XML 32 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
Restructuring and Other (Income) Expense
 9 Months Ended
Dec. 28, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other (Income) Expense Restructuring and Other (Income) Expense
Restructuring Charges - Global Optimization Plan
As previously announced during the fourth quarter of Fiscal 2024, the Board of Directors of the Company approved a Global Optimization Plan in order to streamline the Company’s operating model, maximize efficiency and support long-term profitable growth.
During the three and nine months ended December 28, 2024, the Company closed 24 and 43, respectively, of its retail stores which have been incorporated into the Global Optimization Plan. Net restructuring income recorded in connection with the Global Optimization Plan during the three months ended was $2 million, primarily related to gains on lease terminations partially offset by severance and store closure costs. During the nine months ended December 28, 2024, there was an immaterial amount of net restructuring expenses recorded in connection with the Global Optimization Plan. The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):
Severance and benefit costsLease-related and other costsTotal
Balance at March 30, 2024
$21 $1 $22 
Additions charged to expense
4 4 
(1)
8 
Payments(20)(5)(25)
Balance at December 28, 2024
$5 $— $5 
(1)Excludes $8 million of gains on lease terminations and store closure costs related to operating lease right-of-use assets recorded within restructuring and other (income) expense on the consolidated statements of operations and comprehensive (loss) income for the nine months ended December 28, 2024.
Other Expenses
During the three months ended December 30, 2023, the Company recorded costs of $5 million, primarily related to equity awards associated with the acquisition of Versace and severance expenses incurred during the third quarter.
During the nine months ended December 30, 2023, the Company recorded costs of $3 million, primarily related to expenses related to equity awards associated with the acquisition of Versace and severance for certain employees, partially offset by a $10 million gain on the sale of a long-lived corporate asset.