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Equity | 12 Months Ended
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Apr. 01, 2023
Equity [Abstract] |
Equity | 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, the Company's Executive Chairman and Chief Creative 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. Common Stock Repurchase Program Repurchases of shares of the Company's Class A common stock are subject to overall business and market conditions, as well as other potential factors such as the temporary restrictions previously in place under the Company's Global Credit Facility. Accordingly, in response to business disruptions related to the COVID-19 pandemic, effective beginning in the first quarter of Fiscal 2021, the Company temporarily suspended its common stock repurchase program as a preemptive action to preserve cash and strengthen its liquidity position. During the third quarter of Fiscal 2022, the Company resumed activities under its Class A common stock repurchase program as restrictions under its Global Credit Facility were lifted (see Note 11) and overall business and market conditions have improved since the COVID-19 pandemic first emerged. A summary of the Company's repurchases of Class A common stock under its common stock repurchase program is as follows:
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (in millions)
Cost of shares repurchased |  | $ | 454.3 |  |  | $ | 450.5 |  |  | $ | — |
Number of shares repurchased |  | 4.8 |  |  | 3.7 |  |  | — |
On February 2, 2022, the Company's Board of Directors approved an expansion of the Company's existing common stock repurchase program that allows it to repurchase up to an additional $1.500 billion of its Class A common stock. As of April 1, 2023, the remaining availability under the Company's Class A common stock repurchase program was approximately $1.175 billion. As discussed in Note 10, as a result of the IRA's enactment into law, the Company is now subject to a 1% excise tax on share repurchases, effective for share repurchases made after December 31, 2022. This excise tax may be reduced for the value of certain share issuances. The excise tax incurred in connection with the Company's stock repurchases during the fourth quarter of Fiscal 2023 was not material. In addition, during Fiscal 2023, Fiscal 2022, and Fiscal 2021, 0.3 million, 0.4 million, and 0.5 million shares of the Company's Class A common stock, at a cost of $34.3 million, $42.1 million, and $37.7 million, respectively, were surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards under its long-term stock incentive plans. Repurchased and surrendered shares are accounted for as treasury stock at cost and held in treasury for future use. Dividends Except as discussed below, the Company has maintained a regular quarterly cash dividend program on its common stock since 2003. In response to business disruptions related to the COVID-19 pandemic, effective beginning in the first quarter of Fiscal 2021, the Company temporarily suspended its quarterly cash dividend program as a preemptive action to preserve cash and strengthen its liquidity position. On May 19, 2021, the Company's Board of Directors approved the reinstatement of its quarterly cash dividend program at the pre-pandemic amount of $0.6875 per share. On May 18, 2022, the Company's Board of Directors approved an increase to the Company's quarterly cash dividend on its common stock from $0.6875 to $0.75 per share. Dividends paid amounted to $198.3 million, $150.0 million, and $49.8 million for Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively. The Company intends to continue to pay regular dividends on outstanding shares of its common stock. However, any decision to declare and pay dividends in the future will ultimately be made at the discretion of the Company's Board of Directors and will depend on the Company's results of operations, cash requirements, financial condition, and other factors that the Board of Directors may deem relevant, including economic and market conditions.

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