v3.25.4

Discontinued Operations (Tables) | 9 Months Ended
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Dec. 27, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Classified as Held for Sale and Major Components of Discontinued Operations, Net of Income Taxes | The following table represents the carrying amounts of the major classes of assets and liabilities classified as held for sale in the consolidated balance sheet as of March 29, 2025 (in millions):
|  |  | March 29, 2025
Cash and cash equivalents |  |  | $ | 59 |
Receivables, net |  |  | 62 |
Inventories, net |  |  | 168 |
Prepaid expenses and other current assets |  |  | 53 |
Current assets held for sale |  |  | 342 |
Property and equipment, net |  |  | 120 |
Operating lease right-of-use assets |  |  | 388 |
Intangible assets, net |  |  | 534 |
Goodwill |  |  | 489 |
Other assets |  |  | 63 |
Noncurrent assets held for sale |  |  | 1,594 |
Total assets held for sale |  |  | $ | 1,936 |
Accounts payable |  |  | $ | 106 |
Accrued payroll and payroll related expenses |  |  | 28 |
Accrued income taxes |  |  | 2 |
Short-term operating lease liabilities |  |  | 101 |
Accrued expenses and other current liabilities |  |  | 67 |
Current liabilities held for sale |  |  | 304 |
Long-term operating lease liabilities |  |  | 439 |
Deferred tax liabilities |  |  | 106 |
Long-term debt |  |  | 10 |
Other long-term liabilities |  |  | 20 |
Noncurrent liabilities held for sale |  |  | 575 |
Total liabilities held for sale |  |  | $ | 879 |
The following table presents the major components of discontinued operations, net of income taxes, in the Company’s consolidated statements of operations and comprehensive income (loss) (in millions):
| Three Months Ended |  | Nine Months Ended
| December 27, 2025 |  | December 28, 2024 |  | December 27, 2025 |  | December 28, 2024
Total revenue | $ | 206 |  |  | $ | 193 |  |  | $ | 592 |  |  | $ | 613 |
Cost of goods sold | 58 |  |  | 55 |  |  | 173 |  |  | 174 |
Selling, general and administrative expenses | 136 |  |  | 143 |  |  | 398 |  |  | 443 |
Depreciation and amortization | — |  |  | 17 |  |  | 5 |  |  | 46 |
Impairment of assets | — |  |  | 594 |  |  | — |  |  | 617 |
Restructuring and other expense | 1 |  |  | — |  |  | 5 |  |  | — |
Other income, net | (45) |  |  | — |  |  | (44) |  |  | — |
Foreign currency loss (gain) | 1 |  |  | 8 |  |  | (5) |  |  | 3 |
Income (loss) from discontinued operations before income taxes | 55 |  |  | (624) |  |  | 60 |  |  | (670) |
Benefit for income taxes | (4) |  |  | (72) |  |  | (2) |  |  | (82) |
Net income (loss) from discontinued operations, net of tax | $ | 59 |  |  | $ | (552) |  |  | $ | 62 |  |  | $ | (588) |
The following table presents the details of the gain on the sale of the Versace business as of the Closing Date (in millions):
Cash consideration, net | $ | 1,365 |
Transaction expenses | (15) |
Carrying value of net assets sold | (1,266) |
Gain on sale before reclassification of foreign currency translation | 84 |
Reclassification of foreign currency translation | (39) |
Gain on sale | $ | 45 |

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