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Segment Information (Tables)

12 Months Ended

Apr. 02, 2022

Segment Reporting [Abstract]

Net revenues by segment

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

						Fiscal Years Ended
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Net revenues:
North America						$	2,968.2					$	1,992.4					$	3,140.5
Europe						1,780.7						1,165.9						1,632.2
Asia						1,286.8						1,027.5						1,017.2
Other non-reportable segments						182.8						215.0						369.9
Total net revenues						$	6,218.5					$	4,400.8					$	6,159.8

Net operating income (loss) by segment

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

						Fiscal Years Ended
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Operating income (loss)(a):
North America						$	676.7					$	334.0					$	456.0
Europe						444.0						189.3						336.3
Asia						228.8						148.2						124.8
Other non-reportable segments						138.4						32.4						85.2
						1,487.9						703.9						1,002.3
Unallocated corporate expenses						(667.3)						(577.0)						(618.1)
Unallocated restructuring and other charges, net(b)						(22.2)						(170.5)						(67.2)
Total operating income (loss)						$	798.4					$	(43.6)					$	317.0

(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
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Asset impairment charges:
North America						$	(2.4)					$	(12.2)					$	(1.9)
Europe						—						(24.3)						—
Asia						(1.1)						(1.4)						(3.7)
Other non-reportable segments						(0.3)						(18.2)						(19.3)
Unallocated corporate expenses						(17.5)						(39.9)						(6.7)
Total asset impairment charges						$	(21.3)					$	(96.0)					$	(31.6)

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

						Fiscal Years Ended
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Unallocated restructuring and other charges, net:
North America-related						$	0.1					$	(22.4)					$	(1.2)
Europe-related						2.1						(30.0)						(3.3)
Asia-related						2.8						(7.4)						(0.9)
Other non-reportable segment-related						(0.1)						(3.3)						(0.8)
Corporate operations-related						(8.9)						(96.0)						(31.4)
Unallocated restructuring charges						(4.0)						(159.1)						(37.6)
Other charges (see Note 9)						(18.2)						(11.4)						(29.6)
Total unallocated restructuring and other charges, net						$	(22.2)					$	(170.5)					$	(67.2)

Asset impairment charges by segment

						Fiscal Years Ended
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Asset impairment charges:
North America						$	(2.4)					$	(12.2)					$	(1.9)
Europe						—						(24.3)						—
Asia						(1.1)						(1.4)						(3.7)
Other non-reportable segments						(0.3)						(18.2)						(19.3)
Unallocated corporate expenses						(17.5)						(39.9)						(6.7)
Total asset impairment charges						$	(21.3)					$	(96.0)					$	(31.6)

Schedule of unallocated restructuring and other charges

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

						Fiscal Years Ended
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Unallocated restructuring and other charges, net:
North America-related						$	0.1					$	(22.4)					$	(1.2)
Europe-related						2.1						(30.0)						(3.3)
Asia-related						2.8						(7.4)						(0.9)
Other non-reportable segment-related						(0.1)						(3.3)						(0.8)
Corporate operations-related						(8.9)						(96.0)						(31.4)
Unallocated restructuring charges						(4.0)						(159.1)						(37.6)
Other charges (see Note 9)						(18.2)						(11.4)						(29.6)
Total unallocated restructuring and other charges, net						$	(22.2)					$	(170.5)					$	(67.2)

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
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Depreciation and amortization expense:
North America						$	72.8					$	73.4					$	74.6
Europe						32.3						31.6						32.8
Asia						51.9						56.3						59.3
Other non-reportable segments						0.4						4.3						5.4
Unallocated corporate						72.3						82.0						97.4
Total depreciation and amortization expense						$	229.7					$	247.6					$	269.5

Schedule of capital expenditures, by segment

						Fiscal Years Ended
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Capital expenditures:
North America						$	36.6					$	23.8					$	48.5
Europe						39.0						16.9						34.3
Asia						49.1						41.2						59.6
Other non-reportable segments						1.8						2.4						7.3
Unallocated corporate						40.4						23.5						120.6
Total capital expenditures						$	166.9					$	107.8					$	270.3

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
						April 2, 2022						March 27, 2021						March 28, 2020
						(millions)
Net revenues(a):
The Americas(b)						$	3,164.5					$	2,208.4					$	3,516.4
Europe(c)						1,766.1						1,164.3						1,625.3
Asia(d)						1,287.9						1,028.1						1,018.1
Total net revenues						$	6,218.5					$	4,400.8					$	6,159.8

						April 2, 2022						March 27, 2021
						(millions)
Long-lived assets(a):
The Americas(b)						$	1,068.9					$	1,253.6
Europe(c)						698.2						682.1
Asia(d)						313.7						317.8
Total long-lived assets						$	2,080.8					$	2,253.5

(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 $3.039 billion, $2.103 billion, and $3.308 billion in Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively. Long-lived assets located in the U.S. were $1.057 billion and $1.210 billion as of April 2, 2022 and March 27, 2021, respectively.

(c)Includes the Middle East.

(d)Includes Australia and New Zealand.

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