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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 26, 2021

Summary of Significant Accounting Policies (Tables) [Abstract]

Contractually-Guaranteed Minimum Royalties

As of June 26, 2021, contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows:

						Contractually-Guaranteed Minimum Royalties(a)
						(millions)
Remainder of Fiscal 2022						$	73.6
Fiscal 2023						85.5
Fiscal 2024						52.0
Fiscal 2025						22.6
Fiscal 2026						11.5
Fiscal 2027 and thereafter						12.1
Total						$	257.3

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

Disaggregation of Revenue

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

						Three Months Ended
						June 26, 2021																														June 27, 2020
						North America						Europe						Asia						Other						Total						North America						Europe						Asia						Other						Total
						(millions)
Sales Channel(a):
Retail						$	412.2					$	170.8					$	272.8					$	26.8					$	882.6					$	142.6					$	79.2					$	166.5					$	6.5					$	394.8
Wholesale						249.9						184.1						15.4						5.0						454.4						22.5						41.5						5.4						0.5						69.9
Licensing						—						—						—						39.3						39.3						—						—						—						22.8						22.8
Total						$	662.1					$	354.9					$	288.2					$	71.1					$	1,376.3					$	165.1					$	120.7					$	171.9					$	29.8					$	487.5

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

Shipping and Handling Charges

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

												Three Months Ended
																		June 26, 2021						June 27, 2020
																		(millions)
Shipping costs																		$	14.8					$	8.4
Handling costs																		34.4						26.5

Summary of Basic and Diluted shares

The weighted-average number of common shares outstanding used to calculate basic net income (loss) per common share is reconciled to shares used to calculate diluted net income (loss) per common share as follows:

												Three Months Ended
																		June 26, 2021						June 27, 2020
																		(millions)
Basic shares																		73.8						73.1
Dilutive effect of RSUs and stock options																		1.6						—			(a)
Diluted shares																		75.4						73.1

(a)Incremental shares of 1.6 million attributable to outstanding RSUs were excluded from the computation of diluted shares for the three months ended June 27, 2020 as such shares would not be dilutive given the net loss incurred during such fiscal year period.

Sales Returns and Allowances [Member]

Summary of Significant Accounting Policies (Tables) [Abstract]

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

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

												Three Months Ended
																		June 26, 2021						June 27, 2020
																		(millions)
Beginning reserve balance																		$	173.7					$	204.7
Amount charged against revenue to increase reserve																		87.1						11.3
Amount credited against customer accounts to decrease reserve																		(83.2)						(33.9)
Foreign currency translation																		1.3						1.9
Ending reserve balance																		$	178.9					$	184.0

Allowance for Doubtful Accounts

Summary of Significant Accounting Policies (Tables) [Abstract]

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

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

												Three Months Ended
																		June 26, 2021						June 27, 2020
																		(millions)
Beginning reserve balance																		$	40.1					$	71.5
Amount recorded to expense to decrease reserve(a)																		(1.0)						(16.5)
Amount written-off against customer accounts to decrease reserve																		(0.7)						—
Foreign currency translation																		0.2						0.9
Ending reserve balance																		$	38.6					$	55.9

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

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