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Segment Information (Tables)

12 Months Ended

Mar. 27, 2021

Segment Reporting [Abstract]

Net revenues by segment

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

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Net revenues:
North America						$	1,992.4					$	3,140.5					$	3,202.9
Europe						1,165.9						1,632.2						1,683.0
Asia						1,027.5						1,017.2						1,041.0
Other non-reportable segments						215.0						369.9						386.1
Total net revenues						$	4,400.8					$	6,159.8					$	6,313.0

Net operating income (loss) by segment

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

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Operating income (loss)(a):
North America						$	334.0					$	456.0					$	655.8
Europe						189.3						336.3						392.8
Asia						148.2						124.8						161.0
Other non-reportable segments						32.4						85.2						118.7
						703.9						1,002.3						1,328.3
Unallocated corporate expenses						(577.0)						(618.1)						(636.4)
Unallocated restructuring and other charges(b)						(170.5)						(67.2)						(130.1)
Total operating income (loss)						$	(43.6)					$	317.0					$	561.8

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

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Asset impairment charges:
North America						$	(12.2)					$	(1.9)					$	(3.1)
Europe						(24.3)						—						(5.4)
Asia						(1.4)						(3.7)						(4.4)
Other non-reportable segments						(18.2)						(19.3)						(7.0)
Unallocated corporate expenses						(39.9)						(6.7)						(5.9)
Total asset impairment charges						$	(96.0)					$	(31.6)					$	(25.8)

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

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Unallocated restructuring and other charges:
North America-related						$	(22.4)					$	(1.2)					$	(27.0)
Europe-related						(30.0)						(3.3)						(14.9)
Asia-related						(7.4)						(0.9)						(0.9)
Other non-reportable segment-related						(3.3)						(0.8)						(4.5)
Corporate operations-related						(96.0)						(31.4)						(46.3)
Unallocated restructuring charges						(159.1)						(37.6)						(93.6)
Other charges (see Note 9)						(11.4)						(29.6)						(36.5)
Total unallocated restructuring and other charges						$	(170.5)					$	(67.2)					$	(130.1)

Asset impairment charges by segment

Segment operating income and unallocated corporate expenses during the fiscal years presented also included asset impairment charges (see Note 8), which are detailed below:

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Asset impairment charges:
North America						$	(12.2)					$	(1.9)					$	(3.1)
Europe						(24.3)						—						(5.4)
Asia						(1.4)						(3.7)						(4.4)
Other non-reportable segments						(18.2)						(19.3)						(7.0)
Unallocated corporate expenses						(39.9)						(6.7)						(5.9)
Total asset impairment charges						$	(96.0)					$	(31.6)					$	(25.8)

Schedule of unallocated restructuring and other charges

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

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Unallocated restructuring and other charges:
North America-related						$	(22.4)					$	(1.2)					$	(27.0)
Europe-related						(30.0)						(3.3)						(14.9)
Asia-related						(7.4)						(0.9)						(0.9)
Other non-reportable segment-related						(3.3)						(0.8)						(4.5)
Corporate operations-related						(96.0)						(31.4)						(46.3)
Unallocated restructuring charges						(159.1)						(37.6)						(93.6)
Other charges (see Note 9)						(11.4)						(29.6)						(36.5)
Total unallocated restructuring and other charges						$	(170.5)					$	(67.2)					$	(130.1)

Depreciation and amortization by segment

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

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Depreciation and amortization expense:
North America						$	73.4					$	74.6					$	81.8
Europe						31.6						32.8						33.6
Asia						56.3						59.3						49.1
Other non-reportable segments						4.3						5.4						7.2
Unallocated corporate						82.0						97.4						95.5
Unallocated restructuring and other charges (see Note 9)						—						—						14.1
Total depreciation and amortization expense						$	247.6					$	269.5					$	281.3

Schedule of capital expenditures, by segment

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Capital expenditures:
North America						$	23.8					$	48.5					$	74.6
Europe						16.9						34.3						26.6
Asia						41.2						59.6						45.2
Other non-reportable segments						2.4						7.3						5.0
Unallocated corporate						23.5						120.6						46.3
Total capital expenditures						$	107.8					$	270.3					$	197.7

Net revenues and long-lived assets by geographic location

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

						Fiscal Years Ended
						March 27, 2021						March 28, 2020						March 30, 2019
						(millions)
Net revenues(a):
The Americas(b)						$	2,208.4					$	3,516.4					$	3,602.2
Europe(c)						1,164.3						1,625.3						1,668.6
Asia(d)						1,028.1						1,018.1						1,042.2
Total net revenues						$	4,400.8					$	6,159.8					$	6,313.0

						March 27, 2021						March 28, 2020
						(millions)
Long-lived assets(a):
The Americas(b)						$	1,253.6					$	1,383.6
Europe(c)						682.1						772.9
Asia(d)						317.8						334.6
Total long-lived assets						$	2,253.5					$	2,491.1

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

(b)Includes the U.S., Canada, and Latin America. Net revenues earned in the U.S. were $2.103 billion, $3.308 billion, and $3.379 billion in Fiscal 2021, Fiscal 2020, and Fiscal 2019, respectively. Long-lived assets located in the U.S. were $1.210 billion and $1.327 billion as of March 27, 2021 and March 28, 2020, respectively.

(c)Includes the Middle East.

(d)Includes Australia and New Zealand.

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