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Subsequent Events | 3 Months Ended
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Jul. 01, 2017
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On July 25, 2017, the Company entered into an agreement with Jimmy Choo PLC ("Jimmy Choo"), whereby JAB Acquisitions (UK) Limited ("Michael Kors Bidco"), the Company's wholly-owned subsidiary, will acquire all of Jimmy Choo's outstanding shares at a purchase price of 230 pence in cash per share, or approximately £896 million. The total purchase price is estimated to be approximately $1.35 billion, including the refinancing of existing debt obligations. The transaction is subject to customary closing conditions and is expected to close during the third quarter of Fiscal 2018. In connection with the acquisition agreement, on July 25, 2017, the Company entered into a forward foreign currency exchange derivative contract with a notional amount of £1.115 billion to mitigate its foreign currency exchange risk through the expected closing date of the acquisition. This derivative contract was not designated as a hedge. Therefore, changes in the fair value will be recorded to foreign currency income (loss) in the Company's consolidated statements of operations. On July 25, 2017, the Company and its subsidiaries entered into a bridge credit agreement providing for a term loan facility in the principal amount of £1.115 billion with, JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA, among others. The proceeds of this facility will be used to fund the cash consideration payable by Michael Kors Bidco in connection with the acquisition. The term loan facility will mature 364 days from the initial borrowing date. The commitments under the bridge credit agreement are expected to be reduced or refinanced with permanent financing.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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