERE (which was
previously known as the Union of Needletrades, Industrial and
Textile Employees, prior to its merger with the Hotel Employees
and Restaurant Employees International Union)
(“Union”) for dues based on wages paid to union
employees. A portion of these dues is allocated by the Union to
a retirement fund which provides defined benefits to
substantially all unionized workers. The Company does not
participate in the management of the plan and has not been
furnished with information with respect to the type of benefits
provided, vested and non-vested benefits or assets.
Under the Employee Retirement Income Security Act of 1974, as
amended, an employer, upon withdrawal from or termination of a
multi-employer plan, is required to continue funding its
proportionate share of the plan’s unfunded vested benefits.
Such liability was assumed in conjunction with the acquisition
of certain assets from a non-affiliated licensee. The Company
has no current intention of withdrawing from the plan.
Other
Compensation Plans
The Company has a non-qualified supplemental retirement plan for
certain highly compensated employees whose benefits under the
401(k) profit sharing retirement savings plans were expected to
be constrained by the operation of certain Internal Revenue Code
limitations. These supplemental benefits vest over time and the
related compensation expense is recognized over the vesting
period. Effective August 2008, the Company amended this plan,
resulting in a suspension of the annual contributions for
substantially all plan participants. Further, affected
participants were provided with a one-time election to either
withdraw all benefits vested in the plan in a lump sum amount or
remain in the plan and receive future distributions of benefits
vested over a three-year period. In connection with this
one-time election, the Company paid out approximately
$18 million to affected participants during the first
quarter of Fiscal 2010. Excluding amounts accrued for the
one-time withdrawal payout noted above, amounts accrued under
this plan totaled $9 million and $10 million as of
April 2, 2011 and April 3, 2010, respectively, and
were classified within other non-current liabilities in the
consolidated balance sheets. Total compensation expense
recognized related to these benefits was $0.2 million in
both Fiscal 2011 and Fiscal 2010 and $2 million in Fiscal
2009.
Additionally, the Company has deferred compensation arrangements
for certain key executives which generally provide for payments
upon retirement, death or termination of employment. The amounts
accrued under these plans were approximately $2 million and
$1 million as of April 2, 2011 and April 3, 2010,
respectively, and were classified within other non-current
liabilities in the consolidated balance sheets. Total
compensation expense related to these compensation arrangements
was $0.3 million in each of the three fiscal years
presented. The Company funds a portion of these obligations
through the establishment of trust accounts on behalf of the
executives participating in the plans. The trust accounts are
classified within other assets in the consolidated balance
sheets.
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- Definition
Description containing the entire pension and other postretirement benefits disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Information
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Apr. 02, 2011
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| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 Notes 2 and 3. 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:
Depreciation and amortization expense and capital expenditures
for each segment are as follows:
Total assets for each segment are as follows:
Net revenues and long-lived assets by geographic location of the
reporting subsidiary are as follows:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Related Party Transactions
|
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Apr. 02, 2011
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|||||
| Related Party Transactions [Abstract] | |||||
| Related Party Transactions |
In the ordinary course of conducting its business, the Company
periodically enters into transactions with other entities or
people that are considered related parties.
In connection with the launch of the RL Watch Company business,
the Company receives royalty payments pursuant to a related
licensing agreement that allows the RL Watch Company to sell
luxury watches and fine jewelry throughout the world using
certain of the Company’s trademarks. The Company has a 50%
interest in the RL Watch Company, which is accounted for under
the equity method of accounting. Royalty payments received under
this arrangement were less than $0.1 million in each of the
fiscal years presented. See Note 3 for further discussion
of the Company’s investment in the RL Watch Company.
During Fiscal 2011, the Company commenced a secondary public
offering under which approximately 10 million shares of
Class A common stock were sold on behalf of its principal
stockholder, Mr. Ralph Lauren, Chairman of the Board and
Chief Executive Officer. Concurrent with this offering, the
Company also purchased an additional 1 million shares of
Class A common stock under its repurchase program from
Mr. Lauren at the per share price of the public offering.
See Note 18 for further discussion of this secondary stock
offering.
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- Details
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| X | ||||||||||
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- Definition
This element may be used for the entire related party transactions disclosure as a single block of text. Disclosure may include: the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Additional Financial Information
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Apr. 02, 2011
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| Additional Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional Financial Information |
Cash
Interest and Taxes
Non-cash
Transactions
Significant non-cash investing activities included the
capitalization of fixed assets and recognition of related
obligations in the net amount of $8.6 million for Fiscal
2011, $22.5 million for Fiscal 2010 and $13.0 million
for Fiscal 2009. Significant non-cash investing activities also
included the non-cash allocation of the fair value of the net
assets acquired in connection with the South Korea Licensed
Operations Acquisition in Fiscal 2011, the
Asia-Pacific
Licensed Operations Acquisition in Fiscal 2010, and the Japanese
Childrenswear and Golf Acquisition in Fiscal 2009. See
Note 5 for further discussion of the Company’s
acquisitions.
In Fiscal 2011 and Fiscal 2010, significant non-cash financing
activities included the conversion of 11.3 million shares
and 1.2 million shares, respectively, of Class B
common stock into an equal number of shares of Class A
common stock, as described further in Note 18.
There were no other significant non-cash investing or financing
activities for the three fiscal years presented.
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- Definition
Designated to encapsulate the entire footnote disclosure (including data and tables) that provides information on the supplemental cash flow activities (including cash, noncash and part noncash transactions) as well as any additional financial information that warrants disclosure and is not separately presented elsewhere in the financial statement footnotes. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. Part noncash refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. No definition available.
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- Details
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