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Commitments and Contingencies | 12 Months Ended
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Mar. 27, 2021
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company has issued stand-by letters of credit to guarantee certain of its retail and corporate operating lease commitments, aggregating $33 million at March 27, 2021, including $27 million in letters of credit issued under the Revolving Credit Facility. Other Commitments As of March 27, 2021, the Company also has other contractual commitments aggregating $2.108 billion, which consist of inventory purchase commitments of $688 million, debt obligations of $1.350 billion and other contractual obligations of $70 million, which primarily relate to the Company’s marketing and advertising obligations, information technology agreements and supply agreements. Long-term Employment Contract The Company has an employment agreement with the Chief Creative Officer of the Michael Kors brand that provides for continuous employment through the date of the officer’s death or permanent disability at an annual salary of $1 million. In addition to salary, the agreement provides for an annual bonus and other employee related benefits. In response to the continued global health and economic impact of the COVID-19 pandemic, the Chief Creative Officer of the Michael Kors brand voluntarily elected to forgo his salary for Fiscal 2021. Contingencies In the ordinary course of business, the Company is party to various legal proceedings and claims. Although the outcome of such items cannot be determined with certainty, the Company does not believe that the outcome of all pending legal proceedings in the aggregate will have a material adverse effect on its cash flow, results of operations or financial position.

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