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Segment Information (Tables)

6 Months Ended

Sep. 25, 2021

Segment Reporting [Abstract]

Net revenues by segment

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

						Three Months Ended												Six Months Ended
						September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
						(millions)
Net revenues:
North America						$	703.1					$	542.9					$	1,365.2					$	708.0
Europe						495.5						359.5						850.4						480.2
Asia						269.9						236.6						558.1						408.5
Other non-reportable segments						35.6						54.5						106.7						84.3
Total net revenues						$	1,504.1					$	1,193.5					$	2,880.4					$	1,681.0

Net operating income (loss) by segment

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

						Three Months Ended												Six Months Ended
						September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
						(millions)
Operating income (loss)(a):
North America						$	170.6					$	123.3					$	356.9					$	98.5
Europe						161.8						83.6						256.3						66.7
Asia						43.4						41.1						103.8						51.2
Other non-reportable segments						32.3						15.2						67.7						16.1
						408.1						263.2						784.7						232.5
Unallocated corporate expenses						(148.5)						(123.0)						(303.8)						(253.3)
Unallocated restructuring and other charges(b)						(7.7)						(160.5)						(8.4)						(167.5)
Total operating income (loss)						$	251.9					$	(20.3)					$	472.5					$	(188.3)

(a)During the three months ended September 26, 2020, segment operating income (loss) reflects net bad debt expense reversals of $5.3 million, $3.0 million, and $0.6 million related to North America, Europe, and other non-reportable segments, respectively, and $20.8 million, $4.0 million, and $0.6 million related to North America, Europe, and other non-reportable segments, respectively, during the six months ended September 26, 2020, primarily related to adjustments to reserves previously established in connection with COVID-19 business disruptions. Segment operating income (loss) and unallocated corporate expenses during the three-month and six-month periods ended September 25, 2021 and September 26, 2020 also included asset impairment charges (see Note 7), which are detailed below:

									Three Months Ended												Six Months Ended
									September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
									(millions)
			Asset impairment charges:
			North America						$	(0.4)					$	(9.7)					$	(0.4)					$	(9.9)
			Europe						—						(21.2)						—						(21.2)
			Asia						—						—						(1.1)						(1.3)
			Other non-reportable segments						(0.3)						(0.1)						(0.3)						(0.7)
			Unallocated corporate expenses						—						—						(17.5)						—
			Total asset impairment charges						$	(0.7)					$	(31.0)					$	(19.3)					$	(33.1)

(b)The three-month and six-month periods ended September 25, 2021 and September 26, 2020 included certain unallocated restructuring and other charges (see Note 8), which are detailed below:

									Three Months Ended												Six Months Ended
									September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
									(millions)
			Unallocated restructuring and other charges:
			North America-related						$	—					$	(41.2)					$	0.1					$	(41.3)
			Europe-related						—						(26.3)						1.0						(26.3)
			Asia-related						0.3						(10.1)						0.4						(9.9)
			Other non-reportable segment-related						—						(0.7)						(0.1)						(1.8)
			Corporate operations-related						(2.9)						(79.3)						(3.9)						(80.9)
			Unallocated restructuring charges						(2.6)						(157.6)						(2.5)						(160.2)
			Other charges (see Note 8)						(5.1)						(2.9)						(5.9)						(7.3)
			Total unallocated restructuring and other charges						$	(7.7)					$	(160.5)					$	(8.4)					$	(167.5)

Asset impairment charges by segment

Segment operating income (loss) and unallocated corporate expenses during the three-month and six-month periods ended September 25, 2021 and September 26, 2020 also included asset impairment charges (see Note 7), which are detailed below:

									Three Months Ended												Six Months Ended
									September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
									(millions)
			Asset impairment charges:
			North America						$	(0.4)					$	(9.7)					$	(0.4)					$	(9.9)
			Europe						—						(21.2)						—						(21.2)
			Asia						—						—						(1.1)						(1.3)
			Other non-reportable segments						(0.3)						(0.1)						(0.3)						(0.7)
			Unallocated corporate expenses						—						—						(17.5)						—
			Total asset impairment charges						$	(0.7)					$	(31.0)					$	(19.3)					$	(33.1)

Unallocated restructuring and other charges

The three-month and six-month periods ended September 25, 2021 and September 26, 2020 included certain unallocated restructuring and other charges (see Note 8), which are detailed below:

									Three Months Ended												Six Months Ended
									September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
									(millions)
			Unallocated restructuring and other charges:
			North America-related						$	—					$	(41.2)					$	0.1					$	(41.3)
			Europe-related						—						(26.3)						1.0						(26.3)
			Asia-related						0.3						(10.1)						0.4						(9.9)
			Other non-reportable segment-related						—						(0.7)						(0.1)						(1.8)
			Corporate operations-related						(2.9)						(79.3)						(3.9)						(80.9)
			Unallocated restructuring charges						(2.6)						(157.6)						(2.5)						(160.2)
			Other charges (see Note 8)						(5.1)						(2.9)						(5.9)						(7.3)
			Total unallocated restructuring and other charges						$	(7.7)					$	(160.5)					$	(8.4)					$	(167.5)

Depreciation and amortization by segment

Depreciation and amortization expense for the Company's segments is as follows:

						Three Months Ended												Six Months Ended
						September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
						(millions)
Depreciation and amortization expense:
North America						$	17.7					$	17.6					$	35.7					$	35.7
Europe						7.5						8.1						15.3						15.8
Asia						12.9						14.4						25.8						28.6
Other non-reportable segments						—						1.0						0.4						2.1
Unallocated corporate						17.8						20.4						35.9						43.0
Total depreciation and amortization expense						$	55.9					$	61.5					$	113.1					$	125.2

Net revenues by geographic location

Net revenues by geographic location of the reporting subsidiary are as follows:

						Three Months Ended												Six Months Ended
						September 25, 2021						September 26, 2020						September 25, 2021						September 26, 2020
						(millions)
Net revenues(a):
The Americas(b)						$	741.9					$	597.8					$	1,477.3					$	792.5
Europe(c)						492.0						358.8						844.5						479.7
Asia(d)						270.2						236.9						558.6						408.8
Total net revenues						$	1,504.1					$	1,193.5					$	2,880.4					$	1,681.0

(a)Net revenues for certain of the Company's licensed operations 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. during the three-month and six-month periods ended September 25, 2021 were $709.1 million and $1.417 billion, respectively, and $567.7 million and $753.8 million during the three-month and six-month periods ended September 26, 2020, respectively.

(c)Includes the Middle East.

(d)Includes Australia and New Zealand.

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