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v3.23.1

Segment Information (Tables) | 12 Months Ended
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Apr. 01, 2023
Segment Reporting [Abstract] |
Net revenues by segment | Net revenues for each of the Company's segments are as follows:
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Net revenues: |  |  |  |  |  |
North America |  | $ | 3,020.5 |  |  | $ | 2,968.2 |  |  | $ | 1,992.4 |
Europe |  | 1,839.2 |  |  | 1,780.7 |  |  | 1,165.9 |
Asia |  | 1,426.7 |  |  | 1,286.8 |  |  | 1,027.5 |
Other non-reportable segments |  | 157.2 |  |  | 182.8 |  |  | 215.0 |
Total net revenues |  | $ | 6,443.6 |  |  | $ | 6,218.5 |  |  | $ | 4,400.8 |
Net operating income (loss) by segment | Operating income (loss) for each of the Company's segments is as follows:
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Operating income (loss)(a): |  |  |  |  |  |
North America |  | $ | 543.2 |  |  | $ | 676.7 |  |  | $ | 334.0 |
Europe |  | 406.5 |  |  | 444.0 |  |  | 189.3 |
Asia |  | 289.6 |  |  | 228.8 |  |  | 148.2 |
Other non-reportable segments |  | 146.4 |  |  | 138.4 |  |  | 32.4 |
|  | 1,385.7 |  |  | 1,487.9 |  |  | 703.9 |
Unallocated corporate expenses |  | (638.5) |  |  | (667.3) |  |  | (577.0) |
Unallocated restructuring and other charges, net(b) |  | (43.0) |  |  | (22.2) |  |  | (170.5) |
Total operating income (loss) |  | $ | 704.2 |  |  | $ | 798.4 |  |  | $ | (43.6) |
(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 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 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Asset impairment charges: |  |  |  |  |  |
North America |  | $ | (9.5) |  |  | $ | (2.4) |  |  | $ | (12.2) |
Europe |  | — |  |  | — |  |  | (24.3) |
Asia |  | — |  |  | (1.1) |  |  | (1.4) |
Other non-reportable segments |  | — |  |  | (0.3) |  |  | (18.2) |
Unallocated corporate expenses |  | (0.2) |  |  | (17.5) |  |  | (39.9) |
Total asset impairment charges |  | $ | (9.7) |  |  | $ | (21.3) |  |  | $ | (96.0) |
(b)The fiscal years presented included certain unallocated restructuring and other charges, net (see Note 9), which are detailed below:
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Unallocated restructuring and other charges, net: |  |  |  |  |  |
North America-related |  | $ | (0.4) |  |  | $ | 0.1 |  |  | $ | (22.4) |
Europe-related |  | (2.7) |  |  | 2.1 |  |  | (30.0) |
Asia-related |  | (1.3) |  |  | 2.8 |  |  | (7.4) |
Other non-reportable segment-related |  | — |  |  | (0.1) |  |  | (3.3) |
Corporate operations-related |  | (14.8) |  |  | (8.9) |  |  | (96.0) |
Unallocated restructuring charges |  | (19.2) |  |  | (4.0) |  |  | (159.1) |
Other charges (see Note 9) |  | (23.8) |  |  | (18.2) |  |  | (11.4) |
Total unallocated restructuring and other charges, net |  | $ | (43.0) |  |  | $ | (22.2) |  |  | $ | (170.5) |
Asset impairment charges by segment |
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Asset impairment charges: |  |  |  |  |  |
North America |  | $ | (9.5) |  |  | $ | (2.4) |  |  | $ | (12.2) |
Europe |  | — |  |  | — |  |  | (24.3) |
Asia |  | — |  |  | (1.1) |  |  | (1.4) |
Other non-reportable segments |  | — |  |  | (0.3) |  |  | (18.2) |
Unallocated corporate expenses |  | (0.2) |  |  | (17.5) |  |  | (39.9) |
Total asset impairment charges |  | $ | (9.7) |  |  | $ | (21.3) |  |  | $ | (96.0) |
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 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Unallocated restructuring and other charges, net: |  |  |  |  |  |
North America-related |  | $ | (0.4) |  |  | $ | 0.1 |  |  | $ | (22.4) |
Europe-related |  | (2.7) |  |  | 2.1 |  |  | (30.0) |
Asia-related |  | (1.3) |  |  | 2.8 |  |  | (7.4) |
Other non-reportable segment-related |  | — |  |  | (0.1) |  |  | (3.3) |
Corporate operations-related |  | (14.8) |  |  | (8.9) |  |  | (96.0) |
Unallocated restructuring charges |  | (19.2) |  |  | (4.0) |  |  | (159.1) |
Other charges (see Note 9) |  | (23.8) |  |  | (18.2) |  |  | (11.4) |
Total unallocated restructuring and other charges, net |  | $ | (43.0) |  |  | $ | (22.2) |  |  | $ | (170.5) |
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 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Depreciation and amortization expense: |  |  |  |  |  |
North America |  | $ | 74.3 |  |  | $ | 72.8 |  |  | $ | 73.4 |
Europe |  | 32.0 |  |  | 32.3 |  |  | 31.6 |
Asia |  | 48.3 |  |  | 51.9 |  |  | 56.3 |
Other non-reportable segments |  | — |  |  | 0.4 |  |  | 4.3 |
Unallocated corporate |  | 65.9 |  |  | 72.3 |  |  | 82.0 |
Total depreciation and amortization expense |  | $ | 220.5 |  |  | $ | 229.7 |  |  | $ | 247.6 |
Schedule of capital expenditures, by segment |
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Capital expenditures: |  |  |  |  |  |
North America |  | $ | 73.5 |  |  | $ | 36.6 |  |  | $ | 23.8 |
Europe |  | 34.3 |  |  | 39.0 |  |  | 16.9 |
Asia |  | 68.4 |  |  | 49.1 |  |  | 41.2 |
Other non-reportable segments |  | — |  |  | 1.8 |  |  | 2.4 |
Unallocated corporate |  | 41.3 |  |  | 40.4 |  |  | 23.5 |
Total capital expenditures |  | $ | 217.5 |  |  | $ | 166.9 |  |  | $ | 107.8 |
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 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Net revenues(a): |  |  |  |  |  |
The Americas(b) |  | $ | 3,201.1 |  |  | $ | 3,164.5 |  |  | $ | 2,208.4 |
Europe(c) |  | 1,815.9 |  |  | 1,766.1 |  |  | 1,164.3 |
Asia(d) |  | 1,426.6 |  |  | 1,287.9 |  |  | 1,028.1 |
Total net revenues |  | $ | 6,443.6 |  |  | $ | 6,218.5 |  |  | $ | 4,400.8 |
|  | April 1, 2023 |  | April 2, 2022
|  | (millions)
Long-lived assets(a): |  |  |  |
The Americas(b) |  | $ | 1,121.5 |  |  | $ | 1,068.9 |
Europe(c) |  | 612.7 |  |  | 698.2 |
Asia(d) |  | 355.3 |  |  | 313.7 |
Total long-lived assets |  | $ | 2,089.5 |  |  | $ | 2,080.8 |
(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 $3.055 billion, $3.039 billion, and $2.103 billion in Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively. Long-lived assets located in the U.S. were $1.106 billion and $1.057 billion as of April 1, 2023 and April 2, 2022, respectively. (c)Includes the Middle East. (d)Includes Australia and New Zealand.

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