0001116132-20-000029 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Sep. 26, 2020	Oct. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 2020
Document Transition Report	false
Entity File Number	1-16153
Entity Registrant Name	Tapestry, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2242751
Entity Address, Address Line One	10 Hudson Yards
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	946-8400
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	TPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		277,405,451
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001116132
Current Fiscal Year End Date	--07-03

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020
Current Assets:
Cash and cash equivalents	$ 1,513.9	$ 1,426.3
Short-term investments	8.5	8.1
Trade accounts receivable, less allowances for credit losses of $8.4 and $15.9, respectively	251.1	193.3
Inventories	811.2	736.9
Prepaid expenses	70.9	57.5
Income tax receivable	115.3	46.0
Other current assets	74.6	85.0
Total current assets	2,845.5	2,553.1
Property and equipment, net	753.0	775.2
Operating lease right-of-use assets	1,692.6	1,757.0
Goodwill	1,307.1	1,301.1
Intangible assets	1,377.9	1,379.4
Deferred income taxes	57.3	55.9
Other assets	100.0	102.5
Total assets	8,133.4	7,924.2
Current Liabilities:
Accounts payable	296.0	130.8
Accrued liabilities	432.0	410.5
Current portion of operating lease liabilities	341.4	388.8
Accrued income taxes	38.1	100.5
Current debt	711.5	711.5
Total current liabilities	1,819.0	1,742.1
Long-term debt	1,588.6	1,587.9
Long-term operating lease liabilities	1,739.9	1,799.8
Deferred income taxes	87.7	155.1
Long-term income taxes payable	139.8	144.0
Other liabilities	228.3	218.9
Total liabilities	5,603.3	5,647.8
See Note 16 on commitments and contingencies
Stockholders' Equity:
Preferred stock: (authorized 25.0 million shares; $0.01 par value per share) none issued	0.0	0.0
Common stock: (authorized 1.0 billion shares; $0.01 par value per share) issued and outstanding - 277.4 million and 276.2 million shares, respectively	2.8	2.8
Additional paid-in-capital	3,364.8	3,358.5
Retained earnings (accumulated deficit)	(761.0)	(992.7)
Accumulated other comprehensive income (loss)	(76.5)	(92.2)
Total stockholders' equity	2,530.1	2,276.4
Total liabilities and stockholders' equity	$ 8,133.4	$ 7,924.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances for credit losses	$ 8.4	$ 15.9
Preferred stock, authorized (shares)	25,000,000.0	25,000,000.0
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, issued (shares)	0	0
Common stock, authorized (shares)	1,000,000,000.0	1,000,000,000.0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, issued (shares)	277,400,000	276,200,000
Common stock, outstanding (shares)	277,400,000	276,200,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Net sales	$ 1,172.2	$ 1,357.9
Cost of sales	342.0	443.4
Gross profit	830.2	914.5
Selling, general and administrative expenses	628.0	862.9
Operating income (loss)	202.2	51.6
Interest expense, net	19.4	12.3
Other expense (income)	(2.6)	12.7
Income (loss) before provision for income taxes	185.4	26.6
Provision for income taxes	(46.3)	6.6
Net income (loss)	$ 231.7	$ 20.0
Net income (loss) per share:
Basic (USD per share)	$ 0.84	$ 0.07
Diluted (USD per share)	$ 0.83	$ 0.07
Shares used in computing net income (loss) per share:
Basic (shares)	276.8	284.4
Diluted (shares)	277.9	285.7
Cash dividends declared per common share (USD per share)	$ 0	$ 0.3375

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 231.7	$ 20.0
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging derivatives, net	(3.5)	2.7
Foreign currency translation adjustments	19.2	(13.8)
Other	0.0	(1.7)
Other comprehensive income (loss), net of tax	15.7	(12.8)
Comprehensive income	$ 247.4	$ 7.2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Jun. 27, 2020
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)	$ 231,700,000	$ 20,000,000.0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	51,200,000	64,200,000
Provision for bad debt	(3,200,000)	900,000
Share-based compensation	14,000,000.0	17,100,000
Acceleration Program charges	(5,400,000)	0
Organization-related and integration activities	0	14,200,000
Impairment charges	0	75,600,000
Changes to lease related balances, net	(38,800,000)	9,000,000.0
Deferred income taxes	(67,800,000)	(34,100,000)
Gain on sale of building	(13,200,000)	0
Other non-cash charges, net	2,700,000	(2,600,000)
Changes in operating assets and liabilities:
Trade accounts receivable	(29,400,000)	(38,100,000)
Inventories	(57,500,000)	(116,700,000)
Accounts payable	135,100,000	37,100,000
Accrued liabilities	(61,200,000)	(14,100,000)
Other liabilities	(1,800,000)	(8,900,000)
Other assets	(66,400,000)	(17,900,000)
Net cash provided by (used in) operating activities	90,000,000.0	5,700,000
CASH FLOWS USED IN INVESTING ACTIVITIES
Proceeds from sale of building	23,900,000	0
Purchases of investments	(100,000)	(95,700,000)
Proceeds from maturities and sales of investments	200,000	94,000,000.0
Purchases of property and equipment	(26,000,000.0)	(71,900,000)
Net cash used in investing activities	(2,000,000.0)	(73,600,000)
CASH FLOWS USED IN FINANCING ACTIVITIES
Dividend payments	0	(96,800,000)
Repurchase of common stock	0	(267,000,000.0)
Proceeds from share-based awards	0	100,000
Taxes paid to net settle share-based awards	(8,200,000)	(13,500,000)
Payments of finance lease liabilities	(200,000)	(200,000)
Net cash used in financing activities	(8,400,000)	(377,400,000)
Effect of exchange rate changes on cash and cash equivalents	8,000,000.0	(1,800,000)
Net decrease in cash and cash equivalents	87,600,000	(447,100,000)
Cash and cash equivalents at beginning of period	1,426,300,000	969,200,000	$ 969,200,000
Cash and cash equivalents at end of period	1,513,900,000	522,100,000	$ 1,426,300,000
Supplemental information:
Cash paid for income taxes, net	154,400,000	34,700,000
Cash paid for interest	21,800,000	18,700,000
Noncash investing activity - property and equipment obligations	$ 22,200,000	$ 35,000,000.0

Nature of Operations	3 Months Ended
Nature of Operations	Sep. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	NATURE OF OPERATIONS Tapestry, Inc. (the "Company") is a leading New York-based house of modern luxury accessories and lifestyle brands. Tapestry owns the Coach, Kate Spade and Stuart Weitzman brands. The Company’s primary product offerings, manufactured by third-party suppliers, include women’s and men’s bags, small leather goods, footwear, ready-to-wear including outerwear, watches, weekend and travel accessories, scarves, eyewear, fragrance, jewelry and other lifestyle products. The Coach segment includes global sales of Coach products to customers through Coach operated stores, including the Internet and concession shop-in-shops, and sales to wholesale customers and through independent third party distributors. The Kate Spade segment includes global sales primarily of kate spade new york brand products to customers through Kate Spade operated stores, including the Internet, sales to wholesale customers, through concession shop-in-shops and through independent third party distributors. The Stuart Weitzman segment includes global sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores, including the Internet, sales to wholesale customers and through numerous independent third party distributors.

Basis of Presentation and Organization	3 Months Ended
Basis of Presentation and Organization	Sep. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Organization	BASIS OF PRESENTATION AND ORGANIZATION Interim Financial Statements These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and are unaudited. In the opinion of management, such condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position, results of operations, comprehensive income (loss) and cash flows of the Company for the interim periods presented. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") have been condensed or omitted from this report as is permitted by the SEC's rules and regulations. However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. This report should be read in conjunction with the audited consolidated financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended June 27, 2020 ("fiscal 2020") and other filings filed with the SEC. The results of operations, cash flows and comprehensive income for the three months ended September 26, 2020 are not necessarily indicative of results to be expected for the entire fiscal year, which will end on July 3, 2021 ("fiscal 2021"). Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Fiscal 2021 will be a 53-week period. Fiscal 2020 ended on June 27, 2020 was a 52-week period. The first quarter of fiscal 2021 ended on September 26, 2020 and the first quarter of fiscal 2020 ended on September 28, 2019, both of which were 13-week periods. Covid-19 Pandemic The outbreak of a novel strain of coronavirus continues to impact a significant majority of the regions in which we operate. In March 2020, the outbreak was labeled a global pandemic by the World Health Organization. National, state and local governments responded to the Covid-19 pandemic in a variety of ways, including, but not limited to, by declaring states of emergency, restricting people from gathering in groups or interacting within a certain physical distance (i.e., social distancing), requiring individuals to stay at home, and in most cases, ordering non-essential businesses to close or limit operations. The Company had temporarily closed the majority of its directly operated stores globally for some period of time to help reduce the spread of Covid-19 during fiscal 2020. As of the end of fiscal 2020, the vast majority of the Company's stores had been re-opened for either in-store or pick-up service and they have continued to operate through the first quarter of fiscal 2021. Many of the Company's wholesale and licensing partners also closed their bricks and mortar stores as required by government orders during the third and fourth quarter of fiscal 2020, but the majority of stores have reopened as of the end of the first quarter of fiscal 2021. The global Covid-19 pandemic is rapidly evolving and the extent to which this impacts the Company - including unforeseen increased costs to the Company's business - will depend on future developments, which are highly uncertain and cannot be predicted, including the ultimate duration, severity and geographic spread of the virus and the success of actions to contain the virus or treat its impact, among others. As the full magnitude of the effects on the Company's business is difficult to predict at this time, the Covid-19 pandemic has and is expected to continue to have a material adverse impact on the Company's business, financial condition, results of operations and cash flows for the foreseeable future. The Company believes that cash flows from operations, access to the credit and capital markets and our credit lines, on-hand cash and cash equivalents and our investments provide adequate funds to support our operating, capital, and debt service requirements for fiscal 2021 and beyond. There can be no assurance, however, that any such capital will be available to the Company on acceptable terms or at all. The Company could experience other potential adverse impacts as a result of the Covid-19 pandemic, including, but not limited to, further charges from adjustments to the carrying amount of goodwill and other intangible assets, long-lived asset impairment charges, reserves for uncollectible accounts receivable and reserves for the realizability of inventory. In addition, the negative impacts of the Covid-19 pandemic could result in the establishment of additional valuation allowances in certain jurisdictions. In response to the Covid-19 pandemic, the Company has taken actions to reinforce its liquidity and financial flexibility. Specific actions include: suspending its quarterly dividend and all share repurchases for the foreseeable future, actively reducing non-essential SG&A expense, reducing its corporate and retail workforce, temporarily reducing corporate compensation, tightly managing inventory and reducing capital expenditures. Furthermore, in fiscal 2020, the Company borrowed $700 million under its $900 million definitive credit agreement, as entered into on October 24, 2019 ("Revolving Credit Facility") as a precautionary measure. If stores are required to close again for an extended period of time due to a resurgence of increased infections, the Company's liquidity may continue to be negatively impacted and it may need to draw additional funds from our Revolving Credit Facility or seek additional sources of financing, which may or may not be available. On May 19, 2020, the Company entered into Amendment No. 1 (the “Amendment”) to the Revolving Credit Facility, which sets forth the modifications pertaining to the leverage ratio financial covenant required. Refer to Note 12, "Debt" and Note 18, "Subsequent Events", for additional information regarding the Company's outstanding notes payable and applicable amendments. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements. Significant estimates inherent in the preparation of the condensed consolidated financial statements include useful lives and impairments of long-lived tangible and intangible assets; reserves for the realizability of inventory; customer returns, end-of-season markdowns and operational chargebacks; accounting for income taxes (including the impacts of tax legislation) and related uncertain tax positions; accounting for business combinations; the valuation of stock-based compensation awards and related expected forfeiture rates; reserves for restructuring; and reserves for litigation and other contingencies, amongst others. Share Repurchases The Company accounts for share repurchases by allocating the repurchase price to common stock and retained earnings. As a result, all repurchased shares are authorized but unissued shares. Under Maryland law, the Company's state of incorporation, there are no treasury shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. Purchases of the Company's common stock are executed through open market purchases, including through a purchase agreement under Rule 10b5-1. The Company may terminate or limit the share repurchase program at any time. Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation.

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Sep. 26, 2020
Accounting Policies [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820)" ("ASU 2018-13"), which is intended to improve the effectiveness of fair value disclosures. The ASU removes or modifies certain disclosure requirements related to fair value information, as well as adds new disclosure requirements for Level 3 fair value measurements. The Company adopted ASU 2018-13 as of the beginning of Fiscal 2021. The adoption of ASU 2018-13 did not have a material impact on the Company's condensed consolidated financial statements and notes thereto. In August 2018, the FASB issued ASU No. 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)" ("ASU 2018-15"), which is intended to clarify the accounting for implementation costs of cloud computing arrangements which are deemed to be a service contract rather than a software license. The Company adopted ASU 2018-15 as of the beginning of Fiscal 2021 on a prospective basis. The adoption of ASU 2018-15 did not have a material impact on the Company's condensed consolidated financial statements and notes thereto. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), and subsequent clarifying updates, which requires companies to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The standard requires upfront recognition of an allowance for credit losses expected to be incurred over an asset's contractual life based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability. The Company adopted ASU 2016-13 as of the beginning of Fiscal 2021 using the modified retrospective basis. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements and notes thereto. Recently Issued Accounting Pronouncements The Company has considered all new accounting pronouncements and have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition or cash flows based on current information.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenue

3 Months Ended

Sep. 26, 2020

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The Company recognizes revenue primarily from sales of the products of its brands through retail and wholesale channels, including the Internet. The Company also generates revenue from royalties related to licensing its trademarks, as well as sales in ancillary channels. In all cases, revenue is recognized upon the transfer of control of the promised products or services to the customer, which may be at a point in time or over time. Control is transferred when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized is the amount of consideration to which the Company expects to be entitled, including estimation of sale terms that may create variability in the consideration. Revenue subject to variability is constrained to an amount which will not result in a significant reversal in future periods when the contingency that creates variability is resolved.

The Company recognizes revenue in its retail stores, including concession shop-in-shops, at the point-of-sale when the customer obtains physical possession of the products. Internet revenue from sales of products ordered through the Company's e-commerce sites is recognized upon delivery and receipt of the shipment by its customers and includes shipping and handling charges paid by customers. Retail and Internet revenues are recorded net of estimated returns, which are estimated by developing an expected value based on historical experience. Payment is due at the point of sale.

Gift cards issued by the Company are recorded as a liability until redeemed by the customer, at which point revenue is recognized. The Company also uses historical information to estimate the amount of gift card balances that will never be redeemed and recognizes that amount as revenue over time in proportion to actual customer redemptions if the Company does not have a legal obligation to remit unredeemed gift cards to any jurisdiction as unclaimed property.

The Company recognizes revenue within the wholesale channel at the time title passes and risk of loss is transferred to customers, which is generally at the point of shipment of products but may occur upon receipt of the shipment by the customer in certain cases. Payment is generally due 30 to 90 days after shipment. Wholesale revenue is recorded net of estimates for returns, discounts, end-of-season markdowns, cooperative advertising allowances and other consideration provided to the customer. Discounts are based on contract terms with the customer, while cooperative advertising allowances and other consideration may be based on contract terms or negotiated on a case-by-case basis. Returns and markdowns generally require approval from the Company and are estimated based on historical trends, current season results and inventory positions at the wholesale locations, current market and economic conditions as well as, in select cases, contractual terms. The Company's historical estimates of these variable amounts have not differed materially from actual results.

The Company recognizes licensing revenue over time during the contract period in which licensees are granted access to the Company's trademarks. These arrangements require licensees to pay a sales-based royalty and may include a contractually guaranteed minimum royalty amount. Revenue for contractually guaranteed minimum royalty amounts is recognized ratably over the license year and any excess sales-based royalties are recognized as earned once the minimum royalty threshold is achieved. Payments from the customer are generally due quarterly in an amount based on the licensee's sales of goods bearing the licensed trademarks during the period, which may differ from the amount of revenue recorded during the period thereby generating a contract asset or liability. Contract assets and liabilities and contract costs related to the licensing arrangements are immaterial as the licensing business represents approximately 1% of total net sales in the three months ended September 26, 2020.

The Company has elected not to disclose the remaining performance obligations that are unsatisfied as of the end of the period related to contracts with an original duration of one year or less or variable consideration related to sales-based royalty

arrangements. There are no other contracts with transaction price allocated to remaining performance obligations other than future minimum royalties as discussed above, which are not material.

Other elections made by the Company include (i) assuming no significant financing component exists for any contract with a duration of one year or less, (ii) accounting for shipping and handling as a fulfillment activity within SG&A expense regardless of the timing of the shipment in relation to the transfer of control and (iii) excluding sales and value added tax from the transaction price.

Disaggregated Net Sales

The following table disaggregates the Company's net sales into geographies that depict how economic factors may impact the revenues and cash flows for the periods presented. Each geography presented includes net sales related to the Company's directly operated channels, global travel retail business and to wholesale customers, including distributors, in locations within the specified geographic area.


	North America		Greater China(1)		Other Asia(2)		Other(3)		Total
	(millions)
Three Months Ended September 26, 2020
Coach	$	466.7	$	196.2	$	162.3	$	50.2	$	875.4
Kate Spade	172.3		13.8		34.4		19.9		240.4
Stuart Weitzman	26.3		17.7		2.5		9.9		56.4
Total	$	665.3	$	227.7	$	199.2	$	80.0	$	1,172.2

Three Months Ended September 28, 2019
Coach	$	543.7	$	159.2	$	198.8	$	64.2	$	965.9
Kate Spade	231.9		12.3		42.2		19.1		305.5
Stuart Weitzman	46.7		19.4		5.4		15.0		86.5
Total	$	822.3	$	190.9	$	246.4	$	98.3	$	1,357.9

(1) Greater China includes mainland China, Hong Kong SAR, Macao SAR and Taiwan.

(2) Other Asia includes Japan, Australia, New Zealand, South Korea, Thailand and other countries within Asia.

(3) Other sales primarily represents sales in Europe, the Middle East and royalties related to licensing.

Deferred Revenue

Deferred revenue results from cash payments received or receivable from customers prior to the transfer of the promised goods or services, and is generally comprised of unredeemed gift cards, net of breakage which has been recognized. Additional deferred revenue may result from sales-based royalty payments received or receivable which exceed the revenue recognized during the contractual period. The balance of such amounts as of September 26, 2020 and June 27, 2020 was $28.5 million and $28.1 million, respectively, which were primarily recorded within Accrued liabilities on the Company's Condensed Consolidated Balance Sheets and are generally expected to be recognized as revenue within a year. For the three months ended September 26, 2020, net sales of $4.7 million were recognized from amounts recorded as deferred revenue as of June 27, 2020. For the three months ended September 28, 2019, net sales of $4.5 million were recognized from amounts recorded as deferred revenue as of June 29, 2019.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Integration

3 Months Ended

Sep. 26, 2020

Business Combinations [Abstract]

Integration

INTEGRATION

The Company did not incur integration costs during the three months ended September 26, 2020.

During the three months ended September 28, 2019, the Company incurred integration costs of $4.3 million. The charges recorded in Cost of sales for the three months ended September 28, 2019 were $4.1 million. Of the amount recorded to Cost of sales, $2.8 million was recorded in the Stuart Weitzman segment, $1.2 million was recorded in the Kate Spade segment and $0.1 million was recorded in the Coach segment. The charges recorded in SG&A expenses for the three months ended September 28, 2019 were $0.2 million. Of the amount recorded to SG&A expenses, $2.2 million was recorded within Corporate, a reduction of expense of $2.4 million was recorded in the Stuart Weitzman segment, $0.3 million was recorded in

the Coach segment and $0.1 million was recorded in the Kate Spade segment. Of the total costs of $4.3 million, $2.8 million were non-cash charges related to inventory-related charges, organization-related costs and purchase accounting adjustments.

A summary of the integration charges for the three months ended September 28, 2019 is as follows:


	Three Months Ended
	September 28, 2019
	(millions)
Purchase accounting adjustments(1)	$	0.6

Inventory-related charges(2)	3.6


Other(3)	0.1
Total	$	4.3

(1) Purchase accounting adjustments primarily relate to the short-term impact of the amortization of fair value adjustments.

(2) Inventory-related charges primarily relate to inventory reserves.

(3) Other primarily relates to share-based compensation, severance charges, professional fees and asset write-offs.

Restructuring Activities

3 Months Ended

Sep. 26, 2020

Restructuring and Related Activities [Abstract]

Restructuring Activities

RESTRUCTURING ACTIVITIES

Acceleration Program

The Company is undergoing a review of its business under its multi-year growth agenda. This multi-faceted, multi-year strategic growth plan (the "Acceleration Program") reflects: (i) actions to streamline the Company's organization; (ii) select store closures as the Company optimizes its fleet (including store closure costs incurred as the Company exits certain regions in which it currently operates); and (iii) professional fees and compensation costs incurred as a result of the development and execution of the Company's comprehensive strategic initiatives aimed at increasing profitability. Under the Acceleration Program, the Company expects to incur total pre-tax charges of approximately $185 - $200 million. The Acceleration Program is expected to be substantially complete by the end of fiscal 2022.

Under the Acceleration Program, the Company incurred charges of $26.6 million during the three months ended September 26, 2020, all of which was recorded within SG&A expenses. Of the $26.6 million recorded within SG&A expenses, $17.3 million was recorded within Corporate, $10.7 million was recorded within the Coach segment, $1.0 million was recorded within the Kate Spade segment and a reduction of expense of $2.4 million was recorded within the Stuart Weitzman segment. A summary of charges and related liabilities under the Acceleration Program is as follows:


	Organization-Related(1)		Store Closure(2)		Other(3)		Total
	(millions)
Fiscal 2020 charges	$	44.7	$	32.3	$	10.0	$	87.0
Cash payments	(15.8)		(11.0)		(7.1)		(33.9)
Non-cash charges	(4.0)		(20.8)		—		(24.8)
Liability balance as of June 27, 2020	$	24.9	$	0.5	$	2.9	$	28.3
Fiscal 2021 charges	$	9.0	$	0.8	$	16.8	$	26.6
Cash payments	(27.4)		(4.9)		(13.0)		(45.3)
Non-cash charges	—		6.0		(0.6)		5.4
Liability balance as of September 26, 2020	$	6.5	$	2.4	$	6.1	$	15.0

(1) Organization-related charges, recorded within SG&A expenses, primarily relates to severance and other related costs.

(2) Store closure charges represent lease termination penalties, removal or modification of lease assets and liabilities established in connection with the adoption of the new lease accounting standard, establishing inventory reserves, accelerated depreciation and severance.

(3) Other charges, recorded within SG&A, primarily relates to professional fees incurred related to the Acceleration Program.

The Company expects to incur approximately $75 - $90 million in additional charges under the Acceleration Program, of which the majority is estimated to be cash and primarily to be incurred during the remainder of fiscal 2021.

Goodwill and Other Intangible Assets

3 Months Ended

Sep. 26, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The change in the carrying amount of the Company’s goodwill by segment is as follows:


	Coach		Kate Spade		Stuart Weitzman(1)		Total
	(millions)
Balance at June 27, 2020	$	661.7	$	639.4	$	—	$	1,301.1

Foreign exchange impact	4.7		1.3		—		6.0


Balance at September 26, 2020	$	666.4	$	640.7	$	—	$	1,307.1

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of September 26, 2020 and June 27, 2020.

Intangible Assets

Intangible assets consist of the following:


	September 26, 2020						June 27, 2020
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.6	$	(32.5)	$	68.1	$	100.6	$	(31.0)	$	69.6



Intangible assets not subject to amortization:
Trademarks and trade names	1,309.8		—		1,309.8		1,309.8		—		1,309.8
Total intangible assets	$	1,410.4	$	(32.5)	$	1,377.9	$	1,410.4	$	(31.0)	$	1,379.4

As of September 26, 2020, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Remainder of fiscal 2021	$	4.9
Fiscal 2022	6.5
Fiscal 2023	6.5
Fiscal 2024	6.5
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027 and thereafter	30.7
Total	$	68.1

The expected amortization expense above reflects remaining useful lives ranging from approximately 9.6 to 11.8 years for customer relationships.

Stockholders' Equity

3 Months Ended

Sep. 26, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

A reconciliation of stockholders' equity is presented below:


	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at June 29, 2019	286.8	$	2.9	$	3,302.1	$	291.6	$	(83.2)	$	3,513.4
Net income (loss)	—	—		—		20.0		—		20.0
Other comprehensive income (loss)	—	—		—		—		(12.8)		(12.8)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	1.0	—		(14.4)		—		—		(14.4)
Share-based compensation	—	—		26.7		—		—		26.7
Repurchase of common stock	(11.9)	(0.1)		—		(299.9)		—		(300.0)

Dividends declared ($0.3375 per share)	—	—		—		(97.1)		—		(97.1)
Cumulative adjustment from adoption of new accounting standard	—	—		—		(48.9)		—		(48.9)
Balance at September 28, 2019	275.9	$	2.8	$	3,314.4	$	(134.3)	$	(96.0)	$	3,086.9
















	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at June 27, 2020	276.2	$	2.8	$	3,358.5	$	(992.7)	$	(92.2)	$	2,276.4
Net income (loss)	—	—		—		231.7		—		231.7
Other comprehensive income (loss)	—	—		—		—		15.7		15.7
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	1.2	—		(8.3)		—		—		(8.3)
Share-based compensation	—	—		14.6		—		—		14.6




Balance at September 26, 2020	277.4	$	2.8	$	3,364.8	$	(761.0)	$	(76.5)	$	2,530.1

The components of accumulated other comprehensive income (loss) ("AOCI"), as of the dates indicated, are as follows:


	Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)		Unrealized Gains (Losses) on Available- for-Sale Investments		Cumulative Translation Adjustment		Other(2)		Total
	(millions)
Balances at June 29, 2019	$	(4.5)	$	(0.5)	$	(79.9)	$	1.7	$	(83.2)
Other comprehensive income (loss) before reclassifications	2.1		—		(13.8)		—		(11.7)
Less: amounts reclassified from accumulated other comprehensive income to earnings	(0.6)		—		—		1.7		1.1
Net current-period other comprehensive income (loss)	2.7		—		(13.8)		(1.7)		(12.8)
Balances at September 28, 2019	$	(1.8)	$	(0.5)	$	(93.7)	$	—	$	(96.0)

Balances at June 27, 2020	$	1.1	$	—	$	(93.3)	$	—	$	(92.2)
Other comprehensive income (loss) before reclassifications	(3.5)		—		19.2		—		15.7
Less: amounts reclassified from accumulated other comprehensive income to earnings	—		—		—		—		—
Net current-period other comprehensive income (loss)	(3.5)		—		19.2		—		15.7
Balances at September 26, 2020	$	(2.4)	$	—	$	(74.1)	$	—	$	(76.5)

(1) The ending balances of AOCI related to cash flow hedges are net of tax of less than $0.1 million and $0.8 million as of September 26, 2020 and September 28, 2019, respectively. The amounts reclassified from AOCI are net of tax of less than $0.1 million and $0.2 million as of September 26, 2020 and September 28, 2019, respectively.

(2) Other represents the accumulated loss on the Company's minimum pension liability adjustment. There was no remaining balance at September 26, 2020 and September 28, 2019.

Leases

3 Months Ended

Sep. 26, 2020

Leases [Abstract]

Leases

LEASES

The Company leases retail space, office space, warehouse facilities, distribution centers, storage space, machinery, equipment and certain other items under operating leases. The Company's leases have initial terms ranging from 1 to 20 years and may have renewal or early termination options ranging from 1 to 10 years. These leases may also include rent escalation clauses or lease incentives in the form of construction allowances and rent reduction. In determining the lease term used in the lease ROU asset and lease liability calculations, the Company considers various factors such as market conditions and the terms of any renewal or termination options that may exist. When deemed reasonably certain, the renewal and termination options are included in the determination of the lease term and calculation of the lease ROU asset and lease liability. The Company is typically required to make fixed minimum rent payments, variable rent payments primarily based on performance (i.e., percentage-of-sales-based payments), or a combination thereof, directly related to its ROU asset. The Company is also often required, by the lease, to pay for certain other costs including real estate taxes, insurance, common area maintenance fees, and/or certain other costs, which may be fixed or variable, depending upon the terms of the respective lease agreement. To the extent these payments are fixed, the Company has included them in calculating the lease ROU assets and lease liabilities.

The Company calculates lease ROU assets and lease liabilities as the present value of fixed lease payments over the reasonably certain lease term beginning at the commencement date. As the rate implicit in the Company's leases is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of lease payments. The incremental borrowing rate is based on the information available at the lease commencement date, including the lease term, currency, country, Company specific risk premium and adjustments for collateral.

For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases and impaired operating leases, the ROU asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less ("short-term lease"), any fixed lease payments are recognized on a straight-line basis over such term,

and are not recognized on the Condensed Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred.

The Company acts as sublessor in certain leasing arrangements, primarily related to a sublease of a portion the Company's leased headquarters space as well as certain retail locations. Fixed sublease payments received are recognized on a straight-line basis over the sublease term.

ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment.

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Condensed Consolidated Balance Sheets as of September 26, 2020 and June 27, 2020:


	September 26, 2020		June 27, 2020		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,692.6	$	1,757.0	Operating lease right-of-use assets
Finance leases	3.1		3.3		Property and equipment, net
Total lease assets	$	1,695.7	$	1,760.3
Liabilities:
Operating leases:
Current lease liabilities	$	341.4	$	388.8	Current lease liabilities
Long-term lease liabilities	1,739.9		1,799.8		Long-term lease liabilities
Total operating lease liabilities	$	2,081.3	$	2,188.6
Finance leases:
Current lease liabilities	$	0.9	$	0.9	Accrued liabilities
Long-term lease liabilities	4.2		4.4		Other liabilities
Total finance lease liabilities	$	5.1	$	5.3

Total lease liabilities	$	2,086.4	$	2,193.9

The following table summarizes the composition of net lease costs, primarily recorded within SG&A expenses on the Company's Condensed Consolidated Statements of Operations for the three months ended September 26, 2020 and September 28, 2019:


	Three Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.2
Interest on lease liabilities(1)	0.1		0.2
Total finance lease cost	0.3		0.4
Operating lease cost	86.8		111.8
Short-term lease cost	6.1		1.7
Variable lease cost(2)	40.9		51.0
Operating lease right-of-use impairment	—		35.8
Less: sublease income	(4.2)		(5.4)
Total net lease cost	$	129.9	$	195.3

(1) Interest on lease liabilities is recorded within Interest expense, net on the Company's Condensed Consolidated Statement of Operations.

(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease expense and have an immaterial impact as of September 26, 2020.

The following table summarizes certain cash flow information related to the Company's leases for the three months ended September 26, 2020 and September 28, 2019:


	Three Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	132.5	$	102.7
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.2		0.2
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	8.5		65.0
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

Additionally, the Company had approximately $0.8 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of September 26, 2020.

Leases

LEASES

and are not recognized on the Condensed Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred.

ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment.

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Condensed Consolidated Balance Sheets as of September 26, 2020 and June 27, 2020:


	September 26, 2020		June 27, 2020		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,692.6	$	1,757.0	Operating lease right-of-use assets
Finance leases	3.1		3.3		Property and equipment, net
Total lease assets	$	1,695.7	$	1,760.3
Liabilities:
Operating leases:
Current lease liabilities	$	341.4	$	388.8	Current lease liabilities
Long-term lease liabilities	1,739.9		1,799.8		Long-term lease liabilities
Total operating lease liabilities	$	2,081.3	$	2,188.6
Finance leases:
Current lease liabilities	$	0.9	$	0.9	Accrued liabilities
Long-term lease liabilities	4.2		4.4		Other liabilities
Total finance lease liabilities	$	5.1	$	5.3

Total lease liabilities	$	2,086.4	$	2,193.9


	Three Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.2
Interest on lease liabilities(1)	0.1		0.2
Total finance lease cost	0.3		0.4
Operating lease cost	86.8		111.8
Short-term lease cost	6.1		1.7
Variable lease cost(2)	40.9		51.0
Operating lease right-of-use impairment	—		35.8
Less: sublease income	(4.2)		(5.4)
Total net lease cost	$	129.9	$	195.3

(1) Interest on lease liabilities is recorded within Interest expense, net on the Company's Condensed Consolidated Statement of Operations.

(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease expense and have an immaterial impact as of September 26, 2020.

The following table summarizes certain cash flow information related to the Company's leases for the three months ended September 26, 2020 and September 28, 2019:


	Three Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	132.5	$	102.7
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.2		0.2
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	8.5		65.0
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

Additionally, the Company had approximately $0.8 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of September 26, 2020.

Leases

LEASES

and are not recognized on the Condensed Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred.

ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment.

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Condensed Consolidated Balance Sheets as of September 26, 2020 and June 27, 2020:


	September 26, 2020		June 27, 2020		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,692.6	$	1,757.0	Operating lease right-of-use assets
Finance leases	3.1		3.3		Property and equipment, net
Total lease assets	$	1,695.7	$	1,760.3
Liabilities:
Operating leases:
Current lease liabilities	$	341.4	$	388.8	Current lease liabilities
Long-term lease liabilities	1,739.9		1,799.8		Long-term lease liabilities
Total operating lease liabilities	$	2,081.3	$	2,188.6
Finance leases:
Current lease liabilities	$	0.9	$	0.9	Accrued liabilities
Long-term lease liabilities	4.2		4.4		Other liabilities
Total finance lease liabilities	$	5.1	$	5.3

Total lease liabilities	$	2,086.4	$	2,193.9


	Three Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.2
Interest on lease liabilities(1)	0.1		0.2
Total finance lease cost	0.3		0.4
Operating lease cost	86.8		111.8
Short-term lease cost	6.1		1.7
Variable lease cost(2)	40.9		51.0
Operating lease right-of-use impairment	—		35.8
Less: sublease income	(4.2)		(5.4)
Total net lease cost	$	129.9	$	195.3

(1) Interest on lease liabilities is recorded within Interest expense, net on the Company's Condensed Consolidated Statement of Operations.

(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease expense and have an immaterial impact as of September 26, 2020.

The following table summarizes certain cash flow information related to the Company's leases for the three months ended September 26, 2020 and September 28, 2019:


	Three Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	132.5	$	102.7
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.2		0.2
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	8.5		65.0
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

Additionally, the Company had approximately $0.8 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of September 26, 2020.

Earnings per Share

3 Months Ended

Sep. 26, 2020

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

Basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net income per share is calculated similarly but includes potential dilution from the exercise of stock options and restricted stock units and any other potentially dilutive instruments, only in the periods in which such effects are dilutive under the treasury stock method.

The following is a reconciliation of the weighted-average shares outstanding and calculation of basic and diluted earnings per share:


	Three Months Ended
		September 26, 2020		September 28, 2019
		(millions, except per share data)
Net income (loss)		$	231.7	$	20.0

Weighted-average basic shares		276.8		284.4
Dilutive securities:


Effect of dilutive securities		1.1		1.3
Weighted-average diluted shares		277.9		285.7

Net income per share:
Basic		$	0.84	$	0.07
Diluted		$	0.83	$	0.07

Earnings per share amounts have been calculated based on unrounded numbers. Options to purchase shares of the Company's common stock at an exercise price greater than the average market price of the common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income per common share. In addition, the Company has outstanding restricted stock unit awards that are issuable only upon the achievement of certain performance goals.

Performance-based restricted stock unit awards are included in the computation of diluted shares only to the extent that the underlying performance conditions (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method. As of September 26, 2020 and September 28, 2019, there were 16.6 million and 12.9 million, respectively, of additional shares issuable upon exercise of anti-dilutive options and contingent vesting of performance-based restricted stock unit awards, which were excluded from the diluted share calculations.

Share-based Compensation

3 Months Ended

Sep. 26, 2020

Share-based Payment Arrangement [Abstract]

Share-based Compensation

SHARE-BASED COMPENSATION

The following table shows the share-based compensation expense and the related tax benefits recognized in the Company's Condensed Consolidated Statements of Operations for the periods indicated:


	Three Months Ended
		September 26, 2020		September 28, 2019
		(millions)
Share-based compensation expense(1)		$	14.6	$	26.8
Income tax benefit related to share-based compensation expense		2.6		5.4

(1) During the three months ended September 26, 2020, the Company incurred $0.6 million of share-based compensation expense related to its Acceleration Program. During the three months ended September 28, 2019, the Company incurred $9.7 million of share-based compensation expense related to its Organization-related and Integration activities.

Stock Options

A summary of stock option activity during the three months ended September 26, 2020 is as follows:


			Number of Options Outstanding
			(millions)
Outstanding at June 27, 2020			15.0
Granted			1.3
Exercised			—
Forfeited or expired			(0.8)
Outstanding at September 26, 2020			15.5

The weighted-average grant-date fair value of options granted during the three months ended September 26, 2020 and September 28, 2019 was $6.60 and $3.71, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and the following weighted-average assumptions:


	September 26, 2020		September 28, 2019
Expected term (years)	5.1		5.1
Expected volatility	48.8	%	37.5	%
Risk-free interest rate	0.3	%	1.5	%
Dividend yield	—	%	6.4	%

Service-based Restricted Stock Unit Awards ("RSUs")

A summary of service-based RSU activity during the three months ended September 26, 2020 is as follows:


			Number of Non-vested RSUs
			(millions)
Non-vested at June 27, 2020			4.9
Granted			4.6
Vested			(1.5)
Forfeited			(0.1)
Non-vested at September 26, 2020			7.9

The weighted-average grant-date fair value of share awards granted during the three months ended September 26, 2020 and September 28, 2019 was $15.81 and $21.26, respectively.

Performance-based Restricted Stock Unit Awards ("PRSUs")

A summary of PRSU activity during the three months ended September 26, 2020 is as follows:


			Number of Non-vested PRSUs
			(millions)
Non-vested at June 27, 2020			0.8
Granted			0.8
Change due to performance condition achievement			—
Vested			(0.2)
Forfeited			—
Non-vested at September 26, 2020			1.4

The PRSU awards included in the non-vested amount are based on certain Company-specific financial metrics. The effect of the change due to performance condition on the non-vested amount is recognized at the conclusion of the performance period, which may differ from the date on which the award vests.

The weighted-average grant-date fair value per share of PRSU awards granted during the three months ended September 26, 2020 and September 28, 2019 was $15.83 and $21.10, respectively.

Debt

3 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Debt

DEBT

The following table summarizes the components of the Company’s outstanding debt:


	September 26, 2020		June 27, 2020
	(millions)
Current debt:



Revolving Credit Facility	700.0		700.0
Note Payable	11.5		11.5
Total current debt	$	711.5	$	711.5

Long-term debt:

4.250% Senior Notes due 2025	$	600.0	$	600.0
3.000% Senior Notes due 2022	400.0		400.0
4.125% Senior Notes due 2027	600.0		600.0


Total long-term debt	1,600.0		1,600.0
Less: Unamortized discount and debt issuance costs on Senior Notes	(11.4)		(12.1)
Total long-term debt, net	$	1,588.6	$	1,587.9

During the three months ended September 26, 2020 and September 28, 2019, the Company recognized interest expense related to its debt of $20.1 million and $16.8 million, respectively.

Revolving Credit Facility

On October 24, 2019, the Company entered into a definitive credit agreement whereby Bank of America, N.A., as administrative agent, the other agents party thereto, and a syndicate of banks and financial institutions have made available to the Company a $900.0 million revolving credit facility, including sub-facilities for letters of credit, with a maturity date of October 24, 2024. The Revolving Credit Facility may be used to finance the working capital needs, capital expenditures, permitted investments, share purchases, dividends and other general corporate purposes of the Company and its subsidiaries (which may include commercial paper back-up). Letters of credit and swing line loans may be issued under the Revolving Credit Facility as described below.

Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at the Borrowers’ option, either (a) an alternate base rate (which is a rate equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day plus ½ of 1% or (iii) the Adjusted LIBO Rate for a one month Interest Period on such day plus 1%) or (b) a rate based on the rates applicable for deposits in the interbank market for U.S. Dollars or the applicable currency in which the loans are made plus, in each case, an applicable margin. The applicable margin will be determined by reference to a grid, as defined in the Credit Agreement, based on the ratio of (a) consolidated debt plus operating lease liability to (b) consolidated EBITDAR. Additionally, the Company pays a commitment fee at a rate determined by the reference to the aforementioned pricing grid.

On May 19, 2020, the Company entered into Amendment No. 1 (the “Amendment”) to the Revolving Credit Facility under the terms of the Amendment, during the period from the Effective Date until October 2, 2021, the Company must maintain available liquidity of $700 million (with available liquidity defined as the sum of unrestricted cash and cash equivalents and available commitments under credit facilities, including the Revolving Credit Facility). Following the period from the Effective Date until the compliance certificate is delivered for the fiscal quarter ending July 3, 2021 (the “Covenant Relief Period”), the Company must comply on a quarterly basis with a maximum net leverage ratio of 4.0 to 1.0. In addition, the Amendment provides that during the Covenant Relief Period, if any two of the Company’s three credit ratings are non-investment grade, the Revolving Credit Facility will be guaranteed by the Company’s material domestic subsidiaries and will be subject to liens on accounts receivable, inventory and intellectual property, in each case subject to customary exceptions. The Amendment also contains negative covenants that limit the ability of the Company and its subsidiaries to, among other things, incur certain debt, incur certain liens, dispose of assets, make investments, loans or advances, and engage in share buybacks during the Covenant Relief Period. An increased interest rate will be applicable during the Covenant Relief Period when the Company’s gross leverage ratio exceeds 4.0 to 1.0. The $900 million aggregate commitment amount under the revolving credit facility remains unchanged. As of September 26, 2020, $700.0 million of borrowings were outstanding under the Revolving Credit Facility.

Refer to Note 18, "Subsequent Events" for further information on the repayment of outstanding borrowings under the Revolving Credit Facility.

4.250% Senior Notes due 2025

On March 2, 2015, the Company issued $600.0 million aggregate principal amount of 4.250% senior unsecured notes due April 1, 2025 at 99.445% of par (the “2025 Senior Notes”). Interest is payable semi-annually on April 1 and October 1 beginning October 1, 2015. Prior to January 1, 2025 (90 days prior to the scheduled maturity date), the Company may redeem the 2025 Senior Notes in whole or in part, at its option at any time or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2025 Senior Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would have been payable in respect of the 2025 Senior Notes calculated as if the maturity date of the 2025 Senior Notes was January 1, 2025 (not including any portion of payments of interest accrued to the date of redemption), discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate (as defined in the indenture for the 2025 Senior Notes) plus 35 basis points, plus, in the case of each of (1) and (2), accrued and unpaid interest to the redemption date. On and after January 1, 2025 (90 days prior to the scheduled maturity date), the Company may redeem the 2025 Senior Notes in whole or in part, at its option at any time or from time to time, at a redemption price equal to 100% of the principal amount of the 2025 Senior Notes to be redeemed, plus accrued and unpaid interest to the redemption date.

3.000% Senior Notes due 2022

On June 20, 2017, the Company issued $400.0 million aggregate principal amount of 3.000% senior unsecured notes due July 15, 2022 at 99.505% of par (the "2022 Senior Notes"). Interest is payable semi-annually on January 15 and July 15 beginning January 15, 2018. Prior to June 15, 2022 (one month prior to the scheduled maturity date), the Company may redeem the 2022 Senior Notes in whole or in part, at its option at any time or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2022 Senior Notes to be redeemed or (2) as determined by a Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest thereon that would have been payable in respect of the 2022 Senior Notes calculated as if the maturity date of the 2022 Senior Notes was June 15, 2022 (not including any portion of payments of interest accrued to the date of redemption), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined in the Prospectus Supplement) plus 25 basis points, plus, in the case of each of (1) and (2), accrued and unpaid interest to the redemption date.

4.125% Senior Notes due 2027

On June 20, 2017, the Company issued $600.0 million aggregate principal amount of 4.125% senior unsecured notes due July 15, 2027 at 99.858% of par (the "2027 Senior Notes"). Interest is payable semi-annually on January 15 and July 15 beginning January 15, 2018. Prior to April 15, 2027 (the date that is three months prior to the scheduled maturity date), the Company may redeem the 2027 Senior Notes in whole or in part, at its option at any time or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Senior Notes to be redeemed or (2) as determined by a Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest thereon that would have been payable in respect of the 2027 Senior Notes calculated as if the maturity date of the 2027 Senior Notes was April 15, 2027 (not including any portion of payments of interest accrued to the date of redemption), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined in the Prospectus Supplement) plus 30 basis points, plus, in the case of each of (1) and (2), accrued and unpaid interest to the redemption date.

At September 26, 2020, the fair value of the 2025, 2022 and 2027 Senior Notes was approximately $624.1 million, $403.9 million, and $587.7 million, respectively, based on external pricing data, including available quoted market prices of these instruments, and consideration of comparable debt instruments with similar interest rates and trading frequency, among other factors, and is classified as a Level 2 measurement within the fair value hierarchy. At June 27, 2020, the fair value of the 2025, 2022 and 2027 Senior Notes was approximately $576.6 million, $393.4 million and $565.0 million, respectively.

Note Payable

As a result of taking operational control of the Kate Spade Joint Ventures in China, the Company has an outstanding Note Payable of $11.5 million as of September 26, 2020 and June 27, 2020, to the other partner of the Kate Spade Joint Ventures, to be paid in fiscal 2021.

Fair Value Measurements

3 Months Ended

Sep. 26, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company categorizes its assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. The three levels of the hierarchy are defined as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1. Level 2 inputs include quoted prices for identical assets or liabilities in non-active markets, quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for substantially the full term of the asset or liability.

Level 3 — Unobservable inputs reflecting management’s own assumptions about the input used in pricing the asset or liability. The Company does not have any Level 3 investments.

The following table shows the fair value measurements of the Company’s financial assets and liabilities at September 26, 2020 and June 27, 2020:


	Level 1				Level 2
	September 26, 2020		June 27, 2020		September 26, 2020		June 27, 2020
	(millions)
Assets:
Cash equivalents(1)	$	569.0	$	569.4	$	0.1	$	0.3
Short-term investments:
Time deposits(2)	—		—		0.7		0.7




Other	—		—		7.8		7.4
Long-term investments:
Other	—		—		0.1		0.1


Derivative assets:
Inventory-related instruments(3)	—		—		1.2		2.8
Intercompany loan and payable hedges(3)	—		—		1.2		0.1
Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	—		—		3.9		1.3
Intercompany loan and payable hedges(3)	—		—		0.4		0.4

(1)Cash equivalents consist of money market funds and time deposits with maturities of three months or less at the date of purchase. Due to their short-term maturity, management believes that their carrying value approximates fair value.

(2)Short-term investments are recorded at fair value, which approximates their carrying value, and are primarily based upon quoted vendor or broker priced securities in active markets.

(3)The fair value of these hedges is primarily based on the forward curves of the specific indices upon which settlement is based and includes an adjustment for the counterparty’s or Company’s credit risk.

Refer to Note 12, "Debt," for the fair value of the Company's outstanding debt instruments.

Non-Financial Assets and Liabilities

The Company’s non-financial instruments, which primarily consist of goodwill, intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering market participant assumptions.

There were no impairment charges recorded during the three months ended September 26, 2020. During the three months ended September 28, 2019, the Company recorded $39.8 million of impairment charges to reduce the carrying amount of certain store assets within property and equipment, net to their fair values of $10.1 million. Also during the three months ended September 28, 2019, the Company recorded $35.8 million of impairment charges to reduce the carrying amount of certain operating lease right-of-use assets to their fair values of $119.3 million.

When the Company evaluates its long-lived assets for impairment, the assessment is performed for the related asset group that represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets. This determination requires a significant amount of judgment, and is dependent on the Company's overall operating strategy. The Company historically grouped select flagship locations with other stores located within the geographic area surrounding the flagship store as the Company believed the assets of the related group benefited from the Company's investments in the flagship location. Beginning in fiscal 2020, the Company began to (i) evaluate select flagship store closures across all brands, (ii) be more selective about new store openings as it focuses on store productivity and (iii) invest more significantly in growing its digital business and capabilities. Following this shift in strategy during the first quarter of fiscal 2020, the Company determined for these certain flagship locations that the individual store represents the lowest level of independent identifiable cash flows.

As a result, in the first quarter of fiscal 2020, the Company identified impairment indicators at certain flagship store locations and recorded lease ROU assets and property and equipment asset impairment charges. The fair value of these assets were determined based on Level 3 measurements. Inputs to these fair value measurements included estimates of the amounts and the timing of the stores' net future discounted cash flows based on historical experience, current trends and market conditions.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments

3 Months Ended

Sep. 26, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of September 26, 2020 and June 27, 2020:


	September 26, 2020						June 27, 2020
	Short-term		Long-term		Total		Short-term		Long-term		Total
	(millions)









Other:
Time deposits(1)	0.7		—		0.7		0.7		—		0.7
Other	7.8		0.1		7.9		7.4		0.1		7.5
Total Investments	$	8.5	$	0.1	$	8.6	$	8.1	$	0.1	$	8.2

(1)These securities have original maturities greater than three months and are recorded at fair value.

Income Taxes	3 Months Ended
Income Taxes	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESThe Company's effective tax rate for the three months ended September 26, 2020, was (25.0)% as compared to 24.8% for the three months ended September 28, 2019. The negative rate primarily resulted from the net operating loss ("NOL") carryback claim recognized under the Coronavirus Aid, Relief and Economic Security ("CARES") Act during the three months ended September 26, 2020. On March 27, 2020, H.R. 748, known as the CARES Act, was enacted. The provisions of the Act most applicable to the Company are the modification to allow for a five-year carryback of net operating losses and the technical amendment allowing businesses to claim an immediate deduction for costs associated with qualified improvement property. This reflects the Company's provisional estimate and is subject to adjustment as estimation approaches are refined.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit The Company had standby letters of credit, surety bonds and bank guarantees totaling $43.0 million and $33.3 million outstanding at September 26, 2020 and June 27, 2020, respectively. The agreements, which expire at various dates through calendar 2039, primarily collateralize the Company's obligation to third parties for duty, leases, insurance claims and materials used in product manufacturing. The Company pays certain fees with respect to these instruments that are issued. Other The Company had other contractual cash obligations as of September 26, 2020 related to debt repayments. Refer to Note 12, "Debt," for further information. In the ordinary course of business, the Company is a party to several pending legal proceedings and claims. Although the outcome of such items cannot be determined with certainty, the Company's General Counsel and management are of the opinion that the final outcome will not have a material effect on the Company’s cash flow, results of operations or financial position.

Segment Information

3 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company has three reportable segments:

•Coach - Includes global sales of Coach brand products to customers through Coach operated stores, including the Internet and concession shop-in-shops, sales to wholesale customers and through independent third party distributors.

•Kate Spade - Includes global sales primarily of kate spade new york brand products to customers through Kate Spade operated stores, including the Internet, sales to wholesale customers, through concession shop-in-shops and through independent third party distributors.

•Stuart Weitzman - Includes global sales of Stuart Weitzman brand products to customers primarily through Stuart Weitzman operated stores, including the Internet, sales to wholesale customers and through numerous independent third party distributors.

In deciding how to allocate resources and assess performance, the Company's chief operating decision maker regularly evaluates the sales and operating income of these segments. Operating income is the gross margin of the segment less direct expenses of the segment.

The following table summarizes segment performance for the three months ended September 26, 2020 and September 28, 2019:


	Coach		Kate Spade		Stuart Weitzman		Corporate(1)		Total
	(millions)
Three Months Ended September 26, 2020
Net sales	$	875.4	$	240.4	$	56.4	$	—	$	1,172.2
Gross profit	644.9		154.1		31.2		—		830.2
Operating income (loss)	270.0		23.2		—		(91.0)		202.2
Income (loss) before provision for income taxes	270.0		23.2		—		(107.8)		185.4
Depreciation and amortization expense	24.8		10.4		2.4		13.6		51.2
Additions to long-lived assets(3)	10.9		4.6		0.5		10.0		26.0

Three Months Ended September 28, 2019
Net sales	$	965.9	$	305.5	$	86.5	$	—	$	1,357.9
Gross profit	677.6		191.5		45.4		—		914.5
Operating income (loss)	199.5		(7.2)		(19.3)		(121.4)		51.6
Income (loss) before provision for income taxes	199.5		(7.2)		(19.3)		(146.4)		26.6
Depreciation and amortization expense(2)	50.1		27.3		13.5		13.2		104.1
Additions to long-lived assets(3)	24.6		17.0		5.2		25.1		71.9

(1) Corporate, which is not a reportable segment, represents certain costs that are not directly attributable to a brand. These costs primarily include administration and certain information systems expense.

(2) Depreciation and amortization expense includes $0.1 million of integration costs recorded within the Kate Spade segment for the three months ended September 28, 2019. Depreciation and amortization expense includes impairment charges of $19.5 million for Coach, $12.0 million for Kate Spade and $8.3 million for Stuart Weitzman for the three months ended September 28, 2019. Refer to Note 13, "Fair Value Measurements," for further information. Depreciation and amortization expense for the segments includes an allocation of expense related to assets which support multiple segments.

(3) Additions to long-lived assets for the reportable segments primarily includes store assets as well as assets that support a specific brand. Corporate additions include all other assets which include a combination of Corporate assets, as well as assets that may support all segments. As such, depreciation expense for these assets may be subsequently allocated to a reportable segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 26, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn October 30, 2020, the Company repaid $150 million of outstanding borrowings under the Revolving Credit Facility. Refer to Note 12, "Debt" for further information about the Company's outstanding debt.

Basis of Presentation and Organization (Policies)	3 Months Ended
Basis of Presentation and Organization (Policies)	Sep. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Periods	Fiscal PeriodsThe Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Fiscal 2021 will be a 53-week period. Fiscal 2020 ended on June 27, 2020 was a 52-week period. The first quarter of fiscal 2021 ended on September 26, 2020 and the first quarter of fiscal 2020 ended on September 28, 2019, both of which were 13-week periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements. Significant estimates inherent in the preparation of the condensed consolidated financial statements include useful lives and impairments of long-lived tangible and intangible assets; reserves for the realizability of inventory; customer returns, end-of-season markdowns and operational chargebacks; accounting for income taxes (including the impacts of tax legislation) and related uncertain tax positions; accounting for business combinations; the valuation of stock-based compensation awards and related expected forfeiture rates; reserves for restructuring; and reserves for litigation and other contingencies, amongst others.
Share Repurchases	Share RepurchasesThe Company accounts for share repurchases by allocating the repurchase price to common stock and retained earnings. As a result, all repurchased shares are authorized but unissued shares. Under Maryland law, the Company's state of incorporation, there are no treasury shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. Purchases of the Company's common stock are executed through open market purchases, including through a purchase agreement under Rule 10b5-1. The Company may terminate or limit the share repurchase program at any time.
Principles of Consolidation	Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820)" ("ASU 2018-13"), which is intended to improve the effectiveness of fair value disclosures. The ASU removes or modifies certain disclosure requirements related to fair value information, as well as adds new disclosure requirements for Level 3 fair value measurements. The Company adopted ASU 2018-13 as of the beginning of Fiscal 2021. The adoption of ASU 2018-13 did not have a material impact on the Company's condensed consolidated financial statements and notes thereto. In August 2018, the FASB issued ASU No. 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)" ("ASU 2018-15"), which is intended to clarify the accounting for implementation costs of cloud computing arrangements which are deemed to be a service contract rather than a software license. The Company adopted ASU 2018-15 as of the beginning of Fiscal 2021 on a prospective basis. The adoption of ASU 2018-15 did not have a material impact on the Company's condensed consolidated financial statements and notes thereto. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), and subsequent clarifying updates, which requires companies to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The standard requires upfront recognition of an allowance for credit losses expected to be incurred over an asset's contractual life based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability. The Company adopted ASU 2016-13 as of the beginning of Fiscal 2021 using the modified retrospective basis. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements and notes thereto. Recently Issued Accounting Pronouncements The Company has considered all new accounting pronouncements and have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition or cash flows based on current information.

Revenue (Tables)

3 Months Ended

Sep. 26, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	North America		Greater China(1)		Other Asia(2)		Other(3)		Total
	(millions)
Three Months Ended September 26, 2020
Coach	$	466.7	$	196.2	$	162.3	$	50.2	$	875.4
Kate Spade	172.3		13.8		34.4		19.9		240.4
Stuart Weitzman	26.3		17.7		2.5		9.9		56.4
Total	$	665.3	$	227.7	$	199.2	$	80.0	$	1,172.2

Three Months Ended September 28, 2019
Coach	$	543.7	$	159.2	$	198.8	$	64.2	$	965.9
Kate Spade	231.9		12.3		42.2		19.1		305.5
Stuart Weitzman	46.7		19.4		5.4		15.0		86.5
Total	$	822.3	$	190.9	$	246.4	$	98.3	$	1,357.9

(1) Greater China includes mainland China, Hong Kong SAR, Macao SAR and Taiwan.

(2) Other Asia includes Japan, Australia, New Zealand, South Korea, Thailand and other countries within Asia.

(3) Other sales primarily represents sales in Europe, the Middle East and royalties related to licensing.

Integration (Tables)

3 Months Ended

Sep. 26, 2020

Business Combinations [Abstract]

Schedule of Integration Charges

A summary of the integration charges for the three months ended September 28, 2019 is as follows:


	Three Months Ended
	September 28, 2019
	(millions)
Purchase accounting adjustments(1)	$	0.6

Inventory-related charges(2)	3.6


Other(3)	0.1
Total	$	4.3

(1) Purchase accounting adjustments primarily relate to the short-term impact of the amortization of fair value adjustments.

(2) Inventory-related charges primarily relate to inventory reserves.

(3) Other primarily relates to share-based compensation, severance charges, professional fees and asset write-offs.

Restructuring Activities (Tables)

3 Months Ended

Sep. 26, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

A summary of charges and related liabilities under the Acceleration Program is as follows:


	Organization-Related(1)		Store Closure(2)		Other(3)		Total
	(millions)
Fiscal 2020 charges	$	44.7	$	32.3	$	10.0	$	87.0
Cash payments	(15.8)		(11.0)		(7.1)		(33.9)
Non-cash charges	(4.0)		(20.8)		—		(24.8)
Liability balance as of June 27, 2020	$	24.9	$	0.5	$	2.9	$	28.3
Fiscal 2021 charges	$	9.0	$	0.8	$	16.8	$	26.6
Cash payments	(27.4)		(4.9)		(13.0)		(45.3)
Non-cash charges	—		6.0		(0.6)		5.4
Liability balance as of September 26, 2020	$	6.5	$	2.4	$	6.1	$	15.0

(1) Organization-related charges, recorded within SG&A expenses, primarily relates to severance and other related costs.

(3) Other charges, recorded within SG&A, primarily relates to professional fees incurred related to the Acceleration Program.

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Sep. 26, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Amount of Goodwill by Segment

The change in the carrying amount of the Company’s goodwill by segment is as follows:


	Coach		Kate Spade		Stuart Weitzman(1)		Total
	(millions)
Balance at June 27, 2020	$	661.7	$	639.4	$	—	$	1,301.1

Foreign exchange impact	4.7		1.3		—		6.0


Balance at September 26, 2020	$	666.4	$	640.7	$	—	$	1,307.1

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of September 26, 2020 and June 27, 2020.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	September 26, 2020						June 27, 2020
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.6	$	(32.5)	$	68.1	$	100.6	$	(31.0)	$	69.6



Intangible assets not subject to amortization:
Trademarks and trade names	1,309.8		—		1,309.8		1,309.8		—		1,309.8
Total intangible assets	$	1,410.4	$	(32.5)	$	1,377.9	$	1,410.4	$	(31.0)	$	1,379.4

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	September 26, 2020						June 27, 2020
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.6	$	(32.5)	$	68.1	$	100.6	$	(31.0)	$	69.6



Intangible assets not subject to amortization:
Trademarks and trade names	1,309.8		—		1,309.8		1,309.8		—		1,309.8
Total intangible assets	$	1,410.4	$	(32.5)	$	1,377.9	$	1,410.4	$	(31.0)	$	1,379.4

Schedule of Expected Amortization Expense

As of September 26, 2020, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Remainder of fiscal 2021	$	4.9
Fiscal 2022	6.5
Fiscal 2023	6.5
Fiscal 2024	6.5
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027 and thereafter	30.7
Total	$	68.1

Stockholders' Equity (Tables)

3 Months Ended

Sep. 26, 2020

Stockholders' Equity Note [Abstract]

Reconciliation of Stockholders Equity

A reconciliation of stockholders' equity is presented below:


	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at June 29, 2019	286.8	$	2.9	$	3,302.1	$	291.6	$	(83.2)	$	3,513.4
Net income (loss)	—	—		—		20.0		—		20.0
Other comprehensive income (loss)	—	—		—		—		(12.8)		(12.8)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	1.0	—		(14.4)		—		—		(14.4)
Share-based compensation	—	—		26.7		—		—		26.7
Repurchase of common stock	(11.9)	(0.1)		—		(299.9)		—		(300.0)

Dividends declared ($0.3375 per share)	—	—		—		(97.1)		—		(97.1)
Cumulative adjustment from adoption of new accounting standard	—	—		—		(48.9)		—		(48.9)
Balance at September 28, 2019	275.9	$	2.8	$	3,314.4	$	(134.3)	$	(96.0)	$	3,086.9
















	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at June 27, 2020	276.2	$	2.8	$	3,358.5	$	(992.7)	$	(92.2)	$	2,276.4
Net income (loss)	—	—		—		231.7		—		231.7
Other comprehensive income (loss)	—	—		—		—		15.7		15.7
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	1.2	—		(8.3)		—		—		(8.3)
Share-based compensation	—	—		14.6		—		—		14.6




Balance at September 26, 2020	277.4	$	2.8	$	3,364.8	$	(761.0)	$	(76.5)	$	2,530.1

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) ("AOCI"), as of the dates indicated, are as follows:


	Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)		Unrealized Gains (Losses) on Available- for-Sale Investments		Cumulative Translation Adjustment		Other(2)		Total
	(millions)
Balances at June 29, 2019	$	(4.5)	$	(0.5)	$	(79.9)	$	1.7	$	(83.2)
Other comprehensive income (loss) before reclassifications	2.1		—		(13.8)		—		(11.7)
Less: amounts reclassified from accumulated other comprehensive income to earnings	(0.6)		—		—		1.7		1.1
Net current-period other comprehensive income (loss)	2.7		—		(13.8)		(1.7)		(12.8)
Balances at September 28, 2019	$	(1.8)	$	(0.5)	$	(93.7)	$	—	$	(96.0)

Balances at June 27, 2020	$	1.1	$	—	$	(93.3)	$	—	$	(92.2)
Other comprehensive income (loss) before reclassifications	(3.5)		—		19.2		—		15.7
Less: amounts reclassified from accumulated other comprehensive income to earnings	—		—		—		—		—
Net current-period other comprehensive income (loss)	(3.5)		—		19.2		—		15.7
Balances at September 26, 2020	$	(2.4)	$	—	$	(74.1)	$	—	$	(76.5)

(2) Other represents the accumulated loss on the Company's minimum pension liability adjustment. There was no remaining balance at September 26, 2020 and September 28, 2019.

Leases (Tables)

3 Months Ended

Sep. 26, 2020

Leases [Abstract]

Assets And Liabilities, Lessee

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Condensed Consolidated Balance Sheets as of September 26, 2020 and June 27, 2020:


	September 26, 2020		June 27, 2020		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,692.6	$	1,757.0	Operating lease right-of-use assets
Finance leases	3.1		3.3		Property and equipment, net
Total lease assets	$	1,695.7	$	1,760.3
Liabilities:
Operating leases:
Current lease liabilities	$	341.4	$	388.8	Current lease liabilities
Long-term lease liabilities	1,739.9		1,799.8		Long-term lease liabilities
Total operating lease liabilities	$	2,081.3	$	2,188.6
Finance leases:
Current lease liabilities	$	0.9	$	0.9	Accrued liabilities
Long-term lease liabilities	4.2		4.4		Other liabilities
Total finance lease liabilities	$	5.1	$	5.3

Total lease liabilities	$	2,086.4	$	2,193.9

Lease, Cost


	Three Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.2
Interest on lease liabilities(1)	0.1		0.2
Total finance lease cost	0.3		0.4
Operating lease cost	86.8		111.8
Short-term lease cost	6.1		1.7
Variable lease cost(2)	40.9		51.0
Operating lease right-of-use impairment	—		35.8
Less: sublease income	(4.2)		(5.4)
Total net lease cost	$	129.9	$	195.3

(1) Interest on lease liabilities is recorded within Interest expense, net on the Company's Condensed Consolidated Statement of Operations.

(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease expense and have an immaterial impact as of September 26, 2020.

The following table summarizes certain cash flow information related to the Company's leases for the three months ended September 26, 2020 and September 28, 2019:


	Three Months Ended
	September 26, 2020		September 28, 2019
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	132.5	$	102.7
Operating cash flows from finance leases	0.1		0.2
Financing cash flows from finance leases	0.2		0.2
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	8.5		65.0
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

Earnings per Share (Tables)

3 Months Ended

Sep. 26, 2020

Earnings Per Share [Abstract]

Reconciliation of Weighted-average Shares Outstanding and Calculation of Basic and Diluted Earnings Per Share

The following is a reconciliation of the weighted-average shares outstanding and calculation of basic and diluted earnings per share:


	Three Months Ended
		September 26, 2020		September 28, 2019
		(millions, except per share data)
Net income (loss)		$	231.7	$	20.0

Weighted-average basic shares		276.8		284.4
Dilutive securities:


Effect of dilutive securities		1.1		1.3
Weighted-average diluted shares		277.9		285.7

Net income per share:
Basic		$	0.84	$	0.07
Diluted		$	0.83	$	0.07

Share-based Compensation (Tables)

3 Months Ended

Sep. 26, 2020

Share-based Payment Arrangement [Abstract]

Compensation Cost Charged Against Income and Related Tax Benefits for Share-based Compensation Plans

The following table shows the share-based compensation expense and the related tax benefits recognized in the Company's Condensed Consolidated Statements of Operations for the periods indicated:


	Three Months Ended
		September 26, 2020		September 28, 2019
		(millions)
Share-based compensation expense(1)		$	14.6	$	26.8
Income tax benefit related to share-based compensation expense		2.6		5.4

Summary of Stock Option Activity

A summary of stock option activity during the three months ended September 26, 2020 is as follows:


			Number of Options Outstanding
			(millions)
Outstanding at June 27, 2020			15.0
Granted			1.3
Exercised			—
Forfeited or expired			(0.8)
Outstanding at September 26, 2020			15.5

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and the following weighted-average assumptions:


	September 26, 2020		September 28, 2019
Expected term (years)	5.1		5.1
Expected volatility	48.8	%	37.5	%
Risk-free interest rate	0.3	%	1.5	%
Dividend yield	—	%	6.4	%

Service-based Restricted Stock Unit Awards (RSU)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of RSU Activity

A summary of service-based RSU activity during the three months ended September 26, 2020 is as follows:


			Number of Non-vested RSUs
			(millions)
Non-vested at June 27, 2020			4.9
Granted			4.6
Vested			(1.5)
Forfeited			(0.1)
Non-vested at September 26, 2020			7.9

Performance-based Restricted Stock Unit Awards (PRSU)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of RSU Activity

A summary of PRSU activity during the three months ended September 26, 2020 is as follows:


			Number of Non-vested PRSUs
			(millions)
Non-vested at June 27, 2020			0.8
Granted			0.8
Change due to performance condition achievement			—
Vested			(0.2)
Forfeited			—
Non-vested at September 26, 2020			1.4

Debt (Tables)

3 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Summary of the Components of Outstanding Debt

The following table summarizes the components of the Company’s outstanding debt:


	September 26, 2020		June 27, 2020
	(millions)
Current debt:



Revolving Credit Facility	700.0		700.0
Note Payable	11.5		11.5
Total current debt	$	711.5	$	711.5

Long-term debt:

4.250% Senior Notes due 2025	$	600.0	$	600.0
3.000% Senior Notes due 2022	400.0		400.0
4.125% Senior Notes due 2027	600.0		600.0


Total long-term debt	1,600.0		1,600.0
Less: Unamortized discount and debt issuance costs on Senior Notes	(11.4)		(12.1)
Total long-term debt, net	$	1,588.6	$	1,587.9

Fair Value Measurements (Tables)

3 Months Ended

Sep. 26, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities

The following table shows the fair value measurements of the Company’s financial assets and liabilities at September 26, 2020 and June 27, 2020:


	Level 1				Level 2
	September 26, 2020		June 27, 2020		September 26, 2020		June 27, 2020
	(millions)
Assets:
Cash equivalents(1)	$	569.0	$	569.4	$	0.1	$	0.3
Short-term investments:
Time deposits(2)	—		—		0.7		0.7




Other	—		—		7.8		7.4
Long-term investments:
Other	—		—		0.1		0.1


Derivative assets:
Inventory-related instruments(3)	—		—		1.2		2.8
Intercompany loan and payable hedges(3)	—		—		1.2		0.1
Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	—		—		3.9		1.3
Intercompany loan and payable hedges(3)	—		—		0.4		0.4

(2)Short-term investments are recorded at fair value, which approximates their carrying value, and are primarily based upon quoted vendor or broker priced securities in active markets.

Investments (Tables)

3 Months Ended

Sep. 26, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of September 26, 2020 and June 27, 2020:


	September 26, 2020						June 27, 2020
	Short-term		Long-term		Total		Short-term		Long-term		Total
	(millions)









Other:
Time deposits(1)	0.7		—		0.7		0.7		—		0.7
Other	7.8		0.1		7.9		7.4		0.1		7.5
Total Investments	$	8.5	$	0.1	$	8.6	$	8.1	$	0.1	$	8.2

(1)These securities have original maturities greater than three months and are recorded at fair value.

Segment Information (Tables)

3 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Summary of Segment Performance

The following table summarizes segment performance for the three months ended September 26, 2020 and September 28, 2019:


	Coach		Kate Spade		Stuart Weitzman		Corporate(1)		Total
	(millions)
Three Months Ended September 26, 2020
Net sales	$	875.4	$	240.4	$	56.4	$	—	$	1,172.2
Gross profit	644.9		154.1		31.2		—		830.2
Operating income (loss)	270.0		23.2		—		(91.0)		202.2
Income (loss) before provision for income taxes	270.0		23.2		—		(107.8)		185.4
Depreciation and amortization expense	24.8		10.4		2.4		13.6		51.2
Additions to long-lived assets(3)	10.9		4.6		0.5		10.0		26.0

Three Months Ended September 28, 2019
Net sales	$	965.9	$	305.5	$	86.5	$	—	$	1,357.9
Gross profit	677.6		191.5		45.4		—		914.5
Operating income (loss)	199.5		(7.2)		(19.3)		(121.4)		51.6
Income (loss) before provision for income taxes	199.5		(7.2)		(19.3)		(146.4)		26.6
Depreciation and amortization expense(2)	50.1		27.3		13.5		13.2		104.1
Additions to long-lived assets(3)	24.6		17.0		5.2		25.1		71.9

Basis of Presentation and Organization (Details) - USD ($)	Sep. 26, 2020	Jun. 27, 2020	Oct. 24, 2019
Subsequent Event [Line Items]
Long-term debt	$ 1,588,600,000	$ 1,587,900,000
Revolving Facility \| Revolving Facility
Subsequent Event [Line Items]
Long-term debt		$ 700,000,000
Maximum borrowing capacity			$ 900,000,000

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Jun. 27, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, current	$ 28.5		$ 28.1
Deferred revenue, revenue recognized	$ 4.7	$ 4.5
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	90 days
Licensing business \| Net sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	1.00%

Revenue (Disaggregated Sales) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 1,172.2	$ 1,357.9
North America
Disaggregation of Revenue [Line Items]
Net sales	665.3	822.3
Greater China
Disaggregation of Revenue [Line Items]
Net sales	227.7	190.9
Other Asia
Disaggregation of Revenue [Line Items]
Net sales	199.2	246.4
Other
Disaggregation of Revenue [Line Items]
Net sales	80.0	98.3
Coach
Disaggregation of Revenue [Line Items]
Net sales	875.4	965.9
Coach \| North America
Disaggregation of Revenue [Line Items]
Net sales	466.7	543.7
Coach \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	196.2	159.2
Coach \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	162.3	198.8
Coach \| Other
Disaggregation of Revenue [Line Items]
Net sales	50.2	64.2
Kate Spade
Disaggregation of Revenue [Line Items]
Net sales	240.4	305.5
Kate Spade \| North America
Disaggregation of Revenue [Line Items]
Net sales	172.3	231.9
Kate Spade \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	13.8	12.3
Kate Spade \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	34.4	42.2
Kate Spade \| Other
Disaggregation of Revenue [Line Items]
Net sales	19.9	19.1
Stuart Weitzman
Disaggregation of Revenue [Line Items]
Net sales	56.4	86.5
Stuart Weitzman \| North America
Disaggregation of Revenue [Line Items]
Net sales	26.3	46.7
Stuart Weitzman \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	17.7	19.4
Stuart Weitzman \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	2.5	5.4
Stuart Weitzman \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 9.9	$ 15.0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Integration (Narrative) (Details) $ in Millions	3 Months Ended
Integration (Narrative) (Details) $ in Millions	Sep. 28, 2019 USD ($)
Business Acquisition [Line Items]
Integration and acquisition costs	$ 4.3
Cost of Sales
Business Acquisition [Line Items]
Integration and acquisition costs	4.1
SG&A expenses
Business Acquisition [Line Items]
Integration and acquisition costs	0.2
Non-cash charges related to inventory, organization costs and purchase accounting adjustments
Business Acquisition [Line Items]
Integration and acquisition costs	2.8
Stuart Weitzman \| Cost of Sales
Business Acquisition [Line Items]
Integration and acquisition costs	2.8
Stuart Weitzman \| SG&A expenses
Business Acquisition [Line Items]
Integration and acquisition costs	(2.4)
Kate Spade \| Cost of Sales
Business Acquisition [Line Items]
Integration and acquisition costs	1.2
Kate Spade \| SG&A expenses
Business Acquisition [Line Items]
Integration and acquisition costs	0.1
Coach \| Cost of Sales
Business Acquisition [Line Items]
Integration and acquisition costs	0.1
Coach \| SG&A expenses
Business Acquisition [Line Items]
Integration and acquisition costs	0.3
Corporate \| SG&A expenses
Business Acquisition [Line Items]
Integration and acquisition costs	$ 2.2

Integration (Liabilities Related to Integration and Acquisition of Kate Spade) (Details) $ in Millions	3 Months Ended
	Sep. 28, 2019 USD ($)
Business Acquisition [Line Items]
Integration and acquisition costs	$ 4.3
Purchase accounting adjustments
Business Acquisition [Line Items]
Integration and acquisition costs	0.6
Inventory-related charges
Business Acquisition [Line Items]
Integration and acquisition costs	3.6
Other integration charges
Business Acquisition [Line Items]
Integration and acquisition costs	$ 0.1

Restructuring Activities (Narrative) (Details) - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020
Acceleration Program
Restructuring Cost and Reserve [Line Items]
Cost incurred to date	$ 26.6
Acceleration Program \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected charges		$ 185.0
Restructuring and related cost, expected additional charges	75.0
Acceleration Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected charges		$ 200.0
Restructuring and related cost, expected additional charges	90.0
Selling, General and Administrative Expenses \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Cost incurred to date	26.6
Coach \| Selling, General and Administrative Expenses \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Cost incurred to date	10.7
Kate Spade \| Selling, General and Administrative Expenses \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Cost incurred to date	1.0
Stuart Weitzman \| Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Cost incurred to date	(2.4)
Corporate \| Selling, General and Administrative Expenses \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Cost incurred to date	$ 17.3

Restructuring Activities (Restructuring Liability) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Jun. 27, 2020
Restructuring Cost and Reserve [Line Items]
Organization-related and integration activities	$ 0.0	$ 14.2
Acceleration Program
Restructuring Cost and Reserve [Line Items]
Organization-related and integration activities	26.6		$ 87.0
Cash payments	(45.3)		(33.9)
Non-cash charges	5.4		(24.8)
Restructuring liability	15.0		28.3
Organizational-Related \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Organization-related and integration activities	9.0		44.7
Cash payments	(27.4)		(15.8)
Non-cash charges	0.0		(4.0)
Restructuring liability	6.5		24.9
Store Closure \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Organization-related and integration activities	0.8		32.3
Cash payments	(4.9)		(11.0)
Non-cash charges	6.0		(20.8)
Restructuring liability	2.4		0.5
Other Restructuring \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Organization-related and integration activities	16.8		10.0
Cash payments	(13.0)		(7.1)
Non-cash charges	(0.6)		0.0
Restructuring liability	$ 6.1		$ 2.9

Goodwill and Other Intangible Assets (Change in Carrying Value of Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2020	Jun. 27, 2020
Goodwill [Roll Forward]
Beginning Balance	$ 1,301.1
Foreign exchange impact	6.0
Ending Balance	1,307.1
Coach
Goodwill [Roll Forward]
Beginning Balance	661.7
Foreign exchange impact	4.7
Ending Balance	666.4
Kate Spade
Goodwill [Roll Forward]
Beginning Balance	639.4
Foreign exchange impact	1.3
Ending Balance	640.7
Stuart Weitzman
Goodwill [Roll Forward]
Beginning Balance	0.0
Foreign exchange impact	0.0
Ending Balance	0.0
Impairment charges	$ 210.7	$ 210.7

Goodwill and Other Intangible Assets (Indefinite and Finite Lived Assets) (Details) - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020
Intangible assets subject to amortization:
Accumulated amortization	$ (32.5)	$ (31.0)
Total	68.1
Intangible assets not subject to amortization:
Intangible assets, gross (excluding goodwill)	1,410.4	1,410.4
Intangible assets, net (excluding goodwill)	1,377.9	1,379.4
Trademarks and trade names
Intangible assets not subject to amortization:
Indefinite-lived intangible assets (excluding goodwill)	1,309.8	1,309.8
Customer relationships
Intangible assets subject to amortization:
Gross Carrying Amount	100.6	100.6
Accumulated amortization	(32.5)	(31.0)
Total	$ 68.1	$ 69.6

Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) $ in Millions	Sep. 26, 2020 USD ($)
Expected Amortization Expense For Intangible Assets
Remainder of fiscal 2021	$ 4.9
Fiscal 2022	6.5
Fiscal 2023	6.5
Fiscal 2024	6.5
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027 and thereafter	30.7
Total	$ 68.1

Goodwill and Other Intangible Assets (Narrative) (Details) - Customer relationships	3 Months Ended
	Sep. 26, 2020
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	9 years 7 months 6 days
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	11 years 9 months 18 days

Stockholders' Equity (Schedule of Stockholders' Equity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)	276.2
Beginning balance	$ 2,276.4	$ 3,513.4
Net income (loss)	231.7	20.0
Other comprehensive income (loss)	15.7	(12.8)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	(8.3)	(14.4)
Share-based compensation	$ 14.6	26.7
Repurchase of common stock		(300.0)
Dividends declared		(97.1)
Ending balance (shares)	277.4
Ending balance	$ 2,530.1	$ 3,086.9
Cash dividends declared per common share (USD per share)	$ 0	$ 0.3375
Cumulative adjustment from adoption of new accounting standard
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		$ (48.9)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)	276.2	286.8
Beginning balance	$ 2.8	$ 2.9
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)	1.2	1.0
Repurchase of common stock (in shares)		(11.9)
Repurchase of common stock		$ (0.1)
Ending balance (shares)	277.4	275.9
Ending balance	$ 2.8	$ 2.8
Additional Paid-in- Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,358.5	3,302.1
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	(8.3)	(14.4)
Share-based compensation	14.6	26.7
Ending balance	3,364.8	3,314.4
Retained Earnings / (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(992.7)	291.6
Net income (loss)	231.7	20.0
Repurchase of common stock		(299.9)
Dividends declared		(97.1)
Ending balance	(761.0)	(134.3)
Retained Earnings / (Accumulated Deficit) \| Cumulative adjustment from adoption of new accounting standard
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(48.9)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(92.2)	(83.2)
Other comprehensive income (loss)	15.7	(12.8)
Ending balance	$ (76.5)	$ (96.0)

Stockholders' Equity (AOCI) (Details) - USD ($)	3 Months Ended		12 Months Ended
Stockholders' Equity (AOCI) (Details) - USD ($)	Sep. 26, 2020	Sep. 28, 2019	Jun. 27, 2020
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	$ 2,276,400,000	$ 3,513,400,000	$ 3,513,400,000
Other comprehensive income (loss) before reclassifications	15,700,000	(11,700,000)
Less: amounts reclassified from accumulated other comprehensive income to earnings	0	1,100,000
Other comprehensive income (loss), net of tax	15,700,000	(12,800,000)
Ending balance	2,530,100,000	3,086,900,000	2,276,400,000
Amounts reclassified from AOCI, tax	100,000	200,000
Unrealized Gains (Losses) on Cash Flow Hedging Derivatives
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	1,100,000	(4,500,000)	(4,500,000)
Other comprehensive income (loss) before reclassifications	(3,500,000)	2,100,000
Less: amounts reclassified from accumulated other comprehensive income to earnings	0	(600,000)
Other comprehensive income (loss), net of tax	(3,500,000)	2,700,000
Ending balance	(2,400,000)	(1,800,000)	1,100,000
Other comprehensive income (loss)	100,000	800,000
Unrealized Gains (Losses) on Available- for-Sale Investments
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	0	(500,000)	(500,000)
Other comprehensive income (loss) before reclassifications	0	0
Less: amounts reclassified from accumulated other comprehensive income to earnings	0	0
Other comprehensive income (loss), net of tax	0	0
Ending balance	0	(500,000)	0
Cumulative Translation Adjustment
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	(93,300,000)	(79,900,000)	(79,900,000)
Other comprehensive income (loss) before reclassifications	19,200,000	(13,800,000)
Less: amounts reclassified from accumulated other comprehensive income to earnings	0	0
Other comprehensive income (loss), net of tax	19,200,000	(13,800,000)
Ending balance	(74,100,000)	(93,700,000)	(93,300,000)
Other
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	0	1,700,000	1,700,000
Other comprehensive income (loss) before reclassifications	0	0
Less: amounts reclassified from accumulated other comprehensive income to earnings	0	1,700,000
Other comprehensive income (loss), net of tax	0	(1,700,000)
Ending balance	0	0	0
Other comprehensive income (loss)	0		0
Total
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	(92,200,000)	(83,200,000)	(83,200,000)
Ending balance	$ (76,500,000)	$ (96,000,000.0)	$ (92,200,000)

Leases (Details) $ in Millions	3 Months Ended
Leases (Details) $ in Millions	Sep. 26, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Lessor, operating lease, lease not yet commenced (approximately)	$ 0.8
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Lessee, operating lease, renewal term or early termination option	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	20 years
Lessee, operating lease, renewal term or early termination option	10 years

Leases (Right Of Use Assets and Lease Liability) (Details) - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020
ASSETS
Operating lease right-of-use assets	$ 1,692.6	$ 1,757.0
Finance leases	$ 3.1	3.3
Finance lease [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Total lease assets	$ 1,695.7	1,760.3
Operating leases:
Current portion of operating lease liabilities	341.4	388.8
Long-term operating lease liabilities	1,739.9	1,799.8
Total operating lease liabilities	2,081.3	2,188.6
Finance leases:
Current lease liabilities	$ 0.9	0.9
Current lease liablities [Extensible List]	us-gaap:AccruedLiabilitiesCurrent
Long-term lease liabilities	$ 4.2	4.4
long-term lease liabilities [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Total finance lease liabilities	$ 5.1	5.3
Total lease liabilities	$ 2,086.4	$ 2,193.9

Leases (Costs) (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Costs) (Details) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019
Leases [Abstract]
Amortization of right-of-use assets	$ 0.2	$ 0.2
Interest on lease liabilities	0.1	0.2
Total finance lease cost	0.3	0.4
Operating lease cost	86.8	111.8
Short-term lease cost	6.1	1.7
Variable lease cost	40.9	51.0
Operating lease right-of-use impairment	0.0	35.8
Less: sublease income	(4.2)	(5.4)
Total net lease cost	$ 129.9	$ 195.3

Leases (Cash Flow) (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Cash Flow) (Details) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 132.5	$ 102.7
Operating cash flows from finance leases	0.1	0.2
Financing cash flows from finance leases	0.2	0.2
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	8.5	65.0
Right-of-use assets obtained in exchange for finance lease liabilities	$ 0.0	$ 0.0

Earnings per Share (Reconciliation of Weighted Average Shares Outstanding and Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 231.7	$ 20.0
Weighted-average basic shares (shares)	276.8	284.4
Effect of dilutive securities (shares)	1.1	1.3
Weighted-average diluted shares (shares)	277.9	285.7
Net income per share:
Basic (USD per share)	$ 0.84	$ 0.07
Diluted (USD per share)	$ 0.83	$ 0.07

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings Per Share (Anti-Dilutive Impact on Diluted Earnings per Share) (Details) - shares shares in Millions	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Earnings Per Share [Abstract]
Shares excluded from diluted share calculations (shares)	16.6	12.9

Share-based Compensation (Total Compensation Cost and Related Tax Benefits) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 14.6	$ 26.8
Income tax benefit related to share-based compensation expense	2.6	5.4
Accelerated Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.6
Integration
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 9.7

Share-based Compensation (Summary of Option Activity) (Details) - Stock Options shares in Millions	3 Months Ended
	Sep. 26, 2020 shares
Number of Options Outstanding
Beginning balance (shares)	15.0
Granted (shares)	1.3
Exercised (shares)	0.0
Forfeited or expired (shares)	(0.8)
Ending balance (shares)	15.5

Share-based Compensation (Narrative) (Details) - $ / shares	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Stock Options
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of awards granted (USD per share)	$ 6.60	$ 3.71
Service-based Restricted Stock Unit Awards (RSU)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of awards granted (USD per share)	15.81	21.26
Performance-based Restricted Stock Unit Awards (PRSU)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of awards granted (USD per share)	$ 15.83	$ 21.10

Share-based Compensation (Weighted-average Assumptions) (Details) - Stock Options	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years 1 month 6 days	5 years 1 month 6 days
Expected volatility	48.80%	37.50%
Risk-free interest rate	0.30%	1.50%
Dividend yield	0.00%	6.40%

Share-based Compensation (Summary of Non-vested Service-Based Restricted Stock Unit Activity) (Details) - Service-based Restricted Stock Unit Awards (RSU) shares in Millions	3 Months Ended
	Sep. 26, 2020 shares
Number of Non-vested RSUs
Beginning balance (shares)	4.9
Granted (shares)	4.6
Vested (shares)	(1.5)
Forfeited (shares)	(0.1)
Ending balance (shares)	7.9

Share-based Compensation (Summary of Non-vested Performance-based Restricted Stock Unit) (Details) - Performance-based Restricted Stock Unit Awards (PRSU) shares in Millions	3 Months Ended
	Sep. 26, 2020 shares
Number of Non-vested PRSUs
Beginning balance (shares)	0.8
Granted (shares)	0.8
Change due to performance condition achievement (shares)	0.0
Vested (shares)	(0.2)
Forfeited (shares)	0.0
Ending balance (shares)	1.4

Debt (Summary of Debt) (Details) - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020	Jun. 20, 2017	Mar. 02, 2015
Current debt:
Current debt	$ 711.5	$ 711.5
Long-term debt:
Long-term debt	1,600.0	1,600.0
Less: Unamortized discount and debt issuance costs on Senior Notes	(11.4)	(12.1)
Total long-term debt, net	1,588.6	1,587.9
Revolving Facility
Current debt:
Current debt	700.0	700.0
Senior Notes \| 4.250% Senior Notes due 2025
Long-term debt:
Long-term debt	$ 600.0	600.0
Interest rate, stated percentage	4.25%			4.25%
Senior Notes \| 3.000% Senior Notes due 2022
Long-term debt:
Long-term debt	$ 400.0	400.0
Interest rate, stated percentage	3.00%		3.00%
Senior Notes \| 4.125% Senior Notes due 2027
Long-term debt:
Long-term debt	$ 600.0	600.0
Interest rate, stated percentage	4.125%		4.125%
Note Payable
Current debt:
Current debt	$ 11.5	$ 11.5

Debt (Narrative) (Details)				3 Months Ended
Debt (Narrative) (Details)	Oct. 24, 2019 USD ($)	Jun. 20, 2017 USD ($)	Mar. 02, 2015 USD ($)	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Jun. 27, 2020 USD ($)	May 19, 2020 USD ($)
Debt Instrument [Line Items]
Interest expense				$ 20,100,000	$ 16,800,000
Current debt				711,500,000		$ 711,500,000
Long-term debt				1,600,000,000.0		1,600,000,000.0
Note Payable
Debt Instrument [Line Items]
Current debt				11,500,000		11,500,000
Kate Spade Joint Ventures \| Note Payable
Debt Instrument [Line Items]
Current debt				$ 11,500,000		11,500,000
Senior Notes \| 4.250% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage			4.25%	4.25%
Debt instrument, face amount			$ 600,000,000.0
Debt instrument, issuance amount, percent of par			99.445%
Long-term debt, maturities, redemption period before maturity			90 days
Debt instrument, redemption price, percentage			100.00%
Long-term debt				$ 600,000,000.0		600,000,000.0
Senior Notes \| 4.250% Senior Notes due 2025 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value				$ 624,100,000		576,600,000
Senior Notes \| 4.250% Senior Notes due 2025 \| Adjusted Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.35%
Senior Notes \| 3.000% Senior Notes due 2022
Debt Instrument [Line Items]
Interest rate, stated percentage		3.00%		3.00%
Debt instrument, face amount		$ 400,000,000.0
Debt instrument, issuance amount, percent of par		99.505%
Debt instrument, redemption price, percentage		100.00%
Long-term debt				$ 400,000,000.0		400,000,000.0
Senior Notes \| 3.000% Senior Notes due 2022 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value				$ 403,900,000		393,400,000
Senior Notes \| 3.000% Senior Notes due 2022 \| Adjusted Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Senior Notes \| 4.125% Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage		4.125%		4.125%
Debt instrument, face amount		$ 600,000,000.0
Debt instrument, issuance amount, percent of par		99.858%
Debt instrument, redemption price, percentage		100.00%
Long-term debt				$ 600,000,000.0		600,000,000.0
Senior Notes \| 4.125% Senior Notes due 2027 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value				587,700,000		565,000,000.0
Senior Notes \| 4.125% Senior Notes due 2027 \| Adjusted Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.30%
Revolving Facility \| Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 900,000,000
Revolving Facility \| Revolving Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Facility \| Revolving Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Facility \| Revolving Facility, Amendment 1
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 900,000,000
Required available liquidity threshold							$ 700,000,000
Net leverage ratio							4.0
Gross leverage ratio exceed threshold, increase of interest rate							4.0
Debt, current				$ 700,000,000.0		$ 700,000,000.0

Fair Value Measurements (Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2020	Jun. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturity of time deposit (less then)	3 months
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 569.0	$ 569.4
Level 1 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Derivative liability	0.0	0.0
Level 1 \| Intercompany loan and payables hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Derivative liability	0.0	0.0
Level 1 \| Short-term Investments \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 1 \| Short-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 1 \| Long-term investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.1	0.3
Level 2 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1.2	2.8
Derivative liability	3.9	1.3
Level 2 \| Intercompany loan and payables hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1.2	0.1
Derivative liability	0.4	0.4
Level 2 \| Short-term Investments \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.7	0.7
Level 2 \| Short-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	7.8	7.4
Level 2 \| Long-term investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0.1	$ 0.1

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended
Fair Value Measurements (Narrative) (Details) - USD ($)	Sep. 26, 2020	Sep. 28, 2019
Property, Plant and Equipment [Line Items]
Impairment charges	$ 0	$ 75,600,000
Operating lease right-of-use assets		119,300,000
Store Assets
Property, Plant and Equipment [Line Items]
Impairment charges		39,800,000
Property and equipment, net		10,100,000
Operating Lease Right-of-use Assets
Property, Plant and Equipment [Line Items]
Impairment charges		$ 35,800,000

Investments (Summary of Investments) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 26, 2020	Jun. 27, 2020
Schedule of Investments [Line Items]
Cash and cash equivalents	$ 1,513.9	$ 1,426.3
Other short-term investments	7.8	7.4
Other long-term investments	0.1	0.1
Other investments	7.9	7.5
Short-term investments	8.5	8.1
Long-term Investments	0.1	0.1
Investments	$ 8.6	8.2
Maturity of time deposit (greater then)	3 months
Time deposits
Schedule of Investments [Line Items]
Cash and cash equivalents	$ 0.7	$ 0.7

Income Taxes (Narrative) (Details)	3 Months Ended
Income Taxes (Narrative) (Details)	Sep. 26, 2020	Sep. 28, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	(25.00%)	24.80%

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Standby letters of credit and bank guarantees	$ 43.0	$ 33.3

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Sep. 26, 2020 segment
Segment Reporting [Abstract]
Reportable segments	3

Segment Information (Summary of Segment Information) (Details) - USD ($)	3 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Segment Reporting Information [Line Items]
Net sales	$ 1,172,200,000	$ 1,357,900,000
Gross profit	830,200,000	914,500,000
Operating income (loss)	202,200,000	51,600,000
Income (loss) before provision for income taxes	185,400,000	26,600,000
Depreciation and amortization expense	51,200,000	104,100,000
Additions to long-lived assets	26,000,000.0	71,900,000
Impairment charges	0	75,600,000
Corporate
Segment Reporting Information [Line Items]
Net sales	0	0
Gross profit	0	0
Operating income (loss)	(91,000,000.0)	(121,400,000)
Income (loss) before provision for income taxes	(107,800,000)	(146,400,000)
Depreciation and amortization expense	13,600,000	13,200,000
Additions to long-lived assets	10,000,000.0	25,100,000
Coach
Segment Reporting Information [Line Items]
Net sales	875,400,000	965,900,000
Impairment charges		19,500,000
Coach \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	875,400,000	965,900,000
Gross profit	644,900,000	677,600,000
Operating income (loss)	270,000,000.0	199,500,000
Income (loss) before provision for income taxes	270,000,000.0	199,500,000
Depreciation and amortization expense	24,800,000	50,100,000
Additions to long-lived assets	10,900,000	24,600,000
Kate Spade
Segment Reporting Information [Line Items]
Net sales	240,400,000	305,500,000
Depreciation and amortization expense		100,000
Impairment charges		12,000,000.0
Kate Spade \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	240,400,000	305,500,000
Gross profit	154,100,000	191,500,000
Operating income (loss)	23,200,000	(7,200,000)
Income (loss) before provision for income taxes	23,200,000	(7,200,000)
Depreciation and amortization expense	10,400,000	27,300,000
Additions to long-lived assets	4,600,000	17,000,000.0
Stuart Weitzman
Segment Reporting Information [Line Items]
Impairment charges		8,300,000
Stuart Weitzman \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	56,400,000	86,500,000
Gross profit	31,200,000	45,400,000
Operating income (loss)	0	(19,300,000)
Income (loss) before provision for income taxes	0	(19,300,000)
Depreciation and amortization expense	2,400,000	13,500,000
Additions to long-lived assets	$ 500,000	$ 5,200,000

Subsequent Events (Details) $ in Millions	Oct. 30, 2020 USD ($)
Subsequent Event \| Revolving Facility \| Revolving Facility
Subsequent Event [Line Items]
Repayments of debt	$ 150