0001116132-23-000020 | 10-K | XBRL Viewer

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jul. 01, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II — Valuation and Qualifying Accounts

For the Fiscal Years Ended July 1, 2023, July 2, 2022 and July 3, 2021


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Write-offs/ Allowances Taken		Balance at End of Year
	(millions)
Fiscal 2023
Allowance for credit losses	$	3.7	$	5.7	$	(3.6)	$	5.8
Allowance for returns	11.2		14.2		(10.1)		15.3
Allowance for markdowns	11.6		17.6		(17.9)		11.3
Valuation allowance	51.6		—		(17.3)		34.3
Total	$	78.1	$	37.5	$	(48.9)	$	66.7
Fiscal 2022
Allowance for credit losses	$	4.2	$	19.9	$	(20.4)	$	3.7
Allowance for returns	18.7		8.8		(16.3)		11.2
Allowance for markdowns	11.4		13.6		(13.4)		11.6
Valuation allowance	65.9		—		(14.3)		51.6
Total	$	100.2	$	42.3	$	(64.4)	$	78.1
Fiscal 2021
Allowance for credit losses	$	15.9	$	2.8	$	(14.5)	$	4.2
Allowance for returns	19.3		18.6		(19.2)		18.7
Allowance for markdowns	9.7		16.6		(14.9)		11.4
Valuation allowance	39.6		27.7		(1.4)		65.9
Total	$	84.5	$	65.7	$	(50.0)	$	100.2

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Expected Amortization Expense for Intangible Assets) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Expected Amortization Expense for Intangible Assets
Fiscal 2024	$ 6.5
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5
Thereafter	17.8
Total	$ 50.3	$ 56.8

RESTRUCTURING ACTIVITIES

12 Months Ended

Jul. 01, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIVITIES

Acceleration Program

During fiscal 2020, the Company embarked on a strategic growth plan after 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 share-based compensation costs incurred as a result of the development and execution of the Company's comprehensive strategic initiatives aimed at increasing profitability. Since inception in fiscal 2020 until the completion of the program in fiscal 2022, the Company incurred total pre-tax charges of $219.4 million. The Company did not incur any charges related to the Acceleration Program in fiscal 2023.

During the fiscal year ended July 2, 2022, the Company incurred charges of $42.8 million, all of which was recorded within SG&A expenses. Of the $42.8 million recorded within SG&A, $26.6 million was recorded within Corporate, $6.7 million was recorded within the Coach segment, $5.9 million was recorded within the Kate Spade segment and $3.6 million was recorded within the Stuart Weitzman segment.

During the fiscal year ended July 3, 2021, the Company incurred charges of $89.6 million, all of which was recorded within SG&A expenses. Of the $89.6 million recorded within SG&A, $65.8 million was recorded within Corporate, $21.9 million was recorded within the Coach segment, $4.4 million was recorded within the Kate Spade segment and a reduction of expense of $2.5 million was recorded within the Stuart Weitzman segment.

During the fiscal year ended June 27, 2020, the Company incurred charges of $87.0 million, of which $8.4 million was recorded within Cost of sales and $78.6 million was recorded within SG&A expenses. Of the $8.4 million recorded within Cost of sales, $8.4 million was recorded within the Stuart Weitzman segment. Of the $78.6 million recorded within SG&A expenses, $28.9 million was recorded within Corporate, $18.5 million was recorded within the Coach segment, $17.6 million was recorded within the Stuart Weitzman segment and $13.6 million was recorded within the Kate Spade 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	$	16.6	$	5.9	$	67.1	$	89.6
Cash payments	(38.2)		(11.9)		(36.6)		(86.7)
Non-cash charges	—		5.8		(10.9)		(5.1)
Liability balance as of July 3, 2021	$	3.3	$	0.3	$	22.5	$	26.1
Fiscal 2022 charges	$	0.5	$	3.9	$	38.4	$	42.8
Cash payments	(2.7)		(6.4)		(38.2)		(47.3)
Non-cash charges	—		2.4		(17.2)		(14.8)
Liability balance as of July 2, 2022	$	1.1	$	0.2	$	5.5	$	6.8
Fiscal 2023 charges	$	—	$	—	$	—	$	—
Cash payments	(1.1)		(0.2)		(5.5)		(6.8)
Non-cash charges	—		—		—		—
Liability balance as of July 1, 2023	$	—	$	—	$	—	$	—

(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, establishing inventory reserves, accelerated depreciation and severance.

(3) Other charges, recorded within SG&A, primarily relates to share-based compensation and professional fees.

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 78.1	$ 100.2	$ 84.5
Additions Charged to Costs and Expenses	37.5	42.3	65.7
Write-offs/ Allowances Taken	(48.9)	(64.4)	(50.0)
Balance at End of Year	66.7	78.1	100.2
Allowance for credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	3.7	4.2	15.9
Additions Charged to Costs and Expenses	5.7	19.9	2.8
Write-offs/ Allowances Taken	(3.6)	(20.4)	(14.5)
Balance at End of Year	5.8	3.7	4.2
Allowance for returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	11.2	18.7	19.3
Additions Charged to Costs and Expenses	14.2	8.8	18.6
Write-offs/ Allowances Taken	(10.1)	(16.3)	(19.2)
Balance at End of Year	15.3	11.2	18.7
Allowance for markdowns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	11.6	11.4	9.7
Additions Charged to Costs and Expenses	17.6	13.6	16.6
Write-offs/ Allowances Taken	(17.9)	(13.4)	(14.9)
Balance at End of Year	11.3	11.6	11.4
Valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	51.6	65.9	39.6
Additions Charged to Costs and Expenses	0.0	0.0	27.7
Write-offs/ Allowances Taken	(17.3)	(14.3)	(1.4)
Balance at End of Year	$ 34.3	$ 51.6	$ 65.9

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain in AOCI reclassified into earnings within next 12 months	$ 25.5
Interest income	(27.6)	$ (58.7)	$ (71.4)
Cross Currency Swap \| Net investment hedges \| Designated Derivative Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Interest income	$ 28.5	$ 2.2

SEGMENT INFORMATION (Narrative) (Details)	12 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Jul. 01, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

LEASES (Summary of Sublease Income) (Details) $ in Millions	Jul. 01, 2023 USD ($)
Leases [Abstract]
Fiscal 2024	$ 17.7
Fiscal 2025	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029 and thereafter	127.5
Total sublease income	$ 206.9

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings / (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance (shares) at Jun. 27, 2020		276.2
Beginning balance at Jun. 27, 2020	$ 2,276.4	$ 2.8	$ 3,358.5	$ (992.7)	$ (92.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	834.2			834.2
Other comprehensive income (loss)	20.2				20.2
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)		3.3
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	53.6		53.6
Share-based compensation	74.9		74.9
Ending balance (shares) at Jul. 03, 2021		279.5
Ending balance at Jul. 03, 2021	3,259.3	$ 2.8	3,487.0	(158.5)	(72.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	856.3			856.3
Other comprehensive income (loss)	(98.9)				(98.9)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)		3.7
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	43.8		43.8
Share-based compensation	89.4		89.4
Repurchase of common stock, including excise tax (shares)		(42.0)
Repurchase of common stock, including excise tax	(1,600.0)	$ (0.4)		(1,599.6)
Dividends declared	$ (264.4)			(264.4)
Ending balance (shares) at Jul. 02, 2022	241.2	241.2
Ending balance at Jul. 02, 2022	$ 2,285.5	$ 2.4	3,620.2	(1,166.2)	(170.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	936.0			936.0
Other comprehensive income (loss)	(19.0)				(19.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)		4.0
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	(16.7)	$ 0.1	(16.8)
Share-based compensation	78.8		78.8
Repurchase of common stock, including excise tax (shares)		(17.8)
Repurchase of common stock, including excise tax	(703.5)	$ (0.2)		(703.3)
Dividends declared	$ (283.3)			(283.3)
Ending balance (shares) at Jul. 01, 2023	227.4	227.4
Ending balance at Jul. 01, 2023	$ 2,277.8	$ 2.3	$ 3,682.2	$ (1,216.8)	$ (189.9)

SHARE-BASED COMPENSATION (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jul. 01, 2023 USD ($) $ / shares shares
Number of Options Outstanding
Outstanding, beginning of period (shares) \| shares	10.0
Granted (shares) \| shares	1.1
Exercised (shares) \| shares	(1.4)
Forfeited or expired (shares) \| shares	(1.0)
Outstanding, end of period (shares) \| shares	8.7
Outstanding, vested and expected to vest (shares) \| shares	8.6
Outstanding, exercisable (shares) \| shares	5.8
Weighted- Average Exercise Price per Option
Outstanding, beginning of period (USD per share) \| $ / shares	$ 34.52
Granted (USD per share) \| $ / shares	35.42
Exercised (USD per share) \| $ / shares	26.18
Forfeited or expired (USD per share) \| $ / shares	50.17
Outstanding, end of period (USD per share) \| $ / shares	34.02
Weighted-average exercise price, shares vested or expected to vest (USD per share) \| $ / shares	34.08
Weighted-average exercise price, exercisable (USD per share) \| $ / shares	$ 36.52
Weighted- Average Remaining Contractual Term (in years)
Outstanding	5 years 3 months 18 days
Vested or expected to vest	5 years 3 months 18 days
Exercisable	4 years 1 month 6 days
Aggregate Intrinsic Value
Outstanding \| $	$ 90.4
Vested or expected to vest \| $	89.1
Exercisable \| $	$ 49.3

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Value of 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 July 3, 2021	$	656.3	$	641.0	$	—	$	1,297.3



Foreign exchange impact	(47.2)		(8.6)		—		(55.8)

Balance at July 2, 2022	609.1		632.4		—		1,241.5




Foreign exchange impact	(11.6)		(2.4)		—		(14.0)
Balance at July 1, 2023	$	597.5	$	630.0	$	—	$	1,227.5

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of July 1, 2023, July 2, 2022 and July 3, 2021.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	Fiscal Year Ended
	July 1, 2023						July 2, 2022
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(50.0)	$	50.3	$	100.3	$	(43.5)	$	56.8

Total intangible assets subject to amortization	100.3		(50.0)		50.3		100.3		(43.5)		56.8
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	$	1,410.1	$	(50.0)	$	1,360.1	$	1,410.1	$	(43.5)	$	1,366.6

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	Fiscal Year Ended
	July 1, 2023						July 2, 2022
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(50.0)	$	50.3	$	100.3	$	(43.5)	$	56.8

Total intangible assets subject to amortization	100.3		(50.0)		50.3		100.3		(43.5)		56.8
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	$	1,410.1	$	(50.0)	$	1,360.1	$	1,410.1	$	(43.5)	$	1,366.6

Schedule of Expected Amortization Expense for Intangible Assets

As of July 1, 2023, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Fiscal 2024	$	6.5
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5
Thereafter	17.8
Total	$	50.3

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

LEASES (Summary of Maturity) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Operating Leases
Fiscal 2024	$ 365.7
Fiscal 2025	296.4
Fiscal 2026	239.7
Fiscal 2027	201.8
Fiscal 2028	146.5
Fiscal 2029 and thereafter	686.5
Total lease payments	1,936.6
Less: imputed interest	(305.4)
Total lease liabilities	1,631.2	$ 1,571.0
Finance Leases
Fiscal 2024	1.4
Fiscal 2025	1.3
Fiscal 2026	0.0
Fiscal 2027	0.0
Fiscal 2028	0.0
Fiscal 2029 and thereafter	0.0
Total lease payments	2.7
Less: imputed interest	(0.3)
Total finance lease liabilities	2.4	3.5
Total
Fiscal 2024	367.1
Fiscal 2025	297.7
Fiscal 2026	239.7
Fiscal 2027	201.8
Fiscal 2028	146.5
Fiscal 2029 and thereafter	686.5
Total lease payments	1,939.3
Less: interest	(305.7)
Total lease liabilities	$ 1,633.6	$ 1,574.5

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Change in Carrying Value of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Goodwill [Roll Forward]
Beginning balance	$ 1,241.5	$ 1,297.3
Foreign exchange impact	(14.0)	(55.8)
Ending balance	1,227.5	1,241.5
Coach
Goodwill [Roll Forward]
Beginning balance	609.1	656.3
Foreign exchange impact	(11.6)	(47.2)
Ending balance	597.5	609.1
Kate Spade
Goodwill [Roll Forward]
Beginning balance	632.4	641.0
Foreign exchange impact	(2.4)	(8.6)
Ending balance	630.0	632.4
Stuart Weitzman
Goodwill [Roll Forward]
Beginning balance	0.0	0.0
Foreign exchange impact	0.0	0.0
Ending balance	0.0	0.0
Net of accumulated goodwill impairment charges	$ 210.7	$ 210.7	$ 210.7

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

SHARE-BASED COMPENSATION (Summary of Employee Purchase Rights Weighted Average Assumptions) (Details) - Employee Stock Purchase Plan	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility	38.20%	38.20%	81.60%
Risk-free interest rate	3.30%	0.10%	0.10%
Dividend yield	3.10%	1.50%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SEGMENT INFORMATION (Summary of Segment Depreciation and Amortization Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 182.2	$ 195.3	$ 220.5
Acceleration Program
Segment Reporting Information [Line Items]
Depreciation and amortization expense			1.8
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Depreciation and amortization expense	94.7	110.1	102.2
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Depreciation and amortization expense	44.2	48.5	46.8
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Depreciation and amortization expense	10.5	10.3	13.3
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 32.8	$ 26.4	$ 58.2

BASIS OF PRESENTATION AND ORGANIZATION (Policies)	12 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION (Policies)	Jul. 01, 2023
Accounting Policies [Abstract]
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday closest to June 30. Unless otherwise stated, references to years in the financial statements relate to fiscal years. The fiscal year ended July 1, 2023 (“fiscal 2023”) was a 52-week period. The fiscal year ended July 2, 2022 (“fiscal 2022”) was a 52-week period and the fiscal year ended July 3, 2021 (“fiscal 2021”) was a 53-week period. The fiscal year ending June 29, 2024 (“fiscal 2024”) will be a 52-week period.
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 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 consolidated financial statements include reserves for the realizability of inventory; asset retirement obligations; customer returns, end-of-season markdowns and operational chargebacks; useful lives and impairments of long-lived tangible and intangible assets; accounting for income taxes 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.
Principles of Consolidation	Principles of Consolidation The 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.
Share Repurchases	Share Repurchases The Company accounts for stock repurchases by allocating the repurchase price to common stock and retained earnings. Under Maryland law, the Company's state of incorporation, there are no treasury shares. All repurchased shares are authorized but unissued shares and these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time. 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 purchase agreements under Rule 10b5-1. Effective January 1, 2023, the Company is subject to a 1% excise tax on net share repurchases as part of the Inflation Reduction Act of 2022, which is recorded in Retained earnings as part of Stockholders' Equity.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with a maturity of three months or less at the date of purchase.
Investments	Investments Short-term investments consist primarily of high-credit quality U.S. and non-U.S. issued corporate debt securities, and U.S. Treasuries and government agency securities with original maturities greater than three months and with maturities within one year of balance sheet date, classified as available-for-sale. Long-term investments typically consist of high-credit quality U.S. and non-U.S. issued corporate debt securities, U.S. Treasuries and government agency securities, classified as available-for-sale, and recorded at fair value, with unrealized gains and losses recorded in other comprehensive income. Dividend and interest income are recognized when earned. Additionally, GAAP requires the consolidation of all entities for which a Company has a controlling voting interest and all variable interest entities (“VIEs”) for which a Company is deemed to be the primary beneficiary. An entity is generally a VIE if it meets any of the following criteria: (i) the entity has insufficient equity to finance its activities without additional subordinated financial support from other parties, (ii) the equity investors cannot make significant decisions about the entity’s operations or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity or receive the expected returns of the entity and substantially all of the entity’s activities involve or are conducted on behalf of the investor with disproportionately few voting rights.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of Cash and cash equivalents, investments and accounts receivable. The Company places its cash investments with high-credit quality financial institutions and generally invests primarily in corporate debt securities, money market instruments, U.S. government and agency debt securities, commercial paper and bank deposits placed with major banks and financial institutions. Accounts receivable is generally diversified due to the number of entities comprising the Company's customer base and their dispersion across many geographical regions. The Company believes no significant concentration of credit risk exists with respect to these investments and accounts receivable.
Inventories	InventoriesThe Company holds inventory that is sold through retail, including e-commerce, and wholesale distribution channels. Substantially all of the Company's inventories are comprised of finished goods, and are reported at the lower of cost or net realizable value. Inventory costs include material, conversion costs, freight and duties and are primarily determined on a weighted-average cost basis. The Company reserves for inventory, including slow-moving and aged inventory, based on current product demand, expected future demand and historical experience. A decrease in product demand due to changing customer tastes, buying patterns or increased competition could impact the Company's evaluation of its inventory and additional reserves might be required.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation including the impact of long-lived asset impairment and disposals. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Buildings are depreciated over 40 years and building improvements are depreciated over ten to 40 years. Machinery and equipment are depreciated over lives of five to seven years, furniture and fixtures are depreciated over lives of three to ten years, and software and computer equipment is generally depreciated over lives of three to seven years. Implementation costs eligible for capitalization related to cloud computing arrangements that are a service contract are recorded within Prepaid expenses and Other assets in the Consolidated Balance Sheets and amortized as Selling, general and administrative ("SG&A") expense in the Consolidated Statement of Operations over the term of the associated hosting arrangement. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease terms. Maintenance and repair costs are charged to earnings as incurred while expenditures for major renewals and improvements are capitalized.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets Long-lived assets, such as Property and equipment and Operating lease right-of-use ("ROU") assets are evaluated for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the related asset group and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than its carrying value, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value, considering external market participant assumptions. The Company recorded $7.2 million and $4.0 million of impairment charges in fiscal 2023 and fiscal 2022, respectively. In determining future cash flows, the Company takes various factors into account, including the effects of macroeconomic trends such as consumer spending, in-store capital investments, promotional cadence, the level of advertising and changes in merchandising strategy. Since the determination of future cash flows is an estimate of future performance, there may be future impairments in the event that future cash flows do not meet expectations.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Upon acquisition, the Company estimates and records the fair value of purchased intangible assets, which primarily consists of brands, customer relationships, right-of-use assets and order backlog. Goodwill and certain other intangible assets deemed to have indefinite useful lives, including brand intangible assets, are not amortized, but are assessed for impairment at least annually. Finite-lived intangible assets are amortized over their respective estimated useful lives and, along with other long-lived assets as noted above, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. Estimates of fair value for finite-lived and indefinite-lived intangible assets are primarily determined using discounted cash flows and the multi-period excess earnings method, respectively, with consideration of market comparisons when appropriate. This approach uses significant estimates and assumptions, including projected future cash flows, discount rates and growth rates. The Company generally performs its annual goodwill and indefinite-lived intangible assets impairment analysis using a quantitative approach. The quantitative goodwill impairment test identifies the existence of potential impairment by comparing the fair value of each reporting unit with its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, the reporting unit's goodwill is considered not to be impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment charge is recognized in an amount equal to that excess. The impairment charge recognized is limited to the amount of goodwill allocated to that reporting unit. Determination of the fair value of a reporting unit and intangible asset is based on management's assessment, considering independent third-party appraisals when necessary. Furthermore, this determination is judgmental in nature and often involves the use of significant estimates and assumptions, which may include projected future cash flows, discount rates, growth rates, and determination of appropriate market comparables and recent transactions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and the amount of any such charge. The Company performs its annual impairment assessment of goodwill as well as brand intangibles during the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount.
Operating Leases	Operating Leases The Company leases retail space, office space, warehouse facilities, fulfillment centers, storage space, machinery, equipment and certain other items under operating leases. 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 right-of-use ("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. Per the guidance, the use of the implicit rate to determine the present value of lease payments is required. As the rate implicit in the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the Company's credit rating, credit spread and adjustments for the impact of collateral, lease tenors, economic environment and currency. 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 Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. Asset retirement obligations represent legal obligations associated with the retirement of a tangible long-lived asset. The Company’s asset retirement obligations are primarily associated with leasehold improvements in which the Company is contractually obligated to remove at the end of a lease to comply with the lease agreement. When such an obligation exists, the Company recognizes an asset retirement obligation at the inception of a lease at its estimated fair value. The asset retirement obligation is recorded in current liabilities or non-current liabilities (based on the expected timing of payment of the related costs) and is subsequently adjusted for any changes in estimates. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life.
Revenue Recognition	Revenue Recognition Revenue is recognized when the Company satisfies its performance obligations by transferring control of promised products or services to its customers, which may be at a point of 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. Retail store and concession shop-in-shop revenues are recognized at the point-of-sale, when the customer obtains physical possession of the products. Digital 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 digital 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. 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. Wholesale revenue is recorded net of estimates for returns, discounts, end-of-season markdowns, cooperative advertising allowances and other consideration provided to the customer. 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. Gift cards issued by the Company are recorded as a liability until they are redeemed, 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 accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue.
Cost of Sales	Cost of Sales Cost of sales consists of inventory costs and other related costs such as reserves for inventory realizability and shrinkage, damages and replacements.
Selling, General and Administrative (SG&A) Expenses	Selling, General and Administrative ("SG&A") Expenses Selling expenses include store employee compensation, occupancy costs, depreciation, supply costs, wholesale and retail account administration compensation globally. These expenses are affected by the number of stores open during any fiscal period and store performance, as compensation and rent expenses can vary with sales. Advertising, marketing and design expenses include employee compensation, media space and production, advertising agency fees, new product design costs, public relations and market research expenses. Distribution and customer service expenses include warehousing, order fulfillment, shipping and handling, customer service, employee compensation and bag repair costs. SG&A expenses also include compensation costs for corporate functions including: executive, finance, human resources, legal and information systems departments, as well as corporate headquarters occupancy costs, consulting fees and software expenses.
Shipping and Handling	Shipping and HandlingShipping and handling costs for delivery of products to consumers were $217.0 million, $230.8 million and $178.6 million in fiscal 2023, fiscal 2022 and fiscal 2021, respectively, and are included in SG&A expenses. The Company includes inbound product-related transportation costs from manufacturers within Cost of sales. The balance of the Company's transportation-related costs related to its distribution network is included in SG&A expenses rather than in Cost of sales.
Advertising	AdvertisingAdvertising costs include expenses related to direct marketing activities, such as digital and other media and production costs.
Share-Based Compensation	Share-Based Compensation The Company recognizes the cost of equity awards to employees and the non-employee Directors based on the grant-date fair value of those awards. The grant-date fair values of share unit awards are based on the fair value of the Company's common stock on the date of grant. The grant-date fair value of stock option awards is determined using the Black-Scholes option pricing model and involves several assumptions, including the expected term of the option, expected volatility and dividend yield. The expected term of options represents the period of time that the options granted are expected to be outstanding and is based on historical experience. Expected volatility is based on historical volatility of the Company’s stock as well as the implied volatility from publicly traded options on the Company's stock. Dividend yield is based on the current expected annual dividend per share and the Company’s stock price. Changes in the assumptions used to determine the Black-Scholes value could result in significant changes in the Black-Scholes value. The Company recognizes share-based compensation net of estimated forfeitures and revises the estimates in subsequent periods if actual forfeitures differ from the estimates. The Company estimates the forfeiture rate based on historical experience as well as expected future behavior. The Company grants performance-based share awards to key executives, the vesting of which is subject to the executive’s continuing employment and the Company's or individual's achievement of certain performance goals. On a quarterly basis, the Company assesses actual performance versus the predetermined performance goals, and adjusts the share-based compensation expense to reflect the relative performance achievement. Actual distributed shares are calculated upon conclusion of the service and performance periods, and include dividend equivalent shares. If the performance-based award incorporates a market condition, the grant-date fair value of such award is determined using a pricing model, such as a Monte Carlo Simulation.
Income Taxes	Income Taxes The Company’s effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations, and tax planning strategies available in the various jurisdictions in which the Company operates. The Company classifies interest and penalties on uncertain tax positions in the Provision for income taxes. The Company records net deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent and expected future results of operation. The Company reduces deferred tax assets by a valuation allowance if, based upon the weight of available evidence, it is more likely than not that some amount of deferred tax assets is not expected to be realized. The Company is not permanently reinvested with respect to earnings of a limited number of foreign entities and has recorded the tax consequences of remitting earnings from these entities. The Company is permanently reinvested with respect to all other earnings. The Company recognizes the impact of tax positions in the financial statements if those positions will more likely than not be sustained on audit, based on the technical merits of the position. Although the Company believes that the estimates and assumptions used are reasonable and legally supportable, the final determination of tax audits could be different than that which is reflected in historical tax provisions and recorded assets and liabilities. Tax authorities periodically audit the Company’s income tax returns and the tax authorities may take a contrary position that could result in a significant impact on the Company's results of operations. Significant management judgment is required in determining the effective tax rate, in evaluating tax positions and in determining the net realizable value of deferred tax assets.
Derivative Instruments	Derivative Instruments The majority of the Company’s purchases of finished goods are denominated in U.S. dollars, which limits the Company’s exposure to the transactional effects of foreign currency exchange rate fluctuations. However, the Company is exposed to foreign currency exchange risk related to its sale of U.S. dollar inventory to foreign operating subsidiaries in local currency, as well as risk related to various cross-currency intercompany loans and payables, and translation risk. The Company is also exposed to foreign currency risk related to changes in the U.S. dollar value of its net investment in foreign subsidiaries. The Company uses derivative financial instruments to manage these risks. These derivative transactions are in accordance with the Company’s risk management policies. The Company does not enter into derivative transactions for speculative or trading purposes. The Company records all derivative contracts at fair value on the Consolidated Balance Sheets. The fair values of foreign currency derivatives are based on the forward curves of the specific indices upon which settlement is based and include an adjustment for the Company’s credit risk. Judgment is required of management in developing estimates of fair value. The use of different market assumptions or methodologies could affect the estimated fair value. For derivative instruments that qualify for hedge accounting, the changes in the fair value of these instruments are either (i) offset against the changes in fair value of the hedged assets or liabilities through earnings or (ii) recognized as a component of Accumulated other comprehensive income (loss) ("AOCI") until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. For derivative instruments that are designated as a net investment hedge, the changes in the fair value of the instruments are recognized as a component of AOCI, and upon discontinuation of the hedge remain in AOCI until the net investment is sold or liquidated. Each derivative instrument entered into by the Company that qualifies for hedge accounting is expected to be highly effective at reducing the risk associated with the exposure being hedged. For each derivative that is designated as a hedge, the Company documents the related risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure, as well as how hedge effectiveness will be assessed over the term of the instrument. The extent to which a hedging instrument has been and is expected to remain highly effective in achieving offsetting changes in fair value or cash flows is assessed and documented by the Company on at least a quarterly basis. If it is determined that a derivative instrument has not been highly effective, and will continue not to be highly effective in hedging the designated exposure, hedge accounting is discontinued and further gains (losses) are recognized in earnings within foreign currency gains (losses). Upon discontinuance of hedge accounting, the cumulative change in fair value of cash flow derivatives previously recorded in AOCI is recognized in earnings when the related hedged item affects earnings, consistent with the original hedging strategy, unless the forecasted transaction is no longer probable of occurring, in which case the accumulated amount is immediately recognized in earnings within foreign currency gains (losses). As a result of the use of derivative instruments, the Company may be exposed to the risk that the counterparties to such contacts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings, among other factors. The fair values of the Company’s derivative instruments are recorded on its Consolidated Balance Sheets on a gross basis. For cash flow reporting purposes, the Company classifies proceeds received or amounts paid upon the settlement of a derivative instrument in the same manner as the related item being hedged, primarily within cash from operating activities. Hedging Portfolio The Company enters into forward currency contracts primarily to reduce its risks related to exchange rate fluctuations on foreign currency denominated inventory transactions, as well as various cross-currency intercompany loans and payables. To the extent its derivative contracts designated as cash flow hedges are highly effective in offsetting changes in the value of the hedged items, the related gains (losses) are initially deferred in AOCI and subsequently recognized in the Consolidated Statements of Operations as part of the cost of the inventory purchases being hedged within Cost of sales, when the related inventory is sold to a third-party. Current maturity dates range from July 2023 to March 2025. Forward foreign currency exchange contracts designated as fair value hedges and associated with intercompany and other contractual obligations are recognized within foreign currency gains (losses) generally in the period in which the related balances being hedged are revalued. The maturity date of most instruments held as of July 1, 2023 are in August 2023, and such contracts are typically renewed upon maturity if the related balance has not been settled. The Company also enters into cross-currency swaps to reduce its risks related to exchange rate fluctuations on net investments in foreign subsidiaries. The related gains (losses) are deferred in AOCI until the net investment is sold or liquidated, and current maturity dates range from April 2025 to March 2032.
Foreign Currency	Foreign Currency The functional currency of the Company's foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted-average exchange rates for the period. The resulting translation adjustments are included in the Consolidated Statements of Comprehensive Income as a component of Other comprehensive income (loss) (“OCI”) and in the Consolidated Statements of Equity within AOCI. The Company recognizes gains and losses on transactions that are denominated in a currency other than the respective entity's functional currency in earnings. Foreign currency transaction gains and losses also include amounts realized on the settlement of certain intercompany loans with foreign subsidiaries.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50)", which is intended to enhance the transparency of supplier finance programs. The ASU requires the buyer in a supplier finance program to disclose sufficient information about the program in order to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The requirements of the new standard will be effective for annual reporting periods beginning after December 15, 2022, and interim periods within those annual periods, which for the Company is the first quarter of fiscal 2024. Early adoption is permitted. The Company does not expect that the adoption of ASU 2022-04 will have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted The Company has considered all new accounting pronouncements and has 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.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of Derivative Instruments) (Details) - Designated Derivative Hedging Instruments - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Derivatives, Fair Value [Line Items]
Notional Value	$ 2,314.6	$ 1,515.6
Derivative Assets	52.1	48.2
Derivative Liabilities	90.8	47.2
Forward Foreign Currency Exchange Contracts \| Cash Flow Hedging, Inventory Purchases
Derivatives, Fair Value [Line Items]
Notional Value	842.3	41.5
Derivative Assets	38.6	0.0
Derivative Liabilities	0.1	2.7
Forward Foreign Currency Exchange Contracts \| Fair Value Hedging, Intercompany Liabilities and Loans
Derivatives, Fair Value [Line Items]
Notional Value	272.3	274.1
Derivative Assets	0.4	0.4
Derivative Liabilities	0.2	0.5
Cross Currency Swap \| Net Investment Hedges
Derivatives, Fair Value [Line Items]
Notional Value	1,200.0	1,200.0
Derivative Assets	13.1	47.8
Derivative Liabilities	$ 90.5	$ 44.0

INVESTMENTS (Tables)

12 Months Ended

Jul. 01, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following table summarizes the Company’s primarily U.S. dollar-denominated investments, recorded within the Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	July 1, 2023						July 2, 2022
	Short-term		Long-term(3)		Total		Short-term		Long-term(3)		Total
	(millions)
Available-for-sale investments:
Commercial paper(1)	$	—	$	—	$	—	$	59.6	$	—	$	59.6
Government securities – U.S.(2)	—		—		—		39.4		—		39.4
Corporate debt securities – U.S.(2)	—		—		—		55.2		—		55.2


Total Available-for-sale investments	$	—	$	—	$	—	$	154.2	$	—	$	154.2





Other:
Time deposits(1)	0.6		—		0.6		0.6		—		0.6
Other	14.8		1.3		16.1		8.6		0.1		8.7
Total Investments	$	15.4	$	1.3	$	16.7	$	163.4	$	0.1	$	163.5

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

(2)These securities as of period end have maturity dates during their respective following fiscal years and are recorded at fair value.

(3)Long-term investments are presented within Other assets on the Consolidated Balance Sheets.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of Hedging Activity Affected Accumulated Other Comprehensive Loss or Income Net of Tax) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	$ 34.7	$ (5.6)	$ (7.2)
Other	(58.7)	3.8	0.0
Total hedges	(24.0)	(1.8)	(7.2)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(6.3)	(3.4)	(4.9)
Forward Foreign Currency Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	34.7	(5.6)	(7.2)
Forward Foreign Currency Exchange Contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	$ (6.3)	$ (3.4)	$ (4.9)

SHARE-BASED COMPENSATION

12 Months Ended

Jul. 01, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The Company maintains several share-based compensation plans which are more fully described below. The following table shows the total compensation cost charged against income for these plans and the related tax benefits recognized in the Consolidated Statements of Operations:


	July 1, 2023		July 2, 2022		July 3, 2021
	(millions)
Share-based compensation expense(1)	$	78.8	$	89.4	$	74.9
Income tax benefit related to share-based compensation expense	12.9		15.2		12.9

(1) There was no share-based compensation expense under the Acceleration program during fiscal year ended July 1, 2023. During the fiscal year ended July 2, 2022, the Company incurred $17.2 million of share-based compensation expense related to Acceleration Program. During the fiscal year ended July 3, 2021, the Company incurred $10.8 million of share-based compensation expense related to its Acceleration Program. Refer to Note 5, "Restructuring Activities," for further information.

Stock-Based Plans

The Company maintains the Amended and Restated Tapestry, Inc. 2018 Stock Incentive Plan to award stock options and shares to certain members of management and the outside members of its Board of Directors (“Board”). The Company maintains the 2010 Stock Incentive Plan for awards granted prior to the establishment of the 2018 Stock Incentive Plan. These plans were approved by the Company's stockholders. The exercise price of each stock option equals 100% of the market price of the Company's stock on the date of grant and generally has a maximum term of 10 years. Stock options and service based share awards that are granted as part of the annual compensation process generally vest ratably over four years. Stock option and share awards are subject to forfeiture until completion of the vesting period, which ranges from one to four years. The Company issues new shares upon the exercise of stock options or vesting of share awards.

Stock Options

A summary of stock option activity during the fiscal year ended July 1, 2023 is as follows:


	Number of Options Outstanding	Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
	(millions)				(millions)
Outstanding at July 2, 2022	10.0	$	34.52
Granted	1.1	35.42
Exercised	(1.4)	26.18
Forfeited or expired	(1.0)	50.17
Outstanding at July 1, 2023	8.7	34.02		5.3	$	90.4
Vested and expected to vest at July 1, 2023	8.6	34.08		5.3	89.1
Exercisable at July 1, 2023	5.8	36.52		4.1	49.3

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:


	July 1, 2023		July 2, 2022		July 3, 2021
Expected term (years)	4.9		5.0		5.1
Expected volatility	48.6	%	46.9	%	48.8	%
Risk-free interest rate	3.3	%	0.8	%	0.3	%
Dividend yield	3.4	%	2.4	%	—	%

The expected term of options represents the period of time that the options granted are expected to be outstanding and is based on historical experience. Expected volatility is based on historical volatility of the Company’s stock as well as the implied volatility from publicly traded options on the Company's stock. The risk free interest rate is based on the zero-coupon U.S. Treasury issue as of the date of the grant. Dividend yield is based on the expected annual dividend per share and the Company’s stock price as of the grant date.

The weighted-average grant-date fair value of options granted during fiscal 2023, fiscal 2022 and fiscal 2021 was $12.04, $13.94 and $7.54, respectively. The total intrinsic value of options exercised during fiscal 2023, fiscal 2022 and fiscal 2021 was $19.5 million, $17.5 million and $17.0 million, respectively. The total cash received from option exercises was $34.9 million, $71.3 million and $58.1 million in fiscal 2023, fiscal 2022 and fiscal 2021, respectively, and the cash tax benefit realized for the tax deductions from these option exercises was $3.9 million, $3.7 million and $3.7 million, respectively.

At July 1, 2023, $17.7 million of total unrecognized compensation cost related to non-vested stock option awards is expected to be recognized over a weighted-average period of 1.4 years.

Service-based Restricted Stock Unit Awards (“RSUs”)

A summary of service-based RSU activity during the year ended July 1, 2023 is as follows:


	Number of Non-vested RSUs	Weighted- Average Grant- Date Fair Value per RSU
	(millions)
Non-vested at July 2, 2022	6.4	$	25.15
Granted	2.5	35.53

Vested	(2.4)	25.61
Forfeited	(0.6)	28.17
Non-vested at July 1, 2023	5.9	28.69

At July 1, 2023, $95.7 million of total unrecognized compensation cost related to non-vested share awards is expected to be recognized over a weighted-average period of 1.3 years.

The weighted-average grant-date fair value of share awards granted during fiscal 2023, fiscal 2022 and fiscal 2021 was $35.53, $41.70 and $16.40, respectively. The total fair value of shares vested during fiscal 2023, fiscal 2022 and fiscal 2021 was $88.0 million, $92.5 million and $26.3 million, respectively.

Performance-based Restricted Stock Unit Awards (“PRSU”)

The Company grants PRSUs to key executives, the vesting of which is subject to the executive’s continuing employment and the Company's achievement of certain performance goals. A summary of PRSU activity during the fiscal year ended July 1, 2023 is as follows:


	Number of Non-vested PRSUs	Weighted- Average Grant- Date Fair Value per PRSU
	(millions)
Non-vested at July 2, 2022	1.2	$	23.52
Granted	0.4	35.46
Change due to performance condition achievement	0.8	17.35
Vested	(1.7)	17.09
Forfeited	—	—
Non-vested at July 1, 2023	0.7	$	38.27

At July 1, 2023, $16.0 million of total unrecognized compensation cost related to non-vested share awards is expected to be recognized over a weighted-average period of 1.0 years.

The weighted-average grant-date fair value per share of PRSU awards granted during fiscal 2023, fiscal 2022 and fiscal 2021 was $35.46, $41.86 and $16.83, respectively. The total fair value of awards that vested during fiscal 2023, fiscal 2022 and fiscal 2021 was $60.4 million, $0.0 million and $3.7 million, respectively.

PRSUs are subject to a two-year and three-year cliff vesting contingent on the employee's continuing employment and the Company's achievement of the performance goals established at the beginning of the performance period. The fair value of the PRSU's is based on the price of the Company's common stock on the date of grant.

In fiscal 2023, fiscal 2022 and fiscal 2021, the cash tax benefit realized for the tax deductions from all RSUs (service and performance-based) was $29.5 million, $17.4 million and $6.2 million, respectively.

Employee Stock Purchase Plan

Under the 2001 Employee Stock Purchase Plan, eligible employees are permitted to purchase a limited number of Company common shares at 85% of market value. Under this plan, the Company sold 0.1 million, 0.1 million and 0.2 million shares to employees in fiscal 2023, fiscal 2022 and fiscal 2021, respectively. Compensation expense is calculated for the fair value of employees’ purchase rights using the Black-Scholes model and the following weighted-average assumptions:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Expected term (years)	0.5		0.5		0.5
Expected volatility	38.2	%	38.2	%	81.6	%
Risk-free interest rate	3.3	%	0.1	%	0.1	%
Dividend yield	3.1	%	1.5	%	—	%

The weighted-average fair value of the purchase rights granted during fiscal 2023, fiscal 2022 and fiscal 2021 was $9.30, $10.71 and $7.39, respectively. The Company issues new shares for employee stock purchases.

SHARE-BASED COMPENSATION (Summary of Service-Based Restricted Stock Unit Activity) (Details) - Service-based Restricted Stock Unit Awards (RSU) - $ / shares shares in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Number of Non-vested RSUs
Non-vested, beginning of period (shares)	6.4
Granted (shares)	2.5
Vested (shares)	(2.4)
Forfeited (shares)	(0.6)
Non-vested, end of period (shares)	5.9	6.4
Weighted- Average Grant- Date Fair Value per RSU
Non-vested, beginning of period (USD per share)	$ 25.15
Granted (USD per share)	35.53	$ 41.70	$ 16.40
Vested (USD per share)	25.61
Forfeited (USD per share)	28.17
Non-vested, end of period (USD per share)	$ 28.69	$ 25.15

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Jul. 01, 2023
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 $37.1 million and $37.8 million outstanding at July 1, 2023 and July 2, 2022, respectively. The agreements, which expire at various dates through calendar 2028, 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 letters of credit that are issued. Tax Legislation The Tax Legislation requires the Company to pay a one-time tax, or Transition Tax, on previously unremitted earnings of certain non-U.S. subsidiaries. The Company expects to pay approximately $68.3 million related to the remaining obligation on the Transition Tax. Refer to Note 15, "Income Taxes," for more information related to the impact of the Tax Legislation. Other The Company had other contractual cash obligations as of July 1, 2023, including $352.6 million related to inventory purchase obligations, $20.4 million related to capital expenditure and cloud computing implementation commitments, $187.5 million of other purchase obligations, $1.7 billion of debt repayments, $2.7 million of finance lease obligations and $345.8 million of interest payments on the outstanding debt. Refer to Note 9, "Leases," for a summary of the Company's future minimum rental payments under non-cancelable leases. The Company is involved in various routine legal proceedings as both plaintiff and defendant incident to the ordinary course of its business, such as to protect Tapestry, Inc.'s intellectual property rights, litigation instituted by persons alleged to have been injured by advertising claims or upon premises within the Company's control, contract disputes, insurance claims and litigation, including wage and hour litigation, with present or former employees. Although the Company's litigation can result in large monetary awards, such as when a civil jury is allowed to determine compensatory and/or punitive damages, the Company believes that the outcome of all pending legal proceedings in the aggregate will not have a material effect on the Company's business or consolidated financial statements. Capri Holdings Limited Acquisition Subsequent to the fiscal 2023 year end, on August 10, 2023, the Company entered into an Agreement and Plan of Merger by and among the Company, Sunrise Merger Sub Inc., a direct wholly owned subsidiary of Tapestry, and Capri Holdings Limited. Refer to Note 21, "Subsequent Event", for further information.

BASIS OF PRESENTATION AND ORGANIZATION	12 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION	Jul. 01, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND ORGANIZATION	BASIS OF PRESENTATION AND ORGANIZATION Fiscal Year The Company’s fiscal year ends on the Saturday closest to June 30. Unless otherwise stated, references to years in the financial statements relate to fiscal years. The fiscal year ended July 1, 2023 (“fiscal 2023”) was a 52-week period. The fiscal year ended July 2, 2022 (“fiscal 2022”) was a 52-week period and the fiscal year ended July 3, 2021 (“fiscal 2021”) was a 53-week period. The fiscal year ending June 29, 2024 (“fiscal 2024”) will be a 52-week period. Covid-19 Pandemic The Covid-19 pandemic has resulted in varying degrees of business disruption for the Company since it began in fiscal 2020 and has impacted all regions around the world, resulting in restrictions and shutdowns implemented by national, state, and local authorities. Such disruptions continued during the first half of fiscal 2023, and the Company's results in Greater China were adversely impacted as a result of the Covid-19 pandemic. Starting in December 2022, certain government restrictions were lifted in the region and business trends have improved. The Company continues to monitor the latest developments regarding the Covid-19 pandemic and potential impacts on our business, operating results and outlook. 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 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 consolidated financial statements include reserves for the realizability of inventory; asset retirement obligations; customer returns, end-of-season markdowns and operational chargebacks; useful lives and impairments of long-lived tangible and intangible assets; accounting for income taxes 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. Principles of Consolidation The 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. Share Repurchases The Company accounts for stock repurchases by allocating the repurchase price to common stock and retained earnings. Under Maryland law, the Company's state of incorporation, there are no treasury shares. All repurchased shares are authorized but unissued shares and these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time. 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 purchase agreements under Rule 10b5-1. Effective January 1, 2023, the Company is subject to a 1% excise tax on net share repurchases as part of the Inflation Reduction Act of 2022, which is recorded in Retained earnings as part of Stockholders' Equity.

REVENUE (Summary of Disaggregation of Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 6,660.9	$ 6,684.5	$ 5,746.3
North America
Disaggregation of Revenue [Line Items]
Net sales	4,360.3	4,449.4	3,542.4
Greater China
Disaggregation of Revenue [Line Items]
Net sales	1,015.8	1,026.6	1,094.1
Other Asia
Disaggregation of Revenue [Line Items]
Net sales	895.1	830.7	805.0
Other
Disaggregation of Revenue [Line Items]
Net sales	389.7	377.8	304.8
Coach
Disaggregation of Revenue [Line Items]
Net sales	4,960.4	4,921.3	4,253.1
Coach \| North America
Disaggregation of Revenue [Line Items]
Net sales	3,037.5	3,102.8	2,466.3
Coach \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	896.7	892.2	930.6
Coach \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	752.9	691.3	666.3
Coach \| Other
Disaggregation of Revenue [Line Items]
Net sales	273.3	235.0	189.9
Kate Spade
Disaggregation of Revenue [Line Items]
Net sales	1,418.9	1,445.5	1,210.0
Kate Spade \| North America
Disaggregation of Revenue [Line Items]
Net sales	1,142.8	1,156.7	936.7
Kate Spade \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	47.9	41.7	55.2
Kate Spade \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	140.4	139.0	134.7
Kate Spade \| Other
Disaggregation of Revenue [Line Items]
Net sales	87.8	108.1	83.4
Stuart Weitzman
Disaggregation of Revenue [Line Items]
Net sales	281.6	317.7	283.2
Stuart Weitzman \| North America
Disaggregation of Revenue [Line Items]
Net sales	180.0	189.9	139.4
Stuart Weitzman \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	71.2	92.7	108.3
Stuart Weitzman \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	1.8	0.4	4.0
Stuart Weitzman \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 28.6	$ 34.7	$ 31.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

LEASES (Summary of Right Of Use Assets and Lease Liability) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Assets:
Operating leases	$ 1,378.7	$ 1,281.6
Finance leases	$ 1.2	$ 1.9
Finance leases [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Total lease assets	$ 1,379.9	$ 1,283.5
Operating leases:
Current lease liabilities	297.5	288.7
Long-term operating lease liabilities	1,333.7	1,282.3
Total operating lease liabilities	1,631.2	1,571.0
Finance leases:
Current lease liabilities	$ 1.2	$ 1.1
Current lease liabilities [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Long-term lease liabilities	$ 1.2	$ 2.4
Long-term lease liabilities [Extensible Enumeration]	Other liabilities	Other liabilities
Total finance lease liabilities	$ 2.4	$ 3.5
Total lease liabilities	$ 1,633.6	$ 1,574.5

INCOME TAXES (Summary of Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Deferred Tax Assets, Gross [Abstract]
Share-based compensation	$ 21.8	$ 26.1
Reserves not deductible until paid	45.9	51.1
Employee benefits	23.1	36.7
Net operating loss	47.7	74.7
Other	67.2	19.6
Inventory	23.4	28.8
Lease liability	348.6	335.3
Gross deferred tax assets	577.7	572.3
Valuation allowance	34.3	51.6
Deferred tax assets after valuation allowance	543.4	520.7
Deferred Tax Liabilities, Gross [Abstract]
Goodwill	64.4	69.1
Other intangibles	306.0	309.6
Property and equipment	24.8	11.3
Foreign investments	44.8	23.5
Right-of-use	302.1	280.4
Prepaid expenses	0.9	0.6
Gross deferred tax liabilities	743.0	694.5
Net deferred tax (liabilities) assets	(199.6)	(173.8)
Consolidated Balance Sheets Classification
Deferred income taxes – non-current asset	40.4	47.9
Deferred income taxes – non-current liability	$ (240.0)	$ (221.7)

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

12 Months Ended

Jul. 01, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Certain Balance Sheet Accounts

The components of certain balance sheet accounts are as follows:


	July 1, 2023		July 2, 2022
	(millions)




Property and equipment
Land and building	$	8.0	$	8.0
Machinery and equipment	67.2		50.1
Software and computer equipment	627.6		584.7
Furniture and fixtures	306.5		310.7
Leasehold improvements	778.5		738.2
Construction in progress	14.3		40.4
Less: accumulated depreciation	(1,237.6)		(1,187.7)
Total property and equipment, net	$	564.5	$	544.4
Accrued liabilities
Payroll and employee benefits	$	131.9	$	212.4
Accrued rent	18.4		18.9
Accrued income taxes	41.8		35.8
Accrued freight	52.1		80.4
Operating expenses	302.9		280.7
Total accrued liabilities	$	547.1	$	628.2
Other liabilities
Deferred lease obligation	$	40.2	$	46.0
Gross unrecognized tax benefit	91.8		96.1
Other	167.5		110.4
Total other liabilities	$	299.5	$	252.5

NATURE OF OPERATIONS	12 Months Ended
NATURE OF OPERATIONS	Jul. 01, 2023
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 iconic accessories and lifestyle brands. Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that’s equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what’s possible. The Coach segment includes global sales of primarily Coach brand products to customers through Coach operated stores, including e-commerce sites and concession shop-in-shops, 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 e-commerce sites and concession shop-in-shops, sales to wholesale customers and through independent third-party distributors. The Stuart Weitzman segment includes global sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores, sales to wholesale customers, through e-commerce sites and through independent third-party distributors.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Summary of Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	$ 2,285.5	$ 3,259.3	$ 2,276.4
Other comprehensive income (loss) before reclassifications	(24.2)	(101.5)
Less: amounts reclassified from accumulated other comprehensive income (loss)	(5.2)	(2.6)
Other comprehensive income (loss), net of tax	(19.0)	(98.9)	20.2
Ending balance	2,277.8	2,285.5	3,259.3
Net loss on foreign currency translation adjustments	55.7	7.6
Net loss on change in fair values of instruments designated as hedges	58.7	(3.8)	(0.0)
Geographic Distribution, Foreign
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Net loss on change in fair values of instruments designated as hedges	(0.8)	(11.4)
Unrealized Gains (Losses) on Cash Flow Hedges Derivatives
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	(2.3)	(0.7)
Other comprehensive income (loss) before reclassifications	32.0	(4.2)
Less: amounts reclassified from accumulated other comprehensive income (loss)	(5.2)	(2.6)
Other comprehensive income (loss), net of tax	37.2	(1.6)
Ending balance	34.9	(2.3)	(0.7)
Accumulated other comprehensive income, accumulated tax	(2.9)	0.9
Amounts reclassified from AOCI, tax	1.1	0.8
Unrealized Gains (Losses) on Available-for-Sale Investments
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	(0.5)	0.0
Other comprehensive income (loss) before reclassifications	0.5	(0.5)
Less: amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Other comprehensive income (loss), net of tax	0.5	(0.5)
Ending balance	0.0	(0.5)	0.0
Cumulative Translation Adjustment
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	(168.1)	(71.3)
Other comprehensive income (loss) before reclassifications	(56.7)	(96.8)
Less: amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Other comprehensive income (loss), net of tax	(56.7)	(96.8)
Ending balance	(224.8)	(168.1)	(71.3)
Total
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	(170.9)	(72.0)	(92.2)
Ending balance	$ (189.9)	$ (170.9)	$ (72.0)

SUPPLEMENTAL BALANCE SHEET INFORMATION

12 Months Ended

Jul. 01, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

The components of certain balance sheet accounts are as follows:


	July 1, 2023		July 2, 2022
	(millions)




Property and equipment
Land and building	$	8.0	$	8.0
Machinery and equipment	67.2		50.1
Software and computer equipment	627.6		584.7
Furniture and fixtures	306.5		310.7
Leasehold improvements	778.5		738.2
Construction in progress	14.3		40.4
Less: accumulated depreciation	(1,237.6)		(1,187.7)
Total property and equipment, net	$	564.5	$	544.4
Accrued liabilities
Payroll and employee benefits	$	131.9	$	212.4
Accrued rent	18.4		18.9
Accrued income taxes	41.8		35.8
Accrued freight	52.1		80.4
Operating expenses	302.9		280.7
Total accrued liabilities	$	547.1	$	628.2
Other liabilities
Deferred lease obligation	$	40.2	$	46.0
Gross unrecognized tax benefit	91.8		96.1
Other	167.5		110.4
Total other liabilities	$	299.5	$	252.5

INVESTMENTS (Summary of Investments) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Schedule of Investments [Line Items]
Short-term investments	$ 0.0	$ 154.2
Long-term investments	0.0	0.0
Investments	0.0	154.2
Time deposit, current	0.6	0.6
Time deposit, noncurrent	0.0	0.0
Time deposit, net	0.6	0.6
Other short-term investments	14.8	8.6
Other long-term investments	1.3	0.1
Other investments	16.1	8.7
Short-term investments	15.4	163.4
Long-term investments	1.3	0.1
Investments	$ 16.7	163.5
Maturity of time deposits	3 months
Commercial paper
Schedule of Investments [Line Items]
Short-term investments	$ 0.0	59.6
Long-term investments	0.0	0.0
Investments	0.0	59.6
Government securities - U.S.
Schedule of Investments [Line Items]
Short-term investments	0.0	39.4
Long-term investments	0.0	0.0
Investments	0.0	39.4
Corporate debt securities - U.S.
Schedule of Investments [Line Items]
Short-term investments	0.0	55.2
Long-term investments	0.0	0.0
Investments	$ 0.0	$ 55.2

SEGMENT INFORMATION (Summary of Segment Total Assets) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Segment Reporting Information [Line Items]
Assets	$ 7,116.8	$ 7,265.3	$ 8,382.4
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Assets	2,272.3	2,392.2	2,513.5
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Assets	2,597.3	2,641.3	2,707.3
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Assets	235.8	269.3	298.6
Corporate
Segment Reporting Information [Line Items]
Assets	$ 2,011.4	$ 1,962.5	$ 2,863.0

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

SEGMENT INFORMATION (Summary of Net Sales by Product Category) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Revenue from External Customer [Line Items]
Net sales	$ 6,660.9	$ 6,684.5	$ 5,746.3
Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	100.00%	100.00%	100.00%
Coach
Revenue from External Customer [Line Items]
Net sales	$ 4,960.4	$ 4,921.3	$ 4,253.1
Coach \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	74.50%	73.60%	74.00%
Coach \| Women's Handbags
Revenue from External Customer [Line Items]
Net sales	$ 2,450.7	$ 2,574.8	$ 2,302.3
Coach \| Women's Handbags \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	36.80%	38.50%	40.10%
Coach \| Women's Accessories
Revenue from External Customer [Line Items]
Net sales	$ 1,024.8	$ 942.5	$ 776.7
Coach \| Women's Accessories \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	15.40%	14.10%	13.50%
Coach \| Men's
Revenue from External Customer [Line Items]
Net sales	$ 947.1	$ 904.8	$ 769.3
Coach \| Men's \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	14.20%	13.50%	13.40%
Coach \| Other Products
Revenue from External Customer [Line Items]
Net sales	$ 537.8	$ 499.2	$ 404.8
Coach \| Other Products \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	8.10%	7.50%	7.00%
Kate Spade
Revenue from External Customer [Line Items]
Net sales	$ 1,418.9	$ 1,445.5	$ 1,210.0
Kate Spade \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	21.30%	21.60%	21.10%
Kate Spade \| Women's Handbags
Revenue from External Customer [Line Items]
Net sales	$ 779.6	$ 819.5	$ 681.5
Kate Spade \| Women's Handbags \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	11.70%	12.20%	11.90%
Kate Spade \| Women's Accessories
Revenue from External Customer [Line Items]
Net sales	$ 306.9	$ 307.0	$ 259.2
Kate Spade \| Women's Accessories \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	4.60%	4.60%	4.50%
Kate Spade \| Other Products
Revenue from External Customer [Line Items]
Net sales	$ 332.4	$ 319.0	$ 269.3
Kate Spade \| Other Products \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	5.00%	4.80%	4.70%
Stuart Weitzman
Revenue from External Customer [Line Items]
Net sales	$ 281.6	$ 317.7	$ 283.2
Stuart Weitzman \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	4.20%	4.80%	4.90%

INCOME TAXES (Summary of Annual Payments) (Details) $ in Millions	Jul. 01, 2023 USD ($)
Income Tax Disclosure [Abstract]
Fiscal 2024	$ 24.8
Fiscal 2025	43.5
Total	$ 68.3

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (USD per share)	$ 1.20	$ 1.00

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 936.0	$ 856.3	$ 834.2
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging derivatives, net	37.2	(1.6)	(1.8)
Unrealized gains (losses) on available-for-sale investments, net	0.5	(0.5)	0.0
Foreign currency translation adjustments	(56.7)	(96.8)	22.0
Other comprehensive income (loss), net of tax	(19.0)	(98.9)	20.2
Comprehensive income (loss)	$ 917.0	$ 757.4	$ 854.4

- 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

RESTRUCTURING ACTIVITIES (Summary of Restructuring Plan Charges) (Details) - Acceleration Program - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.0	$ 42.8	$ 89.6	$ 87.0
Cash payments	(6.8)	(47.3)	(86.7)	(33.9)
Non-cash charges	0.0	(14.8)	(5.1)	(24.8)
Liability balance	0.0	6.8	26.1	28.3
Organizational-Related
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.0	0.5	16.6	44.7
Cash payments	(1.1)	(2.7)	(38.2)	(15.8)
Non-cash charges	0.0	0.0	0.0	(4.0)
Liability balance	0.0	1.1	3.3	24.9
Store Closure
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.0	3.9	5.9	32.3
Cash payments	(0.2)	(6.4)	(11.9)	(11.0)
Non-cash charges	0.0	2.4	5.8	(20.8)
Liability balance	0.0	0.2	0.3	0.5
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.0	38.4	67.1	10.0
Cash payments	(5.5)	(38.2)	(36.6)	(7.1)
Non-cash charges	0.0	(17.2)	(10.9)	0.0
Liability balance	$ 0.0	$ 5.5	$ 22.5	$ 2.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LEASES

12 Months Ended

Jul. 01, 2023

Leases [Abstract]

LEASES

The Company leases retail space, office space, warehouse facilities, fulfillment 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 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. The Company is required to use the implicit rate to determine the present value of lease payments. As the rate implicit in the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the Company's credit rating, credit spread and adjustments for the impact of collateral, lease tenors, economic environment and currency.

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 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 of 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 Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	July 1, 2023		July 2, 2022		Location Recorded on the Consolidated Balance Sheets
	(millions)
Assets:
Operating leases	$	1,378.7	$	1,281.6	Operating lease right-of-use assets
Finance leases	1.2		1.9		Property and equipment, net
Total lease assets	$	1,379.9	$	1,283.5
Liabilities:
Operating leases:
Current lease liabilities	$	297.5	$	288.7	Current portion of operating lease liabilities
Long-term lease liabilities	1,333.7		1,282.3		Long-term operating lease liabilities
Total operating lease liabilities	$	1,631.2	$	1,571.0
Finance leases:
Current lease liabilities	$	1.2	$	1.1	Accrued liabilities
Long-term lease liabilities	1.2		2.4		Other liabilities
Total finance lease liabilities	$	2.4	$	3.5

Total lease liabilities	$	1,633.6	$	1,574.5

The following table summarizes the composition of net lease costs, primarily recorded within SG&A expenses on the Company's Consolidated Statement of Operations for the fiscal year ended July 1, 2023 and July 2, 2022:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	1.1	$	0.9
Interest on lease liabilities(1)	0.3		0.5
Total finance lease cost	1.4		1.4
Operating lease cost	323.1		331.9
Short-term lease cost	29.8		23.5
Variable lease cost(2)	209.6		203.0
Operating lease right-of-use impairment	1.3		0.9
Less: sublease income	(18.1)		(19.7)
Total net lease cost	$	547.1	$	541.0

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

(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease cost.

The following table summarizes certain cash flow information related to the Company's leases for the fiscal year ended July 1, 2023 and July 2, 2022:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	387.8	$	418.3
Operating cash flows from finance leases	0.3		0.5
Financing cash flows from finance leases	1.1		0.9
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	390.7		111.7
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of July 1, 2023:


	July 1, 2023
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2024	$	365.7	$	1.4	$	367.1
Fiscal 2025	296.4		1.3		297.7
Fiscal 2026	239.7		—		239.7
Fiscal 2027	201.8		—		201.8
Fiscal 2028	146.5		—		146.5
Fiscal 2029 and thereafter	686.5		—		686.5
Total lease payments	1,936.6		2.7		1,939.3
Less: imputed interest	(305.4)		(0.3)		(305.7)
Total lease liabilities	$	1,631.2	$	2.4	$	1,633.6

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of July 1, 2023 are as follows:


	July 1, 2023
	(millions)
Fiscal 2024	$	17.7
Fiscal 2025	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029 and thereafter	127.5
Total sublease income	$	206.9

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating leases and finance leases recorded on the Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	July 1, 2023		July 2, 2022
Weighted average remaining lease term (years):
Operating leases	8.3		8.0
Finance leases	1.9		2.9
Weighted average discount rate:
Operating leases	4.2	%	3.9	%
Finance leases	11.3	%	11.3	%

Additionally, the Company had approximately $11.0 million of future payment obligations related to executed lease agreements for which the related lease had not yet commenced as of July 1, 2023.

LEASES

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 Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	July 1, 2023		July 2, 2022		Location Recorded on the Consolidated Balance Sheets
	(millions)
Assets:
Operating leases	$	1,378.7	$	1,281.6	Operating lease right-of-use assets
Finance leases	1.2		1.9		Property and equipment, net
Total lease assets	$	1,379.9	$	1,283.5
Liabilities:
Operating leases:
Current lease liabilities	$	297.5	$	288.7	Current portion of operating lease liabilities
Long-term lease liabilities	1,333.7		1,282.3		Long-term operating lease liabilities
Total operating lease liabilities	$	1,631.2	$	1,571.0
Finance leases:
Current lease liabilities	$	1.2	$	1.1	Accrued liabilities
Long-term lease liabilities	1.2		2.4		Other liabilities
Total finance lease liabilities	$	2.4	$	3.5

Total lease liabilities	$	1,633.6	$	1,574.5


	Fiscal Year Ended
	July 1, 2023		July 2, 2022
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	1.1	$	0.9
Interest on lease liabilities(1)	0.3		0.5
Total finance lease cost	1.4		1.4
Operating lease cost	323.1		331.9
Short-term lease cost	29.8		23.5
Variable lease cost(2)	209.6		203.0
Operating lease right-of-use impairment	1.3		0.9
Less: sublease income	(18.1)		(19.7)
Total net lease cost	$	547.1	$	541.0

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

(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease cost.

The following table summarizes certain cash flow information related to the Company's leases for the fiscal year ended July 1, 2023 and July 2, 2022:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	387.8	$	418.3
Operating cash flows from finance leases	0.3		0.5
Financing cash flows from finance leases	1.1		0.9
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	390.7		111.7
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of July 1, 2023:


	July 1, 2023
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2024	$	365.7	$	1.4	$	367.1
Fiscal 2025	296.4		1.3		297.7
Fiscal 2026	239.7		—		239.7
Fiscal 2027	201.8		—		201.8
Fiscal 2028	146.5		—		146.5
Fiscal 2029 and thereafter	686.5		—		686.5
Total lease payments	1,936.6		2.7		1,939.3
Less: imputed interest	(305.4)		(0.3)		(305.7)
Total lease liabilities	$	1,631.2	$	2.4	$	1,633.6

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of July 1, 2023 are as follows:


	July 1, 2023
	(millions)
Fiscal 2024	$	17.7
Fiscal 2025	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029 and thereafter	127.5
Total sublease income	$	206.9


	July 1, 2023		July 2, 2022
Weighted average remaining lease term (years):
Operating leases	8.3		8.0
Finance leases	1.9		2.9
Weighted average discount rate:
Operating leases	4.2	%	3.9	%
Finance leases	11.3	%	11.3	%

Additionally, the Company had approximately $11.0 million of future payment obligations related to executed lease agreements for which the related lease had not yet commenced as of July 1, 2023.

LEASES

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 Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	July 1, 2023		July 2, 2022		Location Recorded on the Consolidated Balance Sheets
	(millions)
Assets:
Operating leases	$	1,378.7	$	1,281.6	Operating lease right-of-use assets
Finance leases	1.2		1.9		Property and equipment, net
Total lease assets	$	1,379.9	$	1,283.5
Liabilities:
Operating leases:
Current lease liabilities	$	297.5	$	288.7	Current portion of operating lease liabilities
Long-term lease liabilities	1,333.7		1,282.3		Long-term operating lease liabilities
Total operating lease liabilities	$	1,631.2	$	1,571.0
Finance leases:
Current lease liabilities	$	1.2	$	1.1	Accrued liabilities
Long-term lease liabilities	1.2		2.4		Other liabilities
Total finance lease liabilities	$	2.4	$	3.5

Total lease liabilities	$	1,633.6	$	1,574.5


	Fiscal Year Ended
	July 1, 2023		July 2, 2022
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	1.1	$	0.9
Interest on lease liabilities(1)	0.3		0.5
Total finance lease cost	1.4		1.4
Operating lease cost	323.1		331.9
Short-term lease cost	29.8		23.5
Variable lease cost(2)	209.6		203.0
Operating lease right-of-use impairment	1.3		0.9
Less: sublease income	(18.1)		(19.7)
Total net lease cost	$	547.1	$	541.0

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

(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease cost.

The following table summarizes certain cash flow information related to the Company's leases for the fiscal year ended July 1, 2023 and July 2, 2022:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	387.8	$	418.3
Operating cash flows from finance leases	0.3		0.5
Financing cash flows from finance leases	1.1		0.9
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	390.7		111.7
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of July 1, 2023:


	July 1, 2023
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2024	$	365.7	$	1.4	$	367.1
Fiscal 2025	296.4		1.3		297.7
Fiscal 2026	239.7		—		239.7
Fiscal 2027	201.8		—		201.8
Fiscal 2028	146.5		—		146.5
Fiscal 2029 and thereafter	686.5		—		686.5
Total lease payments	1,936.6		2.7		1,939.3
Less: imputed interest	(305.4)		(0.3)		(305.7)
Total lease liabilities	$	1,631.2	$	2.4	$	1,633.6

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of July 1, 2023 are as follows:


	July 1, 2023
	(millions)
Fiscal 2024	$	17.7
Fiscal 2025	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029 and thereafter	127.5
Total sublease income	$	206.9


	July 1, 2023		July 2, 2022
Weighted average remaining lease term (years):
Operating leases	8.3		8.0
Finance leases	1.9		2.9
Weighted average discount rate:
Operating leases	4.2	%	3.9	%
Finance leases	11.3	%	11.3	%

Additionally, the Company had approximately $11.0 million of future payment obligations related to executed lease agreements for which the related lease had not yet commenced as of July 1, 2023.

INCOME TAXES (Summary of Current and Deferred Tax Provisions) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Current
Federal	$ 111.6	$ 104.0	$ (80.0)
Foreign	48.0	46.6	63.8
State	6.3	10.7	26.7
Total current and deferred tax provision (benefit)	165.9	161.3	10.5
Deferred
Federal	24.7	13.9	57.3
Foreign	3.6	11.2	(9.4)
State	12.9	4.3	4.7
Total current and deferred tax provision (benefit)	$ 41.2	$ 29.4	$ 52.6

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Commitments and Contingencies Disclosure [Line Items]
Letters of credit amount outstanding	$ 37.1	$ 37.8
Transition tax for accumulated foreign earnings, payable	68.3
Debt repayment obligations	1,668.8
Finance lease obligations	2.7
Senior Notes
Commitments and Contingencies Disclosure [Line Items]
Interest payment obligation	345.8
Inventories
Commitments and Contingencies Disclosure [Line Items]
Contractual cash obligations	352.6
Capital Expenditures And Cloud Computing Implementation Commitments
Commitments and Contingencies Disclosure [Line Items]
Contractual cash obligations	20.4
Other Commitments
Commitments and Contingencies Disclosure [Line Items]
Contractual cash obligations	$ 187.5

INCOME TAXES (Summary of Provisions for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Income before provision for income taxes, amount
United States	$ 421.5	$ 392.0	$ 341.0
Foreign	721.6	655.0	556.3
Income (loss) before provision for income taxes	1,143.1	1,047.0	897.3
Tax expense at U.S. statutory rate	240.0	219.9	188.4
State taxes, net of federal benefit	23.2	15.8	18.0
Effects of foreign operations	4.3	(3.5)	6.5
Effects of tax credits and reorganization	(61.3)	(49.8)	(94.5)
Change in state valuation allowance	0.0	0.0	11.5
Impact of net operating loss carryback	0.0	0.0	(65.4)
Other, net	0.9	8.3	(1.4)
Taxes at effective worldwide rates	$ 207.1	$ 190.7	63.1
US federal foreign tax credits			$ 60.9
Income before provision for income taxes, percentage
United States	36.90%	37.40%	38.00%
Foreign	63.10%	62.60%	62.00%
Total income before provision for income taxes	100.00%	100.00%	100.00%
Tax expense at U.S. statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	2.00%	1.50%	2.00%
Effects of foreign operations	0.40%	(0.30%)	0.70%
Effects of tax credits and reorganization	(5.40%)	(4.80%)	(10.50%)
Change in state valuation allowance	0.00%	0.00%	1.30%
Impact of net operating loss carryback	0.00%	0.00%	(7.30%)
Other, net	0.10%	0.80%	(0.20%)
Taxes at effective worldwide rates	18.10%	18.20%	7.00%

SHARE-BASED COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock option as percentage of market price of stock to date of grant	100.00%
Expected term	4 years 10 months 24 days	5 years	5 years 1 month 6 days
Stock option vesting period	4 years
Weighted-average grant-date fair value of options granted (USD per share)	$ 12.04	$ 13.94	$ 7.54
Total intrinsic value of options exercised	$ 19.5	$ 17.5	$ 17.0
Total cash received from option exercises	34.9	71.3	58.1
Tax benefit from option exercises	3.9	$ 3.7	$ 3.7
Total unrecognized compensation cost related to non-vested awards	$ 17.7
Total unrecognized compensation cost related to non-vested awards, recognized over a weighted-average period	1 year 4 months 24 days
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	10 years
Stock option vesting period	4 years
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	1 year
Service-based Restricted Stock Unit Awards (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested awards	$ 95.7
Total unrecognized compensation cost related to non-vested awards, recognized over a weighted-average period	1 year 3 months 18 days
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 35.53	$ 41.70	$ 16.40
Total fair value of shares vested	$ 88.0	$ 92.5	$ 26.3
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from option exercises	29.5	$ 17.4	$ 6.2
Performance-based Restricted Stock Unit Awards (PRSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested awards	$ 16.0
Total unrecognized compensation cost related to non-vested awards, recognized over a weighted-average period	1 year
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 35.46	$ 41.86	$ 16.83
Total fair value of shares vested	$ 60.4	$ 0.0	$ 3.7
Performance-based Restricted Stock Unit Awards (PRSU) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	3 years
Performance-based Restricted Stock Unit Awards (PRSU) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	2 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 months	6 months	6 months
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 9.30	$ 10.71	$ 7.39
Employee stock purchase plan, percentage of market value	85.00%
New common shares sold to employees under the employee stock purchase plan (shares)	0.1	0.1	0.2

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 7.2	$ 4.0
Store Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	5.9	3.1
Operating Lease Right of Use Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 1.3	$ 0.9

SHARE-BASED COMPENSATION (Summary of Performance-Based Restricted Stock Unit Activity) (Details) - Performance-based Restricted Stock Unit Awards (PRSU) - $ / shares shares in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Number of Non-vested PRSUs
Non-vested, beginning of period (shares)	1.2
Granted (shares)	0.4
Change due to performance condition achievement (shares)	0.8
Vested (shares)	(1.7)
Forfeited (shares)	0.0
Non-vested, end of period (shares)	0.7	1.2
Weighted- Average Grant- Date Fair Value per PRSU
Non-vested, beginning of period (USD per share)	$ 23.52
Granted (USD per share)	35.46	$ 41.86	$ 16.83
Change due to performance condition achievement (USD per share)	17.35
Vested (USD per share)	17.09
Forfeited (USD per share)	0
Non-vested, end of period (USD per share)	$ 38.27	$ 23.52

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Assets and Liabilities

The following table shows the fair value measurements of the Company’s financial assets and liabilities at July 1, 2023 and July 2, 2022:


	Level 1				Level 2
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
	(millions)
Assets:
Cash equivalents(1)	$	155.7	$	99.1	$	11.9	$	10.9
Short-term investments:
Time deposits(2)	—		—		0.6		0.6
Commercial paper(2)	—		—		—		59.6
Government securities - U.S.(2)	—		39.4		—		—
Corporate debt securities - U.S.(2)	—		—		—		55.2

Other	—		—		14.8		8.6
Long-term investments:




Other	—		—		1.3		0.1
Derivative Assets:
Inventory-related instruments(3)	—		—		38.6		—
Net investment hedges(3)	—		—		13.1		47.8
Intercompany loans and payables(3)	—		—		0.4		0.4

Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	$	—	$	—	$	0.1	$	2.7
Net investment hedges(3)	—		—		90.5		44.0
Intercompany loans and payables(3)	—		—		0.2		0.5

(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.

SEGMENT INFORMATION (Summary of Geographical Area Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 6,660.9	$ 6,684.5	$ 5,746.3
Long-lived assets	2,124.0	2,035.5	2,270.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	4,040.2	4,174.3	3,365.9
Long-lived assets	1,662.5	1,578.9	1,722.2
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,015.8	1,026.6	1,094.1
Long-lived assets	160.3	131.0	125.7
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	569.0	578.8	598.9
Long-lived assets	87.7	94.0	132.0
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,035.9	904.8	687.4
Long-lived assets	$ 213.5	$ 231.6	$ 290.8

- Definition

+ References

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Indefinite and Finite Lived Assets) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Intangible assets subject to amortization:
Gross carrying amount, Customer relationships	$ 100.3	$ 100.3
Accumulated amortization, Customer relationships	(50.0)	(43.5)
Total	50.3	56.8
Intangible assets not subject to amortization:
Indefinite-lived intangible assets (excluding goodwill), Trademarks and trade names	1,309.8	1,309.8
Intangible assets, gross (excluding goodwill)	1,410.1	1,410.1
Intangible assets, net (excluding goodwill)	$ 1,360.1	$ 1,366.6

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The Company performs its annual impairment assessment of goodwill as well as brand intangibles at the beginning of the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount.

The estimated fair value of the Company’s reporting units are based on a weighted average of the income and market approaches. The income approach is based on estimated discounted future cash flows, while the market approach is based on earnings multiples of selected guideline companies. The approach, which qualifies as Level 3 in the fair value hierarchy, incorporated a number of significant assumptions and judgments, including, but not limited to, estimated future cash flows, discount rates, income tax rates, terminal growth rates and valuation multiples derived from comparable publicly traded companies. The Company determined there was no impairment in fiscal 2023 and fiscal 2022 based on the annual assessment and no events occurring that would more likely than not reduce the fair value below its carrying amount.

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 July 3, 2021	$	656.3	$	641.0	$	—	$	1,297.3



Foreign exchange impact	(47.2)		(8.6)		—		(55.8)

Balance at July 2, 2022	609.1		632.4		—		1,241.5




Foreign exchange impact	(11.6)		(2.4)		—		(14.0)
Balance at July 1, 2023	$	597.5	$	630.0	$	—	$	1,227.5

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of July 1, 2023, July 2, 2022 and July 3, 2021.

Intangible Assets

Intangible assets consist of the following:


	Fiscal Year Ended
	July 1, 2023						July 2, 2022
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(50.0)	$	50.3	$	100.3	$	(43.5)	$	56.8

Total intangible assets subject to amortization	100.3		(50.0)		50.3		100.3		(43.5)		56.8
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	$	1,410.1	$	(50.0)	$	1,360.1	$	1,410.1	$	(43.5)	$	1,366.6

Amortization expense for the Company’s definite-lived intangible assets was $6.5 million and $6.6 million for fiscal 2023 and fiscal 2022, respectively.

As of July 1, 2023, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Fiscal 2024	$	6.5
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5
Thereafter	17.8
Total	$	50.3

The expected future amortization expense above reflects remaining useful lives ranging from approximately 6.8 to 9.0 for customer relationships.

INCOME TAXES (Summary of Unrecognized Tax Benefits Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of fiscal year	$ 96.1	$ 111.4	$ 88.5
Gross increase due to tax positions related to prior periods	4.3	1.6	38.3
Gross decrease due to tax positions related to prior periods	(7.7)	(11.7)	(9.4)
Gross increase due to tax positions related to current period	5.2	7.4	6.8
Decrease due to lapse of statutes of limitations	(6.1)	(10.9)	(12.0)
Decrease due to settlements with taxing authorities	0.0	(1.7)	(0.8)
Balance at end of fiscal year	$ 91.8	$ 96.1	$ 111.4

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jul. 01, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with a maturity of three months or less at the date of purchase. Investments Short-term investments consist primarily of high-credit quality U.S. and non-U.S. issued corporate debt securities, and U.S. Treasuries and government agency securities with original maturities greater than three months and with maturities within one year of balance sheet date, classified as available-for-sale. Long-term investments typically consist of high-credit quality U.S. and non-U.S. issued corporate debt securities, U.S. Treasuries and government agency securities, classified as available-for-sale, and recorded at fair value, with unrealized gains and losses recorded in other comprehensive income. Dividend and interest income are recognized when earned. Additionally, GAAP requires the consolidation of all entities for which a Company has a controlling voting interest and all variable interest entities (“VIEs”) for which a Company is deemed to be the primary beneficiary. An entity is generally a VIE if it meets any of the following criteria: (i) the entity has insufficient equity to finance its activities without additional subordinated financial support from other parties, (ii) the equity investors cannot make significant decisions about the entity’s operations or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity or receive the expected returns of the entity and substantially all of the entity’s activities involve or are conducted on behalf of the investor with disproportionately few voting rights. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of Cash and cash equivalents, investments and accounts receivable. The Company places its cash investments with high-credit quality financial institutions and generally invests primarily in corporate debt securities, money market instruments, U.S. government and agency debt securities, commercial paper and bank deposits placed with major banks and financial institutions. Accounts receivable is generally diversified due to the number of entities comprising the Company's customer base and their dispersion across many geographical regions. The Company believes no significant concentration of credit risk exists with respect to these investments and accounts receivable. Inventories The Company holds inventory that is sold through retail, including e-commerce, and wholesale distribution channels. Substantially all of the Company's inventories are comprised of finished goods, and are reported at the lower of cost or net realizable value. Inventory costs include material, conversion costs, freight and duties and are primarily determined on a weighted-average cost basis. The Company reserves for inventory, including slow-moving and aged inventory, based on current product demand, expected future demand and historical experience. A decrease in product demand due to changing customer tastes, buying patterns or increased competition could impact the Company's evaluation of its inventory and additional reserves might be required. Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation including the impact of long-lived asset impairment and disposals. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Buildings are depreciated over 40 years and building improvements are depreciated over ten to 40 years. Machinery and equipment are depreciated over lives of five to seven years, furniture and fixtures are depreciated over lives of three to ten years, and software and computer equipment is generally depreciated over lives of three to seven years. Implementation costs eligible for capitalization related to cloud computing arrangements that are a service contract are recorded within Prepaid expenses and Other assets in the Consolidated Balance Sheets and amortized as Selling, general and administrative ("SG&A") expense in the Consolidated Statement of Operations over the term of the associated hosting arrangement. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease terms. Maintenance and repair costs are charged to earnings as incurred while expenditures for major renewals and improvements are capitalized. Valuation of Long-Lived Assets Long-lived assets, such as Property and equipment and Operating lease right-of-use ("ROU") assets are evaluated for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the related asset group and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than its carrying value, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value, considering external market participant assumptions. The Company recorded $7.2 million and $4.0 million of impairment charges in fiscal 2023 and fiscal 2022, respectively. In determining future cash flows, the Company takes various factors into account, including the effects of macroeconomic trends such as consumer spending, in-store capital investments, promotional cadence, the level of advertising and changes in merchandising strategy. Since the determination of future cash flows is an estimate of future performance, there may be future impairments in the event that future cash flows do not meet expectations. Goodwill and Other Intangible Assets Upon acquisition, the Company estimates and records the fair value of purchased intangible assets, which primarily consists of brands, customer relationships, right-of-use assets and order backlog. Goodwill and certain other intangible assets deemed to have indefinite useful lives, including brand intangible assets, are not amortized, but are assessed for impairment at least annually. Finite-lived intangible assets are amortized over their respective estimated useful lives and, along with other long-lived assets as noted above, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. Estimates of fair value for finite-lived and indefinite-lived intangible assets are primarily determined using discounted cash flows and the multi-period excess earnings method, respectively, with consideration of market comparisons when appropriate. This approach uses significant estimates and assumptions, including projected future cash flows, discount rates and growth rates. The Company generally performs its annual goodwill and indefinite-lived intangible assets impairment analysis using a quantitative approach. The quantitative goodwill impairment test identifies the existence of potential impairment by comparing the fair value of each reporting unit with its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, the reporting unit's goodwill is considered not to be impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment charge is recognized in an amount equal to that excess. The impairment charge recognized is limited to the amount of goodwill allocated to that reporting unit. Determination of the fair value of a reporting unit and intangible asset is based on management's assessment, considering independent third-party appraisals when necessary. Furthermore, this determination is judgmental in nature and often involves the use of significant estimates and assumptions, which may include projected future cash flows, discount rates, growth rates, and determination of appropriate market comparables and recent transactions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and the amount of any such charge. The Company performs its annual impairment assessment of goodwill as well as brand intangibles during the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount. The Company determined that there was no impairment in fiscal 2023 or fiscal 2022. Operating Leases The Company leases retail space, office space, warehouse facilities, fulfillment centers, storage space, machinery, equipment and certain other items under operating leases. 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 right-of-use ("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. Per the guidance, the use of the implicit rate to determine the present value of lease payments is required. As the rate implicit in the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the Company's credit rating, credit spread and adjustments for the impact of collateral, lease tenors, economic environment and currency. 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 Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. Asset retirement obligations represent legal obligations associated with the retirement of a tangible long-lived asset. The Company’s asset retirement obligations are primarily associated with leasehold improvements in which the Company is contractually obligated to remove at the end of a lease to comply with the lease agreement. When such an obligation exists, the Company recognizes an asset retirement obligation at the inception of a lease at its estimated fair value. The asset retirement obligation is recorded in current liabilities or non-current liabilities (based on the expected timing of payment of the related costs) and is subsequently adjusted for any changes in estimates. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. As of the end of fiscal 2023 and fiscal 2022, the Company had asset retirement obligations of $53.7 million and $48.8 million, respectively, primarily classified within Other non-current liabilities in the Company's Consolidated Balance Sheets. Revenue Recognition Revenue is recognized when the Company satisfies its performance obligations by transferring control of promised products or services to its customers, which may be at a point of 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. Retail store and concession shop-in-shop revenues are recognized at the point-of-sale, when the customer obtains physical possession of the products. Digital 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 digital 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. 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. Wholesale revenue is recorded net of estimates for returns, discounts, end-of-season markdowns, cooperative advertising allowances and other consideration provided to the customer. 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. Gift cards issued by the Company are recorded as a liability until they are redeemed, 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 accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue. Refer to Note 4, "Revenue," for additional information. Cost of Sales Cost of sales consists of inventory costs and other related costs such as reserves for inventory realizability and shrinkage, damages and replacements. Selling, General and Administrative ("SG&A") Expenses Selling expenses include store employee compensation, occupancy costs, depreciation, supply costs, wholesale and retail account administration compensation globally. These expenses are affected by the number of stores open during any fiscal period and store performance, as compensation and rent expenses can vary with sales. Advertising, marketing and design expenses include employee compensation, media space and production, advertising agency fees, new product design costs, public relations and market research expenses. Distribution and customer service expenses include warehousing, order fulfillment, shipping and handling, customer service, employee compensation and bag repair costs. SG&A expenses also include compensation costs for corporate functions including: executive, finance, human resources, legal and information systems departments, as well as corporate headquarters occupancy costs, consulting fees and software expenses. Shipping and Handling Shipping and handling costs for delivery of products to consumers were $217.0 million, $230.8 million and $178.6 million in fiscal 2023, fiscal 2022 and fiscal 2021, respectively, and are included in SG&A expenses. The Company includes inbound product-related transportation costs from manufacturers within Cost of sales. The balance of the Company's transportation-related costs related to its distribution network is included in SG&A expenses rather than in Cost of sales. Advertising Advertising costs include expenses related to direct marketing activities, such as digital and other media and production costs. In fiscal 2023, fiscal 2022 and fiscal 2021, advertising expenses for the Company totaled $570.7 million, $551.6 million and $395.2 million, respectively, and are included in SG&A expenses. Advertising costs are generally expensed when the advertising first appears. Share-Based Compensation The Company recognizes the cost of equity awards to employees and the non-employee Directors based on the grant-date fair value of those awards. The grant-date fair values of share unit awards are based on the fair value of the Company's common stock on the date of grant. The grant-date fair value of stock option awards is determined using the Black-Scholes option pricing model and involves several assumptions, including the expected term of the option, expected volatility and dividend yield. The expected term of options represents the period of time that the options granted are expected to be outstanding and is based on historical experience. Expected volatility is based on historical volatility of the Company’s stock as well as the implied volatility from publicly traded options on the Company's stock. Dividend yield is based on the current expected annual dividend per share and the Company’s stock price. Changes in the assumptions used to determine the Black-Scholes value could result in significant changes in the Black-Scholes value. The Company recognizes share-based compensation net of estimated forfeitures and revises the estimates in subsequent periods if actual forfeitures differ from the estimates. The Company estimates the forfeiture rate based on historical experience as well as expected future behavior. The Company grants performance-based share awards to key executives, the vesting of which is subject to the executive’s continuing employment and the Company's or individual's achievement of certain performance goals. On a quarterly basis, the Company assesses actual performance versus the predetermined performance goals, and adjusts the share-based compensation expense to reflect the relative performance achievement. Actual distributed shares are calculated upon conclusion of the service and performance periods, and include dividend equivalent shares. If the performance-based award incorporates a market condition, the grant-date fair value of such award is determined using a pricing model, such as a Monte Carlo Simulation. Income Taxes The Company’s effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations, and tax planning strategies available in the various jurisdictions in which the Company operates. The Company classifies interest and penalties on uncertain tax positions in the Provision for income taxes. The Company records net deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent and expected future results of operation. The Company reduces deferred tax assets by a valuation allowance if, based upon the weight of available evidence, it is more likely than not that some amount of deferred tax assets is not expected to be realized. The Company is not permanently reinvested with respect to earnings of a limited number of foreign entities and has recorded the tax consequences of remitting earnings from these entities. The Company is permanently reinvested with respect to all other earnings. The Company recognizes the impact of tax positions in the financial statements if those positions will more likely than not be sustained on audit, based on the technical merits of the position. Although the Company believes that the estimates and assumptions used are reasonable and legally supportable, the final determination of tax audits could be different than that which is reflected in historical tax provisions and recorded assets and liabilities. Tax authorities periodically audit the Company’s income tax returns and the tax authorities may take a contrary position that could result in a significant impact on the Company's results of operations. Significant management judgment is required in determining the effective tax rate, in evaluating tax positions and in determining the net realizable value of deferred tax assets. Refer to Note 15, "Income Taxes," herein for further discussion on the Company's income taxes. Derivative Instruments The majority of the Company’s purchases of finished goods are denominated in U.S. dollars, which limits the Company’s exposure to the transactional effects of foreign currency exchange rate fluctuations. However, the Company is exposed to foreign currency exchange risk related to its sale of U.S. dollar inventory to foreign operating subsidiaries in local currency, as well as risk related to various cross-currency intercompany loans and payables, and translation risk. The Company is also exposed to foreign currency risk related to changes in the U.S. dollar value of its net investment in foreign subsidiaries. The Company uses derivative financial instruments to manage these risks. These derivative transactions are in accordance with the Company’s risk management policies. The Company does not enter into derivative transactions for speculative or trading purposes. The Company records all derivative contracts at fair value on the Consolidated Balance Sheets. The fair values of foreign currency derivatives are based on the forward curves of the specific indices upon which settlement is based and include an adjustment for the Company’s credit risk. Judgment is required of management in developing estimates of fair value. The use of different market assumptions or methodologies could affect the estimated fair value. For derivative instruments that qualify for hedge accounting, the changes in the fair value of these instruments are either (i) offset against the changes in fair value of the hedged assets or liabilities through earnings or (ii) recognized as a component of Accumulated other comprehensive income (loss) ("AOCI") until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. For derivative instruments that are designated as a net investment hedge, the changes in the fair value of the instruments are recognized as a component of AOCI, and upon discontinuation of the hedge remain in AOCI until the net investment is sold or liquidated. Each derivative instrument entered into by the Company that qualifies for hedge accounting is expected to be highly effective at reducing the risk associated with the exposure being hedged. For each derivative that is designated as a hedge, the Company documents the related risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure, as well as how hedge effectiveness will be assessed over the term of the instrument. The extent to which a hedging instrument has been and is expected to remain highly effective in achieving offsetting changes in fair value or cash flows is assessed and documented by the Company on at least a quarterly basis. If it is determined that a derivative instrument has not been highly effective, and will continue not to be highly effective in hedging the designated exposure, hedge accounting is discontinued and further gains (losses) are recognized in earnings within foreign currency gains (losses). Upon discontinuance of hedge accounting, the cumulative change in fair value of cash flow derivatives previously recorded in AOCI is recognized in earnings when the related hedged item affects earnings, consistent with the original hedging strategy, unless the forecasted transaction is no longer probable of occurring, in which case the accumulated amount is immediately recognized in earnings within foreign currency gains (losses). As a result of the use of derivative instruments, the Company may be exposed to the risk that the counterparties to such contacts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings, among other factors. The fair values of the Company’s derivative instruments are recorded on its Consolidated Balance Sheets on a gross basis. For cash flow reporting purposes, the Company classifies proceeds received or amounts paid upon the settlement of a derivative instrument in the same manner as the related item being hedged, primarily within cash from operating activities. Hedging Portfolio The Company enters into forward currency contracts primarily to reduce its risks related to exchange rate fluctuations on foreign currency denominated inventory transactions, as well as various cross-currency intercompany loans and payables. To the extent its derivative contracts designated as cash flow hedges are highly effective in offsetting changes in the value of the hedged items, the related gains (losses) are initially deferred in AOCI and subsequently recognized in the Consolidated Statements of Operations as part of the cost of the inventory purchases being hedged within Cost of sales, when the related inventory is sold to a third-party. Current maturity dates range from July 2023 to March 2025. Forward foreign currency exchange contracts designated as fair value hedges and associated with intercompany and other contractual obligations are recognized within foreign currency gains (losses) generally in the period in which the related balances being hedged are revalued. The maturity date of most instruments held as of July 1, 2023 are in August 2023, and such contracts are typically renewed upon maturity if the related balance has not been settled. The Company also enters into cross-currency swaps to reduce its risks related to exchange rate fluctuations on net investments in foreign subsidiaries. The related gains (losses) are deferred in AOCI until the net investment is sold or liquidated, and current maturity dates range from April 2025 to March 2032. Foreign Currency The functional currency of the Company's foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted-average exchange rates for the period. The resulting translation adjustments are included in the Consolidated Statements of Comprehensive Income as a component of Other comprehensive income (loss) (“OCI”) and in the Consolidated Statements of Equity within AOCI. The Company recognizes gains and losses on transactions that are denominated in a currency other than the respective entity's functional currency in earnings. Foreign currency transaction gains and losses also include amounts realized on the settlement of certain intercompany loans with foreign subsidiaries. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50)", which is intended to enhance the transparency of supplier finance programs. The ASU requires the buyer in a supplier finance program to disclose sufficient information about the program in order to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The requirements of the new standard will be effective for annual reporting periods beginning after December 15, 2022, and interim periods within those annual periods, which for the Company is the first quarter of fiscal 2024. Early adoption is permitted. The Company does not expect that the adoption of ASU 2022-04 will have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted The Company has considered all new accounting pronouncements and has 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.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances for credit losses	$ 5.8	$ 3.7
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)	227,400,000	241,200,000
Beginning balance (shares)	227,400,000	241,200,000

DEBT (Tables)

12 Months Ended

Jul. 01, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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


	July 1, 2023		July 2, 2022
	(millions)
Current Debt:


Term Loan	$	25.0	$	31.2
Total Current Debt	$	25.0	$	31.2

Long-Term Debt:
Term Loan	$	443.8	$	468.8
3.050% Senior Notes due 2032	500.0		500.0
4.125% Senior Notes due 2027	396.6		396.6

4.250% Senior Notes due 2025	303.4		303.4
Total Long-Term Debt	1,643.8		1,668.8
Less: Unamortized Discount and Debt Issuance Costs on Senior Notes	(8.0)		(9.6)
Total Long-Term Debt, net	$	1,635.8	$	1,659.2

Schedule of Debt Maturities

As of July 1, 2023 the debt maturities for the next five fiscal years and thereafter are as follows:


	Principal
	(millions)
2024	$	25.0
2025	328.4
2026	25.0
2027	393.8
2028	396.6
Thereafter	500.0
Total	$	1,668.8

DEBT (Summary of Debt Maturities) (Details) $ in Millions	Jul. 01, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 25.0
2025	328.4
2026	25.0
2027	393.8
2028	396.6
Thereafter	500.0
Total Long-Term Debt, net	$ 1,668.8

INCOME TAXES

12 Months Ended

Jul. 01, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The provisions for income taxes, computed by applying the U.S. statutory rate to income before taxes, as reconciled to the actual provisions were:


	Fiscal Year Ended
	July 1, 2023				July 2, 2022				July 3, 2021
	Amount		Percentage		Amount		Percentage		Amount		Percentage
	(millions)
Income before provision for income taxes:
United States(1)	$	421.5	36.9	%	$	392.0	37.4	%	$	341.0	38.0	%
Foreign	721.6		63.1		655.0		62.6		556.3		62.0
Total income before provision for income taxes	$	1,143.1	100.0	%	$	1,047.0	100.0	%	$	897.3	100.0	%

Tax expense at U.S. statutory rate	$	240.0	21.0	%	$	219.9	21.0	%	$	188.4	21.0	%
State taxes, net of federal benefit	23.2		2.0		15.8		1.5		18.0		2.0
Effects of foreign operations(2)	4.3		0.4		(3.5)		(0.3)		6.5		0.7
Effects of tax credits and reorganization(3)	(61.3)		(5.4)		(49.8)		(4.8)		(94.5)		(10.5)

Change in state valuation allowance	—		—		—		—		11.5		1.3
Impact of net operating loss carryback	—		—		—		—		(65.4)		(7.3)
Other, net	0.9		0.1		8.3		0.8		(1.4)		(0.2)
Taxes at effective worldwide rates	$	207.1	18.1	%	$	190.7	18.2	%	$	63.1	7.0	%

(1)The United States jurisdiction includes foreign pre-tax earnings allocated to the Company from its interest in a foreign partnership.

(2)This includes the tax related to the Global Intangible Low-Taxed Income ("GILTI"). The Company has elected to account for the tax associated with GILTI as a period cost, and accordingly, the Company has not recorded deferred taxes associated with GILTI.

(3) Fiscal 2021 is comprised primarily of $60.9 million of U.S. federal foreign tax credits generated in fiscal 2021.

Current and deferred tax provision (benefit) was:


	Fiscal Year Ended
	July 1, 2023				July 2, 2022				July 3, 2021
	Current		Deferred		Current		Deferred		Current		Deferred
	(millions)
Federal	$	111.6	$	24.7	$	104.0	$	13.9	$	(80.0)	$	57.3
Foreign	48.0		3.6		46.6		11.2		63.8		(9.4)
State	6.3		12.9		10.7		4.3		26.7		4.7
Total current and deferred tax provision (benefit)	$	165.9	$	41.2	$	161.3	$	29.4	$	10.5	$	52.6

The components of deferred tax assets and liabilities were:


	July 1, 2023		July 2, 2022
	(millions)
Share-based compensation	$	21.8	$	26.1
Reserves not deductible until paid	45.9		51.1

Employee benefits	23.1		36.7
Net operating loss	47.7		74.7
Other	67.2		19.6



Inventory	23.4		28.8
Lease liability	348.6		335.3
Gross deferred tax assets	577.7		572.3
Valuation allowance	34.3		51.6
Deferred tax assets after valuation allowance	$	543.4	$	520.7

Goodwill	64.4		69.1
Other intangibles	306.0		309.6
Property and equipment	24.8		11.3
Foreign investments	44.8		23.5
Right-of-use	302.1		280.4
Prepaid expenses	0.9		0.6


Gross deferred tax liabilities	743.0		694.5
Net deferred tax (liabilities) assets	$	(199.6)	$	(173.8)

Consolidated Balance Sheets Classification

Deferred income taxes – non-current asset	40.4		47.9

Deferred income taxes – non-current liability	(240.0)		(221.7)
Net deferred tax (liabilities) assets	$	(199.6)	$	(173.8)

Significant judgment is required in determining the worldwide provision for income taxes, and there are many transactions for which the ultimate tax outcome is uncertain. It is the Company’s policy to establish provisions for taxes that may become payable in future years, including those due to an examination by tax authorities. The Company establishes the provisions based upon management’s assessment of exposure associated with uncertain tax positions. The provisions are analyzed at least quarterly and adjusted as appropriate based on new information or circumstances in accordance with the requirements of ASC 740.

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:


	July 1, 2023		July 2, 2022		July 3, 2021
	(millions)
Balance at beginning of fiscal year	$	96.1	$	111.4	$	88.5
Gross increase due to tax positions related to prior periods	4.3		1.6		38.3
Gross decrease due to tax positions related to prior periods	(7.7)		(11.7)		(9.4)
Gross increase due to tax positions related to current period	5.2		7.4		6.8
Decrease due to lapse of statutes of limitations	(6.1)		(10.9)		(12.0)
Decrease due to settlements with taxing authorities	—		(1.7)		(0.8)

Balance at end of fiscal year	$	91.8	$	96.1	$	111.4

Of the $91.8 million ending gross unrecognized tax benefit balance as of July 1, 2023, $87.1 million relates to items which, if recognized, would impact the effective tax rate. Of the $96.1 million ending gross unrecognized tax benefit balance as of July 2, 2022, $88.3 million relates to items which, if recognized, would impact the effective tax rate. As of July 1, 2023 and July 2, 2022, gross interest and penalties payable was $10.3 million and $8.2 million, respectively, which are included in Other liabilities. During fiscal 2023, fiscal 2022 and fiscal 2021, the Company recognized gross interest and penalty expense of $2.3 million, gross interest and penalty income of $1.5 million and gross interest and penalty expense of $0.8 million, respectively.

The Company files income tax returns in the U.S. federal jurisdiction, as well as various state and foreign jurisdictions. Tax examinations are currently in progress in select foreign and state jurisdictions that are extending the years open under the statutes of limitation. Fiscal years 2018 to present are open to examination in the U.S. federal jurisdiction, fiscal 2016 to present in select state jurisdictions and fiscal 2016 to present in select foreign jurisdictions. The Company is currently under U.S. federal audit for fiscal 2018 to 2020. The IRS is examining carryback claims to fiscal 2014 through fiscal 2019 as part of Joint Committee procedures for tax refund claims. The Company anticipates that one or more of these audits may be finalized and certain statutes of limitation may expire in the foreseeable future. However, based on the status of these examinations, and the average time typically incurred in finalizing audits with the relevant tax authorities, the Company cannot reasonably estimate the impact these audits may have in the next 12 months, if any, to previously recorded uncertain tax positions. The Company accrues for certain known and reasonably anticipated income tax obligations after assessing the likely outcome based on the weight of available evidence. Although the Company believes that the estimates and assumptions used are reasonable and legally supportable, the final determination of tax audits could be different than that which is reflected in historical income tax provisions and recorded assets and liabilities. With respect to all jurisdictions, the Company has made adequate provision for all income tax uncertainties.

As of July 1, 2023, the Company had the following tax loss carryforwards available: U.S. state tax loss carryforwards of $547.2 million and tax loss carryforwards of various foreign jurisdictions of $80.6 million. As of July 2, 2022, the Company had the following tax loss carryforwards available: U.S. state tax loss carryforwards of $706 million and tax loss carryforwards of various foreign jurisdictions of $123.9 million. The state net operating loss carryforwards generally start to expire in fiscal 2024. The majority of the foreign net operating loss can be carried forward indefinitely. Deferred tax assets, including the deferred tax assets recognized on these net operating losses, have been reduced by a valuation allowance of $34.3 million as of July 1, 2023 and $51.6 million as of July 2, 2022.

The Company is not permanently reinvested with respect to the earnings of a limited number of foreign entities and has recorded the tax consequences of remitting earnings from these entities. The Company is permanently reinvested with respect to all other earnings. The total estimated amount of unremitted earnings of foreign subsidiaries as of July 1, 2023 and July 2, 2022 was $835.1 million and $747.6 million, respectively. The Company intends to distribute $708.1 million of earnings that were previously subject to U.S. Federal Tax and has recorded a deferred tax liability of $2.4 million during fiscal 2023 for U.S. state taxes and foreign withholding taxes related to the future distribution. Based on the Company's current analysis, there is further unrecognized deferred tax liability of approximately $2 million to $4 million on the remaining unremitted earnings.

Transition Tax

The Company is required to pay a one-time Transition Tax on previously unremitted earnings of certain non-U.S. subsidiaries. The Company has elected to pay the Transition Tax in installments. As shown in the table below, the remaining Transition Tax payable is $68.3 million and is payable between fiscal 2024 and fiscal 2025.


	Transition Tax Payments
	(millions)



Fiscal 2024	$	24.8
Fiscal 2025	43.5

Total	$	68.3

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Significant Accounting Policies [Line Items]
Impairment charges	$ 7,200,000	$ 4,000,000
Impairment charges [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Goodwill impairment	$ 0	$ 0
Asset retirement obligation	53,700,000	48,800,000
Advertising expenses	570,700,000	551,600,000	$ 395,200,000
Shipping and Handling
Significant Accounting Policies [Line Items]
Costs	$ 217,000,000	$ 230,800,000	$ 178,600,000
Building
Significant Accounting Policies [Line Items]
Property and equipment, useful life	40 years
Building Improvements \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	10 years
Building Improvements \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	40 years
Machinery and Equipment \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	5 years
Machinery and Equipment \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	7 years
Furniture and Fixtures \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	3 years
Furniture and Fixtures \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	10 years
Computer Software \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	3 years
Computer Software \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	7 years

LEASES (Tables)

12 Months Ended

Jul. 01, 2023

Leases [Abstract]

Schedule of Assets And Liabilities, Lessee

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	July 1, 2023		July 2, 2022		Location Recorded on the Consolidated Balance Sheets
	(millions)
Assets:
Operating leases	$	1,378.7	$	1,281.6	Operating lease right-of-use assets
Finance leases	1.2		1.9		Property and equipment, net
Total lease assets	$	1,379.9	$	1,283.5
Liabilities:
Operating leases:
Current lease liabilities	$	297.5	$	288.7	Current portion of operating lease liabilities
Long-term lease liabilities	1,333.7		1,282.3		Long-term operating lease liabilities
Total operating lease liabilities	$	1,631.2	$	1,571.0
Finance leases:
Current lease liabilities	$	1.2	$	1.1	Accrued liabilities
Long-term lease liabilities	1.2		2.4		Other liabilities
Total finance lease liabilities	$	2.4	$	3.5

Total lease liabilities	$	1,633.6	$	1,574.5

Schedule of Lease Cost


	Fiscal Year Ended
	July 1, 2023		July 2, 2022
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	1.1	$	0.9
Interest on lease liabilities(1)	0.3		0.5
Total finance lease cost	1.4		1.4
Operating lease cost	323.1		331.9
Short-term lease cost	29.8		23.5
Variable lease cost(2)	209.6		203.0
Operating lease right-of-use impairment	1.3		0.9
Less: sublease income	(18.1)		(19.7)
Total net lease cost	$	547.1	$	541.0

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

(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease cost.

The following table summarizes certain cash flow information related to the Company's leases for the fiscal year ended July 1, 2023 and July 2, 2022:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	387.8	$	418.3
Operating cash flows from finance leases	0.3		0.5
Financing cash flows from finance leases	1.1		0.9
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	390.7		111.7
Right-of-use assets obtained in exchange for finance lease liabilities	—		—


	July 1, 2023		July 2, 2022
Weighted average remaining lease term (years):
Operating leases	8.3		8.0
Finance leases	1.9		2.9
Weighted average discount rate:
Operating leases	4.2	%	3.9	%
Finance leases	11.3	%	11.3	%

Schedule of Lessee, Operating Lease, Liability, Maturity

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of July 1, 2023:


	July 1, 2023
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2024	$	365.7	$	1.4	$	367.1
Fiscal 2025	296.4		1.3		297.7
Fiscal 2026	239.7		—		239.7
Fiscal 2027	201.8		—		201.8
Fiscal 2028	146.5		—		146.5
Fiscal 2029 and thereafter	686.5		—		686.5
Total lease payments	1,936.6		2.7		1,939.3
Less: imputed interest	(305.4)		(0.3)		(305.7)
Total lease liabilities	$	1,631.2	$	2.4	$	1,633.6

Schedule of Finance Lease, Liability, Maturity

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of July 1, 2023:


	July 1, 2023
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2024	$	365.7	$	1.4	$	367.1
Fiscal 2025	296.4		1.3		297.7
Fiscal 2026	239.7		—		239.7
Fiscal 2027	201.8		—		201.8
Fiscal 2028	146.5		—		146.5
Fiscal 2029 and thereafter	686.5		—		686.5
Total lease payments	1,936.6		2.7		1,939.3
Less: imputed interest	(305.4)		(0.3)		(305.7)
Total lease liabilities	$	1,631.2	$	2.4	$	1,633.6

Schedule of Lessor, Operating Lease, Payments to be Received, Maturity

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of July 1, 2023 are as follows:


	July 1, 2023
	(millions)
Fiscal 2024	$	17.7
Fiscal 2025	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029 and thereafter	127.5
Total sublease income	$	206.9

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following tables provide information related to the Company's derivative instruments recorded on the Company's Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	Notional Value				Derivative Assets					Derivative Liabilities
Designated Derivative Hedging Instruments						Fair Value					Fair Value
	July 1, 2023		July 2, 2022		Classification on the Consolidated Balance Sheets	July 1, 2023		July 2, 2022		Classification on the Consolidated Balance Sheets	July 1, 2023		July 2, 2022
	(millions)
FC - Inventory purchases(1)	$	842.3	$	41.5	Other Current Assets	$	38.6	$	—	Accrued Liabilities	$	0.1	$	2.7
FC - Intercompany liabilities and loans(2)	272.3		274.1		Other Current Assets	0.4		0.4		Accrued Liabilities	0.2		0.5
CCS - Net investment hedges(3)	1,200.0		1,200.0		Other Assets	13.1		47.8		Other Liabilities	90.5		44.0
Total Hedges	$	2,314.6	$	1,515.6		$	52.1	$	48.2		$	90.8	$	47.2

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

(2)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in fair value hedging relationships.

(3)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships.

Schedule of Hedging Activity Affected Accumulated Other Comprehensive Loss or Income Net of Tax

The following tables provides the pretax impact of gains and losses from the Company's designated derivative instruments on its Consolidated Financial Statements for the fiscal years ended July 1, 2023, July 2, 2022 and July 3, 2021:


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	34.7	$	(5.6)	$	(7.2)
Total cash flow hedges	$	34.7	$	(5.6)	$	(7.2)



Other:
Net investment hedges	(58.7)		3.8		0.0
Total other	$	(58.7)	$	3.8	$	0.0
Total hedges	$	(24.0)	$	(1.8)	$	(7.2)


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Fiscal Year Ended
		July 1, 2023		July 2, 2022		July 3, 2021
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of Sales	$	(6.3)	$	(3.4)	$	(4.9)
Total hedges		$	(6.3)	$	(3.4)	$	(4.9)

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Jul. 01, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Merger Agreement On August 10, 2023, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among the Company, Sunrise Merger Sub, Inc., a direct wholly owned subsidiary of Tapestry, and Capri Holdings Limited ("Capri"). Under the terms of the Merger Agreement, Tapestry has agreed to acquire any and all of Capri’s ordinary shares (other than (a) Capri’s ordinary Shares that are issued and outstanding immediately prior to the consummation of the acquisition that are owned or held in treasury by the Company or by Capri or any of its direct or indirect subsidiaries and (b) Capri’s ordinary shares that are issued and outstanding immediately prior to the consummation of the acquisition that are held by holders who have properly exercised dissenters’ rights in accordance with, and who have complied with, Section 179 of the BVI Business Companies Act, 2004 (as amended) of the British Virgin Islands) in cash at a purchase price of $57.00 per share, without interest, subject to any required tax withholding as provided in the Merger Agreement. The purchase price is expected to be approximately $8.5 billion and the transaction is expected to close during calendar year 2024. Commitment Letter On August 10, 2023, the Company entered into a bridge facility commitment letter pursuant to which Bank of America, N.A., BofA Securities, Inc. and Morgan Stanley Senior Funding, Inc. committed to provide a $8.0 billion 364-day senior unsecured bridge loan facility to finance the acquisition. The commitment thereunder is subject to customary conditions.

SUBSEQUENT EVENTS (Details) - Subsequent Event	Aug. 10, 2023 USD ($) $ / shares
Letter of Credit \| Bridge Loan
Subsequent Event [Line Items]
Debt instrument, face amount	$ 8,000,000,000
Capri Holdings Limited
Subsequent Event [Line Items]
Business acquisition, share price (USD per share) \| $ / shares	$ 57.00
Business acquisition, purchase price	$ 8,500,000,000
Capri Holdings Limited \| Letter of Credit \| Bridge Loan
Subsequent Event [Line Items]
Debt instrument, face amount	$ 8,000,000,000

LEASES (Narrative) (Details) $ in Millions	12 Months Ended
LEASES (Narrative) (Details) $ in Millions	Jul. 01, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, liability	$ 11.0
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

EARNINGS PER SHARE

12 Months Ended

Jul. 01, 2023

Earnings Per Share [Abstract]

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:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
	(millions, except per share data)
Net income (loss)	$	936.0	$	856.3	$	834.2

Weighted-average basic shares	236.4		264.3		277.9
Dilutive securities:
Effect of dilutive securities	4.9		5.8		5.1
Weighted-average diluted shares	241.3		270.1		283.0

Net income (loss) per share:
Basic	$	3.96	$	3.24	$	3.00
Diluted	$	3.88	$	3.17	$	2.95

At July 1, 2023, options to purchase 2.1 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $41.65 to $56.39, were greater than the average market price of the common shares.

At July 2, 2022, options to purchase 5.4 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $33.46 to $58.54, were greater than the average market price of the common shares.

At July 3, 2021, options to purchase 3.7 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $44.97 to $78.46, were greater than the average market price of the common shares.

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 (loss) 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 (and any applicable market condition modifiers) (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 July 1, 2023, July 2, 2022 and July 3, 2021, there were approximately 2.7 million, 6.9 million, and 5.0 million, respectively, of 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.

RESTRUCTURING ACTIVITIES (Tables)

12 Months Ended

Jul. 01, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Plan Charges

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	$	16.6	$	5.9	$	67.1	$	89.6
Cash payments	(38.2)		(11.9)		(36.6)		(86.7)
Non-cash charges	—		5.8		(10.9)		(5.1)
Liability balance as of July 3, 2021	$	3.3	$	0.3	$	22.5	$	26.1
Fiscal 2022 charges	$	0.5	$	3.9	$	38.4	$	42.8
Cash payments	(2.7)		(6.4)		(38.2)		(47.3)
Non-cash charges	—		2.4		(17.2)		(14.8)
Liability balance as of July 2, 2022	$	1.1	$	0.2	$	5.5	$	6.8
Fiscal 2023 charges	$	—	$	—	$	—	$	—
Cash payments	(1.1)		(0.2)		(5.5)		(6.8)
Non-cash charges	—		—		—		—
Liability balance as of July 1, 2023	$	—	$	—	$	—	$	—

(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, establishing inventory reserves, accelerated depreciation and severance.

(3) Other charges, recorded within SG&A, primarily relates to share-based compensation and professional fees.

DEBT (Summary of Debt) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Dec. 01, 2021	Jun. 20, 2017	Mar. 02, 2015
Current Debt:
Current debt	$ 25.0	$ 31.2
Long-Term Debt:
Long-term debt	1,643.8	1,668.8
Less: Unamortized Discount and Debt Issuance Costs on Senior Notes	(8.0)	(9.6)
Total Long-Term Debt, net	1,635.8	1,659.2
Term Loan
Long-Term Debt:
Long-term debt	$ 443.8	468.8
Senior Notes \| 3.050% Senior Notes due 2032
Debt Instrument [Line Items]
Interest rate, stated percentage	3.05%		3.05%
Long-Term Debt:
Long-term debt	$ 500.0	500.0
Senior Notes \| 4.125% Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	4.125%		4.125%	4.125%
Long-Term Debt:
Long-term debt	$ 396.6	396.6
Senior Notes \| 4.250% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	4.25%		4.25%		4.25%
Long-Term Debt:
Long-term debt	$ 303.4	303.4
Term Loan
Current Debt:
Current debt	$ 25.0	$ 31.2

Audit Information	12 Months Ended
Audit Information	Jul. 01, 2023
Auditor Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York, New York

REVENUE

12 Months Ended

Jul. 01, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

The Company recognizes revenue primarily from sales of the products of its brands through retail and wholesale channels, including e-commerce sites. 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. Digital 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 digital 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.

Certain of the Company's retail operations use sales incentive programs, such as customer loyalty programs and the issuance of coupons. Loyalty programs provide the customer a material right to acquire additional products and give rise to the Company having a separate performance obligation. Additionally, certain products sold by the Company include an assurance warranty that is not considered a separate performance obligation. These programs are immaterial individually and in the aggregate.

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 fiscal year ended July 1, 2023.

The Company has elected a practical expedient 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 practical expedients elected 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)
Fiscal 2023
Coach	$	3,037.5	$	896.7	$	752.9	$	273.3	$	4,960.4
Kate Spade	1,142.8		47.9		140.4		87.8		1,418.9
Stuart Weitzman	180.0		71.2		1.8		28.6		281.6
Total	$	4,360.3	$	1,015.8	$	895.1	$	389.7	$	6,660.9

Fiscal 2022
Coach	$	3,102.8	$	892.2	$	691.3	$	235.0	$	4,921.3
Kate Spade	1,156.7		41.7		139.0		108.1		1,445.5
Stuart Weitzman	189.9		92.7		0.4		34.7		317.7
Total	$	4,449.4	$	1,026.6	$	830.7	$	377.8	$	6,684.5

Fiscal 2021
Coach	$	2,466.3	$	930.6	$	666.3	$	189.9	$	4,253.1
Kate Spade	936.7		55.2		134.7		83.4		1,210.0
Stuart Weitzman	139.4		108.3		4.0		31.5		283.2
Total	$	3,542.4	$	1,094.1	$	805.0	$	304.8	$	5,746.3

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

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

(3) Other sales primarily represents sales in Europe, the Middle East and royalties earned from the Company's licensing partners.

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 primarily related to 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 July 1, 2023 and July 2, 2022 was $43.0 million and $41.5 million, respectively, which were primarily recorded within Accrued liabilities on the Company's Consolidated Balance Sheets and are generally expected to be recognized as revenue within a year. For the fiscal year ended July 1, 2023, net sales of $23.5 million were recognized from amounts recorded as deferred revenue as of July 2, 2022. For the fiscal year ended July 2, 2022, net sales of $16.8 million were recognized from amounts recorded as deferred revenue as of July 3, 2021.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

RESTRUCTURING ACTIVITIES (Narrative) (Details) - USD ($)	12 Months Ended				36 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020	Jul. 02, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Selling, general and administrative expenses	Selling, general and administrative expenses	Cost of sales, Selling, general and administrative expenses
Acceleration Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 0				$ 219,400,000
Restructuring and related cost, charges incurred to date		$ 42,800,000	$ 89,600,000	$ 87,000,000	42,800,000
Selling, General and Administrative Expenses \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, charges incurred to date		42,800,000	89,600,000	78,600,000	42,800,000
Selling, General and Administrative Expenses \| Corporate \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, charges incurred to date		26,600,000	65,800,000	28,900,000	26,600,000
Cost of Sales \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, charges incurred to date				8,400,000
Coach \| Selling, General and Administrative Expenses \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, charges incurred to date		6,700,000	21,900,000	18,500,000	6,700,000
Kate Spade \| Selling, General and Administrative Expenses \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, charges incurred to date		5,900,000	4,400,000	13,600,000	5,900,000
Stuart Weitzman \| Selling, General and Administrative Expenses \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, charges incurred to date		$ 3,600,000	$ (2,500,000)	17,600,000	$ 3,600,000
Stuart Weitzman \| Cost of Sales \| Acceleration Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, charges incurred to date				$ 8,400,000

SHARE-BASED COMPENSATION (Summary of Stock Option Grant Weighted Average Assumptions) (Details) - Stock Options	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	4 years 10 months 24 days	5 years	5 years 1 month 6 days
Expected volatility	48.60%	46.90%	48.80%
Risk-free interest rate	3.30%	0.80%	0.30%
Dividend yield	3.40%	2.40%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES (Summary of Cash Flow) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 387.8	$ 418.3
Operating cash flows from finance leases	0.3	0.5
Financing cash flows from finance leases	1.1	0.9
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	390.7	111.7
Right-of-use assets obtained in exchange for finance lease liabilities	$ 0.0	$ 0.0

RELATED PARTIES (Details) - Stuart Weitzman Brand - Production of Inventory - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Related Party Transaction [Line Items]
Payments to related parties	$ 15.2	$ 15.6
Stuart Weitzman
Related Party Transaction [Line Items]
Ownership percentage of factory	50.00%

FAIR VALUE MEASUREMENTS

12 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

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 July 1, 2023 and July 2, 2022:


	Level 1				Level 2
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
	(millions)
Assets:
Cash equivalents(1)	$	155.7	$	99.1	$	11.9	$	10.9
Short-term investments:
Time deposits(2)	—		—		0.6		0.6
Commercial paper(2)	—		—		—		59.6
Government securities - U.S.(2)	—		39.4		—		—
Corporate debt securities - U.S.(2)	—		—		—		55.2

Other	—		—		14.8		8.6
Long-term investments:




Other	—		—		1.3		0.1
Derivative Assets:
Inventory-related instruments(3)	—		—		38.6		—
Net investment hedges(3)	—		—		13.1		47.8
Intercompany loans and payables(3)	—		—		0.4		0.4

Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	$	—	$	—	$	0.1	$	2.7
Net investment hedges(3)	—		—		90.5		44.0
Intercompany loans and payables(3)	—		—		0.2		0.5

(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.

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, right-of-use 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.

During the fiscal year ended July 1, 2023, the Company recorded $5.9 million of impairment charges to reduce the carrying amount of certain store assets within property and equipment, net to their estimated fair values. During the fiscal year ended July 2, 2022, the Company recorded $3.1 million of impairment charges to reduce the carrying amount of certain store assets within property and equipment, net to their estimated fair values.

During the fiscal year ended July 1, 2023, the Company recorded $1.3 million of impairment charges to reduce the carrying amount of certain operating lease right-of-use assets to their estimated fair values. During the fiscal year ended July 2, 2022, the Company recorded $0.9 million of impairment charges to reduce the carrying amount of certain operating lease right-of-use assets to their estimated fair values. The fair value of store 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 (Narrative) (Details) - USD ($)	12 Months Ended
INVESTMENTS (Narrative) (Details) - USD ($)	Jul. 01, 2023	Jul. 02, 2022
Investments, Debt and Equity Securities [Abstract]
Available-for-sale investments, accumulated gross unrealized gain (loss)	$ 0	$ 0
Available-for-sale investments, gross realized gain (loss)	$ 0	$ 0

EARNINGS PER SHARE (Tables)

12 Months Ended

Jul. 01, 2023

Earnings Per Share [Abstract]

Schedule of 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:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
	(millions, except per share data)
Net income (loss)	$	936.0	$	856.3	$	834.2

Weighted-average basic shares	236.4		264.3		277.9
Dilutive securities:
Effect of dilutive securities	4.9		5.8		5.1
Weighted-average diluted shares	241.3		270.1		283.0

Net income (loss) per share:
Basic	$	3.96	$	3.24	$	3.00
Diluted	$	3.88	$	3.17	$	2.95

DEBT (Senior Notes) (Details) - USD ($)				3 Months Ended	12 Months Ended
DEBT (Senior Notes) (Details) - USD ($)	Dec. 01, 2021	Jun. 20, 2017	Mar. 02, 2015	Dec. 31, 2022	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021	Aug. 10, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 0	$ 53,700,000	$ 0
Letter of Credit \| Bridge Loan \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount								$ 8,000,000,000
Letter of Credit \| Bridge Loan \| Subsequent Event \| Capri Holdings Limited
Debt Instrument [Line Items]
Debt instrument, face amount								$ 8,000,000,000
Senior Notes \| 3.050% Senior Notes due 2032
Debt Instrument [Line Items]
Interest rate, stated percentage	3.05%				3.05%
Debt instrument, face amount	$ 500,000,000
Debt instrument, issuance amount, percent of par	99.705%
Debt instrument, redemption price, percentage	100.00%
Senior Notes \| 3.050% Senior Notes due 2032 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value					$ 399,500,000	409,000,000
Senior Notes \| 3.050% Senior Notes due 2032 \| Adjusted Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Senior Notes \| 4.125% Senior Notes due 2027 and 4.250% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument, debt issuance costs, tender fees, and unamortized original discount	$ 4,500,000
Loss on extinguishment of debt				$ 53,700,000
Senior Notes \| 4.125% Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	4.125%	4.125%			4.125%
Debt instrument, face amount		$ 600,000,000
Debt instrument, issuance amount, percent of par		99.858%
Debt instrument, redemption price, percentage		100.00%
Tender offer, outstanding debt	$ 203,400,000
Tender premium	$ 22,400,000
Senior Notes \| 4.125% Senior Notes due 2027 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value					$ 371,700,000	383,000,000
Senior Notes \| 4.125% Senior Notes due 2027 \| Adjusted Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.30%
Senior Notes \| 4.250% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	4.25%		4.25%		4.25%
Debt instrument, face amount			$ 600,000,000
Debt instrument, issuance amount, percent of par			99.445%
Debt instrument, redemption price, percentage			100.00%
Tender offer, outstanding debt	$ 296,600,000
Tender premium	$ 26,800,000
Long-term debt, maturities, redemption period before maturity			90 days
Senior Notes \| 4.250% Senior Notes due 2025 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value					$ 295,100,000	$ 304,100,000
Senior Notes \| 4.250% Senior Notes due 2025 \| Adjusted Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.35%

RELATED PARTIES	12 Months Ended
RELATED PARTIES	Jul. 01, 2023
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIESThe Stuart Weitzman brand owns approximately 50% of a factory located in Spain, which is involved in the production of Stuart Weitzman inventory. Payments to this factory represented $15.2 million and $15.6 million in fiscal 2023 and fiscal 2022, respectively. Amounts payable to this factory were not material at July 1, 2023 or July 2, 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

INCOME TAXES (Tables)

12 Months Ended

Jul. 01, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (Benefit)

The provisions for income taxes, computed by applying the U.S. statutory rate to income before taxes, as reconciled to the actual provisions were:


	Fiscal Year Ended
	July 1, 2023				July 2, 2022				July 3, 2021
	Amount		Percentage		Amount		Percentage		Amount		Percentage
	(millions)
Income before provision for income taxes:
United States(1)	$	421.5	36.9	%	$	392.0	37.4	%	$	341.0	38.0	%
Foreign	721.6		63.1		655.0		62.6		556.3		62.0
Total income before provision for income taxes	$	1,143.1	100.0	%	$	1,047.0	100.0	%	$	897.3	100.0	%

Tax expense at U.S. statutory rate	$	240.0	21.0	%	$	219.9	21.0	%	$	188.4	21.0	%
State taxes, net of federal benefit	23.2		2.0		15.8		1.5		18.0		2.0
Effects of foreign operations(2)	4.3		0.4		(3.5)		(0.3)		6.5		0.7
Effects of tax credits and reorganization(3)	(61.3)		(5.4)		(49.8)		(4.8)		(94.5)		(10.5)

Change in state valuation allowance	—		—		—		—		11.5		1.3
Impact of net operating loss carryback	—		—		—		—		(65.4)		(7.3)
Other, net	0.9		0.1		8.3		0.8		(1.4)		(0.2)
Taxes at effective worldwide rates	$	207.1	18.1	%	$	190.7	18.2	%	$	63.1	7.0	%

(1)The United States jurisdiction includes foreign pre-tax earnings allocated to the Company from its interest in a foreign partnership.

(3) Fiscal 2021 is comprised primarily of $60.9 million of U.S. federal foreign tax credits generated in fiscal 2021.

Current and deferred tax provision (benefit) was:


	Fiscal Year Ended
	July 1, 2023				July 2, 2022				July 3, 2021
	Current		Deferred		Current		Deferred		Current		Deferred
	(millions)
Federal	$	111.6	$	24.7	$	104.0	$	13.9	$	(80.0)	$	57.3
Foreign	48.0		3.6		46.6		11.2		63.8		(9.4)
State	6.3		12.9		10.7		4.3		26.7		4.7
Total current and deferred tax provision (benefit)	$	165.9	$	41.2	$	161.3	$	29.4	$	10.5	$	52.6

As shown in the table below, the remaining Transition Tax payable is $68.3 million and is payable between fiscal 2024 and fiscal 2025.


	Transition Tax Payments
	(millions)



Fiscal 2024	$	24.8
Fiscal 2025	43.5

Total	$	68.3

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were:


	July 1, 2023		July 2, 2022
	(millions)
Share-based compensation	$	21.8	$	26.1
Reserves not deductible until paid	45.9		51.1

Employee benefits	23.1		36.7
Net operating loss	47.7		74.7
Other	67.2		19.6



Inventory	23.4		28.8
Lease liability	348.6		335.3
Gross deferred tax assets	577.7		572.3
Valuation allowance	34.3		51.6
Deferred tax assets after valuation allowance	$	543.4	$	520.7

Goodwill	64.4		69.1
Other intangibles	306.0		309.6
Property and equipment	24.8		11.3
Foreign investments	44.8		23.5
Right-of-use	302.1		280.4
Prepaid expenses	0.9		0.6


Gross deferred tax liabilities	743.0		694.5
Net deferred tax (liabilities) assets	$	(199.6)	$	(173.8)

Consolidated Balance Sheets Classification

Deferred income taxes – non-current asset	40.4		47.9

Deferred income taxes – non-current liability	(240.0)		(221.7)
Net deferred tax (liabilities) assets	$	(199.6)	$	(173.8)

Schedule of Unrecognized Tax Benefits Reconciliation

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:


	July 1, 2023		July 2, 2022		July 3, 2021
	(millions)
Balance at beginning of fiscal year	$	96.1	$	111.4	$	88.5
Gross increase due to tax positions related to prior periods	4.3		1.6		38.3
Gross decrease due to tax positions related to prior periods	(7.7)		(11.7)		(9.4)
Gross increase due to tax positions related to current period	5.2		7.4		6.8
Decrease due to lapse of statutes of limitations	(6.1)		(10.9)		(12.0)
Decrease due to settlements with taxing authorities	—		(1.7)		(0.8)

Balance at end of fiscal year	$	91.8	$	96.1	$	111.4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Jul. 01, 2023

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of Accumulated other comprehensive income (loss), 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(2)		Total
	(millions)
Balances at July 3, 2021	$	(0.7)	$	—	$	(71.3)	$	(72.0)
Other comprehensive income (loss) before reclassifications	(4.2)		(0.5)		(96.8)		(101.5)
Less: amounts reclassified from accumulated other comprehensive income (loss)	(2.6)		—		—		(2.6)
Net current-period other comprehensive income (loss)	(1.6)		(0.5)		(96.8)		(98.9)
Balances at July 2, 2022	$	(2.3)	$	(0.5)	$	(168.1)	$	(170.9)
Other comprehensive income (loss) before reclassifications	32.0		0.5		(56.7)		(24.2)
Less: amounts reclassified from accumulated other comprehensive income (loss)	(5.2)		—		—		(5.2)
Net current-period other comprehensive income (loss)	37.2		0.5		(56.7)		(19.0)
Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)

(1) The ending balances of AOCI related to cash flow hedges are net of tax of $(2.9) million and $0.9 million as of July 1, 2023 and July 2, 2022, respectively. The amounts reclassified from AOCI are net of tax of $1.1 million and $0.8 million as of July 1, 2023 and July 2, 2022, respectively.

(2) The ending balances of AOCI related to foreign currency translation adjustments includes a loss of $55.7 million and $7.6 million, net of tax of $(0.8) million and $(11.4) million, as of July 1, 2023 and July 2, 2022, respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign

SEGMENT INFORMATION (Tables)

12 Months Ended

Jul. 01, 2023

Segment Reporting [Abstract]

Schedule of Segment Performance

The following table summarizes net sales of each of the company's segments for fiscal 2023, fiscal 2022, and fiscal 2021:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Segment net sales:
Coach	$	4,960.4	$	4,921.3	$	4,253.1
Kate Spade	1,418.9		1,445.5		1,210.0
Stuart Weitzman	281.6		317.7		283.2
Total Net sales:	$	6,660.9	$	6,684.5	$	5,746.3

The following table summarizes segment operating profit of each of the company's segments and reconciliation to Income (loss) before provision for income taxes for fiscal 2023, fiscal 2022, and fiscal 2021:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Segment operating profit (loss):
Coach	$	1,529.9	$	1,473.9	$	1,312.1
Kate Spade	115.0		157.4		108.5
Stuart Weitzman	(6.7)		1.8		(8.6)
Total segment operating profit (loss):	$	1,638.2	$	1,633.1	$	1,412.0
Unallocated corporate expenses(1)	465.8		457.3		444.0
Loss on extinguishment of debt	—		53.7		—
Unallocated other charges, net(2)	29.3		75.1		70.7
Income (loss) before provision for income taxes	$	1,143.1	$	1,047.0	$	897.3

The following table summarizes depreciation and amortization expense of each of the company's segments for fiscal 2023, fiscal 2022, and fiscal 2021:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Depreciation and amortization expense(3):
Coach	$	94.7	$	110.1	$	102.2
Kate Spade	44.2		48.5		46.8
Stuart Weitzman	10.5		10.3		13.3
Unallocated corporate(1)	32.8		26.4		58.2
Total Depreciation and amortization expense:	$	182.2	$	195.3	$	220.5

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

(2) Includes Interest expense, net and Other expense (income).

(3) Depreciation and amortization expense for the segments includes an allocation of expense related to assets which support multiple segments. For the fiscal year ended July 3, 2021, depreciation and amortization expense includes $1.8 million of Acceleration Program costs.

The following table summarizes total assets of each of the company's segments for fiscal 2023, fiscal 2022, and fiscal 2021:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Segment total assets:
Coach	$	2,272.3	$	2,392.2	$	2,513.5
Kate Spade	2,597.3		2,641.3		2,707.3
Stuart Weitzman	235.8		269.3		298.6
Corporate	2,011.4		1,962.5		2,863.0
Total Assets:	$	7,116.8	$	7,265.3	$	8,382.4

Schedule of Net Sales by Product Category

The following table shows net sales for each product category represented:


	Fiscal Year Ended
	July 1, 2023				July 2, 2022				July 3, 2021
	Amount		% of total net sales		Amount		% of total net sales		Amount		% of total net sales
	(millions)
Coach
Women's Handbags	$	2,450.7	36.8	%	$	2,574.8	38.5	%	$	2,302.3	40.1	%
Women's Accessories	1,024.8		15.4		942.5		14.1		776.7		13.5
Men's	947.1		14.2		904.8		13.5		769.3		13.4
Other Products	537.8		8.1		499.2		7.5		404.8		7.0
Total Coach	$	4,960.4	74.5	%	$	4,921.3	73.6	%	$	4,253.1	74.0	%
Kate Spade
Women's Handbags	$	779.6	11.7	%	$	819.5	12.2	%	$	681.5	11.9	%
Other Products	332.4		5.0		319.0		4.8		269.3		4.7
Women's Accessories	306.9		4.6		307.0		4.6		259.2		4.5
Total Kate Spade	$	1,418.9	21.3	%	$	1,445.5	21.6	%	$	1,210.0	21.1	%
Stuart Weitzman(1)	$	281.6	4.2	%	$	317.7	4.8	%	$	283.2	4.9	%
Total Net sales	$	6,660.9	100.0	%	$	6,684.5	100.0	%	$	5,746.3	100.0	%

(1)The significant majority of sales for the Stuart Weitzman brand is attributable to women's footwear.

Schedule of Geographical Area Information


	United States		Greater China(2)		Japan		Other(3)		Total
	(millions)
Fiscal 2023
Net sales(1)	$	4,040.2	$	1,015.8	$	569.0	$	1,035.9	$	6,660.9
Long-lived assets	1,662.5		160.3		87.7		213.5		2,124.0
Fiscal 2022
Net sales(1)	$	4,174.3	$	1,026.6	$	578.8	$	904.8	$	6,684.5
Long-lived assets	1,578.9		131.0		94.0		231.6		2,035.5
Fiscal 2021
Net sales(1)	$	3,365.9	$	1,094.1	$	598.9	$	687.4	$	5,746.3
Long-lived assets	1,722.2		125.7		132.0		290.8		2,270.7

(1)Includes net sales from our global travel retail business in locations within the specified geographic area.

(2)Greater China includes sales in mainland China, Taiwan, Hong Kong SAR and Macao SAR.

(3)Other includes sales in Canada, Europe, Malaysia, Australia and New Zealand, Singapore, South Korea, other countries in Asia, and royalties earned from the Company's licensing partners.

EARNINGS PER SHARE (Summary of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 936.0	$ 856.3	$ 834.2
Weighted-average basic shares (shares)	236.4	264.3	277.9
Effect of dilutive securities (shares)	4.9	5.8	5.1
Weighted-average diluted shares (shares)	241.3	270.1	283.0
Net income (loss) per share:
Basic (USD per share)	$ 3.96	$ 3.24	$ 3.00
Diluted (USD per share)	$ 3.88	$ 3.17	$ 2.95

- 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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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

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Jul. 01, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Total Compensation Cost Charged Against Income and Related Tax Benefits

The following table shows the total compensation cost charged against income for these plans and the related tax benefits recognized in the Consolidated Statements of Operations:


	July 1, 2023		July 2, 2022		July 3, 2021
	(millions)
Share-based compensation expense(1)	$	78.8	$	89.4	$	74.9
Income tax benefit related to share-based compensation expense	12.9		15.2		12.9

Schedule of Stock Option Activity

A summary of stock option activity during the fiscal year ended July 1, 2023 is as follows:


	Number of Options Outstanding	Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
	(millions)				(millions)
Outstanding at July 2, 2022	10.0	$	34.52
Granted	1.1	35.42
Exercised	(1.4)	26.18
Forfeited or expired	(1.0)	50.17
Outstanding at July 1, 2023	8.7	34.02		5.3	$	90.4
Vested and expected to vest at July 1, 2023	8.6	34.08		5.3	89.1
Exercisable at July 1, 2023	5.8	36.52		4.1	49.3

Schedule of Stock Option Grant Weighted Average Assumptions

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:


	July 1, 2023		July 2, 2022		July 3, 2021
Expected term (years)	4.9		5.0		5.1
Expected volatility	48.6	%	46.9	%	48.8	%
Risk-free interest rate	3.3	%	0.8	%	0.3	%
Dividend yield	3.4	%	2.4	%	—	%

Schedule of Nonvested Share Activity

A summary of service-based RSU activity during the year ended July 1, 2023 is as follows:


	Number of Non-vested RSUs	Weighted- Average Grant- Date Fair Value per RSU
	(millions)
Non-vested at July 2, 2022	6.4	$	25.15
Granted	2.5	35.53

Vested	(2.4)	25.61
Forfeited	(0.6)	28.17
Non-vested at July 1, 2023	5.9	28.69

A summary of PRSU activity during the fiscal year ended July 1, 2023 is as follows:


	Number of Non-vested PRSUs	Weighted- Average Grant- Date Fair Value per PRSU
	(millions)
Non-vested at July 2, 2022	1.2	$	23.52
Granted	0.4	35.46
Change due to performance condition achievement	0.8	17.35
Vested	(1.7)	17.09
Forfeited	—	—
Non-vested at July 1, 2023	0.7	$	38.27

Schedule of Employee Purchase Rights Weighted Average Assumptions

Compensation expense is calculated for the fair value of employees’ purchase rights using the Black-Scholes model and the following weighted-average assumptions:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Expected term (years)	0.5		0.5		0.5
Expected volatility	38.2	%	38.2	%	81.6	%
Risk-free interest rate	3.3	%	0.1	%	0.1	%
Dividend yield	3.1	%	1.5	%	—	%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)	$ 936.0	$ 856.3	$ 834.2
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	182.2	195.3	218.7
Covid-19 related impairment charges	0.0	0.0	45.8
Provision for bad debt	5.7	19.9	2.8
Loss on extinguishment of debt	0.0	53.7	0.0
Share-based compensation	78.8	72.2	64.1
Acceleration program charges	0.0	14.8	5.1
Deferred income taxes	41.2	29.9	52.6
Changes to lease related balances, net	(36.0)	(53.4)	(125.6)
Gain on sale of building	0.0	0.0	(13.2)
Gain on deferred purchase price	0.0	0.0	(12.5)
Other non-cash charges, net	(15.8)	31.3	21.4
Changes in operating assets and liabilities:
Trade accounts receivable	44.1	(96.0)	(9.6)
Inventories	49.9	(311.7)	32.2
Other liabilities	(61.1)	(9.2)	(16.8)
Accounts payable	(98.1)	86.4	307.3
Accrued liabilities	(93.0)	(16.1)	140.3
Other assets	(58.7)	(20.2)	(223.1)
Net cash provided by (used in) operating activities	975.2	853.2	1,323.7
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchases of property and equipment	(184.2)	(93.9)	(116.0)
Purchases of investments	(6.7)	(540.4)	(0.7)
Proceeds from maturities and sales of investments	154.7	380.7	1.8
Proceeds from sale of building	0.0	0.0	23.9
Settlement of net investment hedge	41.9	0.0	0.0
Net cash provided by (used in) investing activities	5.7	(253.6)	(91.0)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Payment of dividends	(283.3)	(264.4)	0.0
Repurchase of common stock	(703.5)	(1,600.0)	0.0
Proceeds from issuance of debt, net of discount	0.0	998.5	0.0
Payment of initial debt costs	0.0	(4.6)	0.0
Payment of debt extinguishment costs	0.0	(50.7)	0.0
Repayment of debt	(31.2)	(900.0)	(11.5)
Proceeds from share-based awards	38.8	74.7	61.2
Repayment of revolving credit facility	0.0	0.0	(700.0)
Taxes paid to net settle share-based awards	(55.6)	(30.6)	(7.5)
Other financing activity	(1.1)	(1.0)	(8.2)
Net cash provided by (used in) financing activities	(1,035.9)	(1,778.1)	(666.0)
Effect of exchange rate changes on cash and cash equivalents	(8.7)	(39.4)	14.7
Net (decrease) increase in cash and cash equivalents	(63.7)	(1,217.9)	581.4
Cash and cash equivalents at beginning of year	789.8	2,007.7	1,426.3
Cash and cash equivalents at end of year	726.1	789.8	2,007.7
Supplemental information:
Cash paid for income taxes, net	231.9	179.7	251.8
Cash paid for interest	82.6	67.8	69.7
Non-cash investing activity – property and equipment obligations	$ 11.0	$ 6.7	$ 14.4

DEBT

12 Months Ended

Jul. 01, 2023

Debt Disclosure [Abstract]

DEBT

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


	July 1, 2023		July 2, 2022
	(millions)
Current Debt:


Term Loan	$	25.0	$	31.2
Total Current Debt	$	25.0	$	31.2

Long-Term Debt:
Term Loan	$	443.8	$	468.8
3.050% Senior Notes due 2032	500.0		500.0
4.125% Senior Notes due 2027	396.6		396.6

4.250% Senior Notes due 2025	303.4		303.4
Total Long-Term Debt	1,643.8		1,668.8
Less: Unamortized Discount and Debt Issuance Costs on Senior Notes	(8.0)		(9.6)
Total Long-Term Debt, net	$	1,635.8	$	1,659.2

During fiscal 2023, 2022 and 2021 the Company recognized interest expense related to the outstanding debt of $72.8 million, $68.8 million and $73.5 million, respectively.

$1.25 Billion Revolving Credit Facility and $500.0 Million Term Loan

On May 11, 2022, 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 $1.25 billion revolving credit facility (the “$1.25 Billion Revolving Credit Facility”) and an unsecured $500.0 million Term Loan (the “Term Loan”). Both the $1.25 Billion Revolving Credit Facility and Term Loan (collectively, the “Credit Facilities”) will mature on May 11, 2027. The Company and its subsidiaries must comply on a quarterly basis with a maximum 4.0 to 1.0 ratio of (a) consolidated debt minus unrestricted cash and cash equivalents in excess of $300 million to (b) consolidated EBITDAR.

Borrowings under the $1.25 Billion Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s option, (i) for borrowings in U.S. Dollars, either (a) an alternate base rate or (b) a term secured overnight financing rate, (ii) for borrowings in Euros, the Euro Interbank Offered Rate, (iii) for borrowings in Pounds Sterling, the Sterling Overnight Index Average Reference Rate and (iv) for borrowings in Japanese Yen, the Tokyo Interbank Offer Rate, plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a grid (the “Pricing Grid”) based on the ratio of (a) consolidated debt to (b) consolidated EBITDAR (the “Gross Leverage Ratio”). Additionally, the Company will pay facility fees, calculated at a rate per annum determined in accordance with the Pricing Grid, on the full amount of the $1.25 Billion Revolving Credit Facility, payable quarterly in arrears, and certain fees with respect to letters of credit that are issued. The $1.25 Billion 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 backup). There were no outstanding borrowings on the $1.25 Billion Revolving Credit Facility as of July 1, 2023.

The Term Loan includes up to a two-month delayed draw period from the closing date. In the fourth quarter of fiscal 2022 the Company drew down on the Term Loan to satisfy the Company’s remaining obligations under the 3.000% senior unsecured notes due 2022 and for general corporate purposes. The Term Loan amortizes in an amount equal to 5.00% per annum, with payments made quarterly. Borrowings under the Term Loan bear interest at a rate per annum equal to, at the Company’s option, either (i) an alternate base rate or (ii) a term secured overnight financing rate plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a pricing grid based on the Gross Leverage Ratio. Additionally, the Company will pay a ticking fee on the undrawn amount of the Term Loan.

3.050% Senior Notes due 2032

On December 1, 2021, the Company issued $500.0 million aggregate principal amount of 3.050% senior unsecured notes due March 15, 2032 at 99.705% of par (the "2032 Senior Notes"). Interest is payable semi-annually on March 15 and September 15 beginning March 15, 2022. Prior to December 15, 2031 (the date that is three months prior to the scheduled maturity date), the Company may redeem the 2032 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 2032 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 2032 Senior Notes calculated as if the maturity date of the 2032 Senior Notes was December 15, 2031 (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.

Cash Tender Offer

On December 1, 2021, the proceeds from the 2032 Senior Notes were utilized to complete a cash tender offer of $203.4 million and $296.6 million of the outstanding aggregate principal amount of the Company's 2027 Senior Notes (defined below under "4.125% Senior Notes due 2027") and 2025 Senior Notes (defined below under "4.250% Senior Notes due 2025"), respectively. As a result of these cash tender offers completed prior to their scheduled maturities, the transactions were subject to a premium of $22.4 million and $26.8 million for the 2027 Senior Notes and 2025 Senior Notes, respectively. Additionally, the Company recognized $4.5 million of debt issuance costs, tender fees, and unamortized original discount in connection with the transaction. These premiums and costs, which totaled $53.7 million, were recorded as a pre-tax debt extinguishment charge during the second quarter of fiscal 2022. Refer to the fiscal 2022, "GAAP to Non-GAAP Reconciliation," in Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for additional information.

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 month 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. On December 1, 2021, the Company completed a cash tender offer for $203.4 million of the outstanding aggregate principal amount of its 2027 Senior Notes.

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. On December 1, 2021, the Company completed a cash tender offer for $296.6 million of the outstanding aggregate principal amount of its 2025 Senior Notes.

At July 1, 2023, the fair value of the 2032, 2027, and 2025 Senior Notes was approximately $399.5 million, $371.7 million, and $295.1 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 Level 2 measurements within the fair value hierarchy. At July 2, 2022, the fair value of the 2032, 2027 and 2025 Senior Notes was approximately $409.0 million, $383.0 million and $304.1 million, respectively.

Capri Holdings Limited Acquisition

Subsequent to the fiscal 2023 year end, on August 10, 2023, the Company entered into an Agreement and Plan of Merger by and among the Company, Sunrise Merger Sub Inc., a direct wholly owned subsidiary of Tapestry, and Capri Holdings Limited. In addition, on August 10, 2023 the Company entered into a bridge facility commitment letter pursuant to which Bank of America, N.A., BofA Securities, Inc. and Morgan Stanley Senior Funding, Inc. committed to provide a $8.0 billion 364-day senior unsecured bridge loan facility to finance the acquisition. The commitment thereunder is subject to customary conditions.

Refer to Note 21, "Subsequent Event", for further information.

Debt Maturities

As of July 1, 2023 the debt maturities for the next five fiscal years and thereafter are as follows:


	Principal
	(millions)
2024	$	25.0
2025	328.4
2026	25.0
2027	393.8
2028	396.6
Thereafter	500.0
Total	$	1,668.8

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Jul. 01, 2023

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive income (loss), 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(2)		Total
	(millions)
Balances at July 3, 2021	$	(0.7)	$	—	$	(71.3)	$	(72.0)
Other comprehensive income (loss) before reclassifications	(4.2)		(0.5)		(96.8)		(101.5)
Less: amounts reclassified from accumulated other comprehensive income (loss)	(2.6)		—		—		(2.6)
Net current-period other comprehensive income (loss)	(1.6)		(0.5)		(96.8)		(98.9)
Balances at July 2, 2022	$	(2.3)	$	(0.5)	$	(168.1)	$	(170.9)
Other comprehensive income (loss) before reclassifications	32.0		0.5		(56.7)		(24.2)
Less: amounts reclassified from accumulated other comprehensive income (loss)	(5.2)		—		—		(5.2)
Net current-period other comprehensive income (loss)	37.2		0.5		(56.7)		(19.0)
Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)

LEASES (Summary of Costs) (Details) - USD ($) $ in Millions	12 Months Ended
LEASES (Summary of Costs) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Leases [Abstract]
Amortization of right-of-use assets	$ 1.1	$ 0.9
Interest on lease liabilities	0.3	0.5
Total finance lease cost	1.4	1.4
Operating lease cost	323.1	331.9
Short-term lease cost	29.8	23.5
Variable lease cost	209.6	203.0
Operating lease right-of-use impairment	1.3	0.9
Less: sublease income	(18.1)	(19.7)
Total net lease cost	$ 547.1	$ 541.0

SEGMENT INFORMATION (Summary of Segment Operating Profit (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Segment Reporting Information [Line Items]
Segment operating profit	$ 1,172.4	$ 1,175.8	$ 968.0
Loss on extinguishment of debt	0.0	53.7	0.0
Income (loss) before provision for income taxes	1,143.1	1,047.0	897.3
Operating Segments
Segment Reporting Information [Line Items]
Segment operating profit	1,638.2	1,633.1	1,412.0
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Segment operating profit	1,529.9	1,473.9	1,312.1
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Segment operating profit	115.0	157.4	108.5
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Segment operating profit	(6.7)	1.8	(8.6)
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate expenses	465.8	457.3	444.0
Unallocated other charges, net	$ 29.3	$ 75.1	$ 70.7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following tables provide information related to the Company's derivative instruments recorded on the Company's Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	Notional Value				Derivative Assets					Derivative Liabilities
Designated Derivative Hedging Instruments						Fair Value					Fair Value
	July 1, 2023		July 2, 2022		Classification on the Consolidated Balance Sheets	July 1, 2023		July 2, 2022		Classification on the Consolidated Balance Sheets	July 1, 2023		July 2, 2022
	(millions)
FC - Inventory purchases(1)	$	842.3	$	41.5	Other Current Assets	$	38.6	$	—	Accrued Liabilities	$	0.1	$	2.7
FC - Intercompany liabilities and loans(2)	272.3		274.1		Other Current Assets	0.4		0.4		Accrued Liabilities	0.2		0.5
CCS - Net investment hedges(3)	1,200.0		1,200.0		Other Assets	13.1		47.8		Other Liabilities	90.5		44.0
Total Hedges	$	2,314.6	$	1,515.6		$	52.1	$	48.2		$	90.8	$	47.2

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

(2)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in fair value hedging relationships.

(3)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships.


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	34.7	$	(5.6)	$	(7.2)
Total cash flow hedges	$	34.7	$	(5.6)	$	(7.2)



Other:
Net investment hedges	(58.7)		3.8		0.0
Total other	$	(58.7)	$	3.8	$	0.0
Total hedges	$	(24.0)	$	(1.8)	$	(7.2)


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Fiscal Year Ended
		July 1, 2023		July 2, 2022		July 3, 2021
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of Sales	$	(6.3)	$	(3.4)	$	(4.9)
Total hedges		$	(6.3)	$	(3.4)	$	(4.9)

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

For forward foreign currency exchange contracts that are designated as fair value hedges, both the gain (loss) on the derivative as well as the offsetting gain (loss) on the hedged item attributable to the hedged risk are recorded within Other expense (income) on the Company's Consolidated Statement of Operations.

The Company expects that $25.5 million of net derivative gains included in Accumulated other comprehensive income at July 1, 2023 will be reclassified into earnings within the next 12 months. This amount will vary due to fluctuations in foreign currency exchange rates.

The Company assesses the cross-currency swaps used as a net investment hedges under the spot method. This results in the cross-currency basis spread being excluded from the assessment of hedge effectiveness, and recorded as incurred as a reduction in interest expense in the Company’s consolidated statements of operations. Accordingly, the Company recorded net interest income of $28.5 million and $2.2 million during fiscal 2023 and fiscal 2022, respectively.

SEGMENT INFORMATION

12 Months Ended

Jul. 01, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company has three reportable segments:

•Coach - Includes global sales primarily of Coach products to customers through Coach operated stores, including e-commerce sites 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 e-commerce sites and concession shop-in-shops, sales to wholesale customers, and through independent third-party distributors.

•Stuart Weitzman - Includes global sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores, sales to wholesale customers, through e-commerce sites and through independent third-party distributors.

In deciding how to allocate resources and assess performance, the Company's chief operating decision maker regularly evaluates operating profit of these segments. Segment operating profit is the gross profit of the segment less direct expenses of the segment. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the chief operating decision maker at the segment level.

The following table summarizes net sales of each of the company's segments for fiscal 2023, fiscal 2022, and fiscal 2021:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Segment net sales:
Coach	$	4,960.4	$	4,921.3	$	4,253.1
Kate Spade	1,418.9		1,445.5		1,210.0
Stuart Weitzman	281.6		317.7		283.2
Total Net sales:	$	6,660.9	$	6,684.5	$	5,746.3


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Segment operating profit (loss):
Coach	$	1,529.9	$	1,473.9	$	1,312.1
Kate Spade	115.0		157.4		108.5
Stuart Weitzman	(6.7)		1.8		(8.6)
Total segment operating profit (loss):	$	1,638.2	$	1,633.1	$	1,412.0
Unallocated corporate expenses(1)	465.8		457.3		444.0
Loss on extinguishment of debt	—		53.7		—
Unallocated other charges, net(2)	29.3		75.1		70.7
Income (loss) before provision for income taxes	$	1,143.1	$	1,047.0	$	897.3

The following table summarizes depreciation and amortization expense of each of the company's segments for fiscal 2023, fiscal 2022, and fiscal 2021:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Depreciation and amortization expense(3):
Coach	$	94.7	$	110.1	$	102.2
Kate Spade	44.2		48.5		46.8
Stuart Weitzman	10.5		10.3		13.3
Unallocated corporate(1)	32.8		26.4		58.2
Total Depreciation and amortization expense:	$	182.2	$	195.3	$	220.5

(2) Includes Interest expense, net and Other expense (income).

The following table summarizes total assets of each of the company's segments for fiscal 2023, fiscal 2022, and fiscal 2021:


	Fiscal Year Ended
	July 1, 2023		July 2, 2022		July 3, 2021
Segment total assets:
Coach	$	2,272.3	$	2,392.2	$	2,513.5
Kate Spade	2,597.3		2,641.3		2,707.3
Stuart Weitzman	235.8		269.3		298.6
Corporate	2,011.4		1,962.5		2,863.0
Total Assets:	$	7,116.8	$	7,265.3	$	8,382.4

The following table shows net sales for each product category represented:


	Fiscal Year Ended
	July 1, 2023				July 2, 2022				July 3, 2021
	Amount		% of total net sales		Amount		% of total net sales		Amount		% of total net sales
	(millions)
Coach
Women's Handbags	$	2,450.7	36.8	%	$	2,574.8	38.5	%	$	2,302.3	40.1	%
Women's Accessories	1,024.8		15.4		942.5		14.1		776.7		13.5
Men's	947.1		14.2		904.8		13.5		769.3		13.4
Other Products	537.8		8.1		499.2		7.5		404.8		7.0
Total Coach	$	4,960.4	74.5	%	$	4,921.3	73.6	%	$	4,253.1	74.0	%
Kate Spade
Women's Handbags	$	779.6	11.7	%	$	819.5	12.2	%	$	681.5	11.9	%
Other Products	332.4		5.0		319.0		4.8		269.3		4.7
Women's Accessories	306.9		4.6		307.0		4.6		259.2		4.5
Total Kate Spade	$	1,418.9	21.3	%	$	1,445.5	21.6	%	$	1,210.0	21.1	%
Stuart Weitzman(1)	$	281.6	4.2	%	$	317.7	4.8	%	$	283.2	4.9	%
Total Net sales	$	6,660.9	100.0	%	$	6,684.5	100.0	%	$	5,746.3	100.0	%

(1)The significant majority of sales for the Stuart Weitzman brand is attributable to women's footwear.

Geographic Area Information

Geographic revenue information is based on the location of our customer sale. Geographic long-lived asset information is based on the physical location of the assets at the end of each fiscal year and includes property and equipment, net, right of use assets and other assets.


	United States		Greater China(2)		Japan		Other(3)		Total
	(millions)
Fiscal 2023
Net sales(1)	$	4,040.2	$	1,015.8	$	569.0	$	1,035.9	$	6,660.9
Long-lived assets	1,662.5		160.3		87.7		213.5		2,124.0
Fiscal 2022
Net sales(1)	$	4,174.3	$	1,026.6	$	578.8	$	904.8	$	6,684.5
Long-lived assets	1,578.9		131.0		94.0		231.6		2,035.5
Fiscal 2021
Net sales(1)	$	3,365.9	$	1,094.1	$	598.9	$	687.4	$	5,746.3
Long-lived assets	1,722.2		125.7		132.0		290.8		2,270.7

(1)Includes net sales from our global travel retail business in locations within the specified geographic area.

(2)Greater China includes sales in mainland China, Taiwan, Hong Kong SAR and Macao SAR.

(3)Other includes sales in Canada, Europe, Malaysia, Australia and New Zealand, Singapore, South Korea, other countries in Asia, and royalties earned from the Company's licensing partners.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Income Statement [Abstract]
Net sales	$ 6,660.9	$ 6,684.5	$ 5,746.3
Cost of sales	1,946.0	2,034.1	1,664.4
Gross profit	4,714.9	4,650.4	4,081.9
Selling, general and administrative expenses	3,542.5	3,474.6	3,113.9
Operating income (loss)	1,172.4	1,175.8	968.0
Loss on extinguishment of debt	0.0	53.7	0.0
Interest expense, net	27.6	58.7	71.4
Other expense (income)	1.7	16.4	(0.7)
Income (loss) before provision for income taxes	1,143.1	1,047.0	897.3
Provision for income taxes	207.1	190.7	63.1
Net income (loss)	$ 936.0	$ 856.3	$ 834.2
Net income (loss) per share:
Basic (USD per share)	$ 3.96	$ 3.24	$ 3.00
Diluted (USD per share)	$ 3.88	$ 3.17	$ 2.95
Shares used in computing net income (loss) per share:
Basic (shares)	236.4	264.3	277.9
Diluted (shares)	241.3	270.1	283.0

INCOME TAXES (Narrative) (Details) $ in Millions	12 Months Ended
INCOME TAXES (Narrative) (Details) $ in Millions	Jul. 01, 2023 USD ($) audit	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)	Jun. 27, 2020 USD ($)
Income Tax Contingency [Line Items]
Gross unrecognized tax benefit	$ 91.8	$ 96.1	$ 111.4	$ 88.5
Unrecognized tax benefit that would impact effective tax rate	87.1	88.3
Gross interest and penalties payable	10.3	8.2
Interest and penalty expense (income)	2.3	(1.5)	$ 0.8
Net operating loss	47.7	74.7
Valuation allowance	34.3	51.6
Undistributed earnings of foreign subsidiaries	835.1	747.6
Deferred income taxes	240.0	221.7
Transition tax for accumulated foreign earnings, payable	$ 68.3
Minimum
Income Tax Contingency [Line Items]
Number of audits anticipated to be finalized \| audit	1
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries		2.0
Maximum
Income Tax Contingency [Line Items]
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries		4.0
State
Income Tax Contingency [Line Items]
Net operating loss	$ 547.2	706.0
Pending distribution of accumulated earnings of foreign subsidiary	708.1
Deferred income taxes	2.4
Foreign
Income Tax Contingency [Line Items]
Net operating loss	$ 80.6	$ 123.9

LEASES (Summary of Weighted Averages) (Details)	Jul. 01, 2023	Jul. 02, 2022
Weighted average remaining lease term (years):
Operating leases	8 years 3 months 18 days	8 years
Finance leases	1 year 10 months 24 days	2 years 10 months 24 days
Weighted average discount rate:
Operating leases	4.20%	3.90%
Finance leases	11.30%	11.30%

EARNINGS PER SHARE (Narrative) (Details) - $ / shares shares in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options' exercise prices, lower limit (USD per share)	$ 41.65	$ 33.46	$ 44.97
Options' exercise prices, upper limit (USD per share)	$ 56.39	$ 58.54	$ 78.46
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock excluded from the computation of diluted earnings per share (shares)	2.1	5.4	3.7
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock excluded from the computation of diluted earnings per share (shares)	2.7	6.9	5.0

DEFINED CONTRIBUTION PLAN	12 Months Ended
DEFINED CONTRIBUTION PLAN	Jul. 01, 2023
Retirement Benefits [Abstract]
DEFINED CONTRIBUTION PLAN	DEFINED CONTRIBUTION PLANThe Company maintains the Tapestry, Inc. 401(k) Savings Plan, which is a defined contribution plan. Employees who meet certain eligibility requirements and are not part of a collective bargaining agreement may participate in this program. The annual expense incurred by the Company for this defined contribution plan was $13.4 million, $11.8 million and $10.6 million in fiscal 2023, fiscal 2022 and fiscal 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

FAIR VALUE MEASUREMENTS (Summary of Fair Value Measurements of Assets and Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturity of time deposits	3 months
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 155.7	$ 99.1
Level 1 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liability	0.0	0.0
Level 1 \| Net investment hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liability	0.0	0.0
Level 1 \| Intercompany loans and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	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 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 1 \| Short-term Investments \| Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	39.4
Level 1 \| Short-term Investments \| Corporate debt securities - U.S.
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	11.9	10.9
Level 2 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	38.6	0.0
Derivative liability	0.1	2.7
Level 2 \| Net investment hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	13.1	47.8
Derivative liability	90.5	44.0
Level 2 \| Intercompany loans and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.4	0.4
Derivative liability	0.2	0.5
Level 2 \| Short-term Investments \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.6	0.6
Level 2 \| Short-term Investments \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	59.6
Level 2 \| Short-term Investments \| Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 2 \| Short-term Investments \| Corporate debt securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	55.2
Level 2 \| Short-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	14.8	8.6
Level 2 \| Long-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 1.3	$ 0.1

Cover Page - USD ($)
$ in Billions

12 Months Ended

Jul. 01, 2023

Aug. 04, 2023

Dec. 30, 2022

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Jul. 01, 2023

Current Fiscal Year End Date

--07-01

Document Transition Report

false

Entity File Number

1-16153

Entity Registrant Name

Tapestry, Inc.

Entity Incorporation, State or Country Code

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

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 Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

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

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction

false

Entity Shell Company

false

Entity Public Float

$ 9.0

Entity Common Stock, Shares Outstanding

227,439,225

Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE


Documents						Form 10-K Reference
Proxy Statement for the 2023 Annual Meeting of Stockholders						Part III, Items 10 – 14

Amendment Flag

false

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

Entity Central Index Key

0001116132

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization of intangible assets	$ 6,500,000	$ 6,600,000
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	6 years 9 months 18 days
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	9 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Current Assets:
Cash and cash equivalents	$ 726.1	$ 789.8
Short-term investments	15.4	163.4
Trade accounts receivable, less allowances for credit losses of $5.8 and $3.7, respectively	211.5	252.3
Inventories	919.5	994.2
Income tax receivable	231.1	217.2
Prepaid expenses	126.3	105.2
Other current assets	133.6	51.7
Total current assets	2,363.5	2,573.8
Property and equipment, net	564.5	544.4
Operating lease right-of-use assets	1,378.7	1,281.6
Goodwill	1,227.5	1,241.5
Intangible assets	1,360.1	1,366.6
Deferred income taxes – non-current asset	40.4	47.9
Other assets	182.1	209.5
Total assets	7,116.8	7,265.3
Current Liabilities:
Accounts payable	416.9	520.7
Accrued liabilities	547.1	628.2
Current portion of operating lease liabilities	297.5	288.7
Current debt	25.0	31.2
Total current liabilities	1,286.5	1,468.8
Long-term debt	1,635.8	1,659.2
Long-term operating lease liabilities	1,333.7	1,282.3
Deferred income taxes	240.0	221.7
Long-term income taxes payable	43.5	95.3
Other liabilities	299.5	252.5
Total liabilities	4,839.0	4,979.8
See Note 13 on commitments and contingencies
Stockholders’ Equity:
Preferred stock: (authorized 25.0 million shares; $0.01 par value) none issued	0.0	0.0
Common stock: (authorized 1.0 billion shares; $0.01 par value) issued and outstanding – 227.4 million and 241.2 million shares, respectively	2.3	2.4
Additional paid-in-capital	3,682.2	3,620.2
Retained earnings (accumulated deficit)	(1,216.8)	(1,166.2)
Accumulated other comprehensive income (loss)	(189.9)	(170.9)
Total stockholders’ equity	2,277.8	2,285.5
Total liabilities and stockholders’ equity	$ 7,116.8	$ 7,265.3

SEGMENT INFORMATION (Summary of Segment Net Sales) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Segment Reporting Information [Line Items]
Net sales	$ 6,660.9	$ 6,684.5	$ 5,746.3
Coach
Segment Reporting Information [Line Items]
Net sales	4,960.4	4,921.3	4,253.1
Kate Spade
Segment Reporting Information [Line Items]
Net sales	1,418.9	1,445.5	1,210.0
Stuart Weitzman
Segment Reporting Information [Line Items]
Net sales	281.6	317.7	283.2
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Net sales	4,960.4	4,921.3	4,253.1
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Net sales	1,418.9	1,445.5	1,210.0
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Net sales	$ 281.6	$ 317.7	$ 283.2

- Definition

+ References

+ Details

REVENUE (Tables)

12 Months Ended

Jul. 01, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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)
Fiscal 2023
Coach	$	3,037.5	$	896.7	$	752.9	$	273.3	$	4,960.4
Kate Spade	1,142.8		47.9		140.4		87.8		1,418.9
Stuart Weitzman	180.0		71.2		1.8		28.6		281.6
Total	$	4,360.3	$	1,015.8	$	895.1	$	389.7	$	6,660.9

Fiscal 2022
Coach	$	3,102.8	$	892.2	$	691.3	$	235.0	$	4,921.3
Kate Spade	1,156.7		41.7		139.0		108.1		1,445.5
Stuart Weitzman	189.9		92.7		0.4		34.7		317.7
Total	$	4,449.4	$	1,026.6	$	830.7	$	377.8	$	6,684.5

Fiscal 2021
Coach	$	2,466.3	$	930.6	$	666.3	$	189.9	$	4,253.1
Kate Spade	936.7		55.2		134.7		83.4		1,210.0
Stuart Weitzman	139.4		108.3		4.0		31.5		283.2
Total	$	3,542.4	$	1,094.1	$	805.0	$	304.8	$	5,746.3

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

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

(3) Other sales primarily represents sales in Europe, the Middle East and royalties earned from the Company's licensing partners.

DEBT (Revolving Credit Facility and Term Loan) (Details)		12 Months Ended
	May 11, 2022 USD ($)	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)
Debt Instrument [Line Items]
Interest expense		$ 72,800,000	$ 68,800,000	$ 73,500,000
3.000% Senior Notes due 2022 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%
Revolving Credit Facility \| $1.25 Billion Revolving Credit Facility and $500.0 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,250,000,000
Net leverage ratio	4.0
Revolving Credit Facility \| $1.25 Billion Revolving Credit Facility and $500.0 Million Term Loan \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,250,000,000	1,250,000,000
Debt instrument, delayed draw period	2 months
Revolving Credit Facility \| $1.25 Billion Revolving Credit Facility and $500.0 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000	$ 500,000,000.0
Interest rate, stated percentage	5.00%
Revolving Credit Facility \| $1.25 Billion Revolving Credit Facility and $500.0 Million Term Loan \| Minimum
Debt Instrument [Line Items]
Consolidated debt including operating lease liability less cash	$ 300,000,000

DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Millions	12 Months Ended
DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Retirement Benefits [Abstract]
Defined contribution plan expense	$ 13.4	$ 11.8	$ 10.6

SUPPLEMENTAL BALANCE SHEET INFORMATION (Summary of Components of Certain Balance Sheet Accounts) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Property and equipment
Land and building	$ 8.0	$ 8.0
Machinery and equipment	67.2	50.1
Software and computer equipment	627.6	584.7
Furniture and fixtures	306.5	310.7
Leasehold improvements	778.5	738.2
Construction in progress	14.3	40.4
Less: accumulated depreciation	(1,237.6)	(1,187.7)
Total property and equipment, net	564.5	544.4
Accrued liabilities
Payroll and employee benefits	131.9	212.4
Accrued rent	18.4	18.9
Accrued income taxes	41.8	35.8
Accrued freight	52.1	80.4
Operating expenses	302.9	280.7
Total accrued liabilities	547.1	628.2
Other liabilities
Deferred lease obligation	40.2	46.0
Gross unrecognized tax benefit	91.8	96.1	$ 111.4	$ 88.5
Other	167.5	110.4
Total other liabilities	$ 299.5	$ 252.5

REVENUE (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
REVENUE (Narrative) (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 43.0	$ 41.5
Deferred revenue, revenue recognized	$ 23.5	$ 16.8
Net Sales \| Licensing Business \| Revenue from Rights Concentration Risk
Disaggregation of Revenue [Line Items]
Percent of total sales	1.00%
Minimum
Disaggregation of Revenue [Line Items]
Revenue, payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Revenue, payment terms	90 days

SHARE-BASED COMPENSATION (Summary of Total Compensation Cost Charged Against Income and Related Tax Benefits) (Details) - USD ($)	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 78,800,000	$ 89,400,000	$ 74,900,000
Income tax benefit related to share-based compensation expense	12,900,000	15,200,000	12,900,000
Employee Severance \| Acceleration Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 17,200,000	$ 10,800,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INVESTMENTS

12 Months Ended

Jul. 01, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The following table summarizes the Company’s primarily U.S. dollar-denominated investments, recorded within the Consolidated Balance Sheets as of July 1, 2023 and July 2, 2022:


	July 1, 2023						July 2, 2022
	Short-term		Long-term(3)		Total		Short-term		Long-term(3)		Total
	(millions)
Available-for-sale investments:
Commercial paper(1)	$	—	$	—	$	—	$	59.6	$	—	$	59.6
Government securities – U.S.(2)	—		—		—		39.4		—		39.4
Corporate debt securities – U.S.(2)	—		—		—		55.2		—		55.2


Total Available-for-sale investments	$	—	$	—	$	—	$	154.2	$	—	$	154.2





Other:
Time deposits(1)	0.6		—		0.6		0.6		—		0.6
Other	14.8		1.3		16.1		8.6		0.1		8.7
Total Investments	$	15.4	$	1.3	$	16.7	$	163.4	$	0.1	$	163.5

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

(2)These securities as of period end have maturity dates during their respective following fiscal years and are recorded at fair value.

(3)Long-term investments are presented within Other assets on the Consolidated Balance Sheets.

There were no material gross realized and unrealized gains or losses on available-for-sale investments as of the periods ended July 1, 2023 and July 2, 2022.