0001116132-24-000007 | 10-Q | XBRL Viewer

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DEBT (Summary of Debt) (Details) - USD ($) $ in Millions	Dec. 30, 2023	Nov. 27, 2023	Jul. 01, 2023	Dec. 31, 2021	Jun. 30, 2017	Mar. 31, 2015
Current debt:
Current debt	$ 25.0		$ 25.0
Revolving Facility
Total long-term debt	7,787.6		1,643.8
Less: Unamortized discount and debt issuance costs on Senior Notes	(73.2)		(8.0)
Total long-term debt, net	7,714.4		1,635.8
Term Loan due 2027
Current debt:
Current debt	25.0		25.0
Revolving Facility
Total long-term debt	431.3		443.8
4.250% Senior Notes due 2025 \| Senior Notes
Revolving Facility
Total long-term debt	$ 303.4		303.4
Interest rate, stated percentage	425.00%					4.25%
7.050% Senior Notes due 2025 \| Senior Notes
Revolving Facility
Total long-term debt	$ 500.0		0.0
Interest rate, stated percentage	705.00%	7.05%
7.000% Senior Notes due 2026 \| Senior Notes
Revolving Facility
Total long-term debt	$ 750.0		0.0
Interest rate, stated percentage	700.00%	7.00%
4.125% Senior Notes due 2027 \| Senior Notes
Revolving Facility
Total long-term debt	$ 396.6		396.6
Interest rate, stated percentage	412.50%				4.125%
7.350% Senior Notes due 2028 \| Senior Notes
Revolving Facility
Total long-term debt	$ 1,000.0		0.0
Interest rate, stated percentage	735.00%	7.35%
7.700% Senior Notes due 2030 \| Senior Notes
Revolving Facility
Total long-term debt	$ 1,000.0		0.0
Interest rate, stated percentage	770.00%	7.70%
3.050% Senior Notes due 2032 \| Senior Notes
Revolving Facility
Total long-term debt	$ 500.0		500.0
Interest rate, stated percentage	305.00%			3.05%
7.850% Senior Notes due 2033 \| Senior Notes
Revolving Facility
Total long-term debt	$ 1,250.0		0.0
Interest rate, stated percentage	785.00%	7.85%
5.350% EUR Senior Notes due 2025 \| Senior Notes
Revolving Facility
Total long-term debt	$ 552.1		0.0
Interest rate, stated percentage	535.00%	5.35%
5.375% EUR Senior Notes due 2027 \| Senior Notes
Revolving Facility
Total long-term debt	$ 552.1		0.0
Interest rate, stated percentage	537.50%	5.375%
5.875% EUR Senior Notes due 2031 \| Senior Notes
Revolving Facility
Total long-term debt	$ 552.1		$ 0.0
Interest rate, stated percentage	587.50%	5.875%

SEGMENT INFORMATION (Summary of Segment Operating Profit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating profit	$ 447.6	$ 418.2	$ 700.8	$ 672.5
Unallocated other charges, net	(4.7)	(6.6)	(3.3)	4.1
Income (loss) before provision for income taxes	403.1	416.9	641.6	653.1
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	601.8	522.9	991.1	880.2
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Operating profit	528.3	453.2	899.6	792.4
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Operating profit	72.1	69.0	98.7	92.2
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Operating profit	1.4	0.7	(7.2)	(4.4)
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate expenses	154.2	104.7	290.3	207.7
Unallocated other charges, net	$ 44.5	$ 1.3	$ 59.2	$ 19.4

REVENUE (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
REVENUE (Narrative) (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Jul. 01, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 43.9		$ 43.0
Deferred revenue recognized	$ 21.3	$ 17.0
Licensing business \| Net sales \| Revenue from Rights Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	1.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	90 days

DEBT

6 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

DEBT

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


	December 30, 2023		July 1, 2023
	(millions)
Current debt:
Term Loan due 2027	$	25.0	$	25.0



Total current debt	$	25.0	$	25.0

Long-term debt:
Term Loan due 2027	$	431.3	$	443.8


USD Senior Notes:
4.250% Senior Notes due 2025	303.4		303.4
7.050% Senior Notes due 2025	500.0		—
7.000% Senior Notes due 2026	750.0		—
4.125% Senior Notes due 2027	396.6		396.6
7.350% Senior Notes due 2028	1,000.0		—
7.700% Senior Notes due 2030	1,000.0		—
3.050% Senior Notes due 2032	500.0		500.0
7.850% Senior Notes due 2033	1,250.0		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)	552.1		—
5.375% EUR Senior Notes due 2027(1)	552.1		—
5.875% EUR Senior Notes due 2031(1)	552.1		—

Total long-term debt	7,787.6		1,643.8
Less: Unamortized discount and debt issuance costs on Senior Notes	(73.2)		(8.0)
Total long-term debt, net	$	7,714.4	$	1,635.8

(1)The carrying amounts of the Capri Acquisition EUR Senior Notes (as defined below) include the impact of changes in the exchange rate of the United States Dollar against the Euro.

During the three and six months ended December 30, 2023, the Company recognized interest expense related to its debt of $88.6 million and $110.9 million, respectively, which is inclusive of $25.9 million and $28.5 million, respectively, related to Bridge Facility (as defined below) financing fees. During the three and six months ended December 31, 2022, the Company recognized interest expense related to its debt of $18.1 million and $34.4 million, respectively.

Capri Holdings Limited Merger Agreement

On August 10, 2023, the Company entered into a Merger Agreement. The Company intends to finance the Capri Acquisition, inclusive of related fees and expenses, with the net proceeds of new senior unsecured notes, new term loans, cash on hand, cash on hand at Capri and anticipated future cash flow. During the quarter ended December 30, 2023, the Company issued $4.5 billion Capri Acquisition USD Senior Notes and €1.5 billion Capri Acquisition EUR Senior Notes which, in addition to the $1.4 billion of delayed draw Capri Acquisition Term Loan Facilities executed in the first quarter of fiscal 2024, completes the expected financing for the Capri Acquisition. Refer to Note 5, "Acquisitions" for further information.

Bridge Facility

In connection with our entry into the Merger Agreement, the Company entered into a commitment letter, dated as of August 10, 2023, with Bank of America, N.A., Morgan Stanley Senior Funding, Inc. and the other commitment parties party thereto, to provide a 364-day senior unsecured bridge loan facility in an aggregate principal amount of up to $8.0 billion (the "Bridge Facility") to fund the purchase price of the Capri Acquisition and to pay related fees and expenses. Upon entering into the Capri Acquisition Term Loan Agreement (as defined below) and, as a result of the commitments thereunder with respect to the Capri Acquisition Term Loan Facilities (as defined below), the Bridge Facility commitments were reduced to $6.6 billion. In November 2023, the Bridge Facility was terminated upon the issuance of approximately $6.1 billion of the Capri Acquisition Senior Notes by the Company. Refer to the "Capri Acquisition USD Senior Notes" and "Capri Acquisition EUR Senior Notes" paragraphs below.

Capri Acquisition Term Loan Facilities

On August 30, 2023, the Company entered into a definitive credit agreement (such agreement, the "Capri Acquisition Term Loan Credit Agreement") whereby Bank of America, N.A, as administrative agent, and the other agents party thereto, and a syndicate of banks and financial institutions have committed to lend the Company, subject to the satisfaction or waiver of the conditions set forth in the Term Loan Agreement, a $1.05 billion unsecured term loan facility maturing three years after the term loans thereunder are borrowed (the “Three-Year Term Loan Facility”) and a $350 million term loan facility maturing five years after the term loans thereunder are borrowed (the “Five-Year Term Loan Facility”; and collectively with the Three-Year Term Loan Facility, the “Capri Acquisition Term Loan Facilities”). The Company plans to use borrowings under the Capri Acquisition Term Loan Facilities to pay a portion of the consideration for the Capri Acquisition and to pay related fees and expenses.

Borrowings under the Capri Acquisition Term Loan Facilities bear interest at a rate per annum equal to, at the Company’s option, either (a) an alternate base rate or (b) a rate based on the forward-looking Secured Overnight Financing Rate ("SOFR") term rate administered by CME Group Benchmark Administration Limited (or any successor administrator) plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a grid based on the ratio of (a) consolidated debt (with certain customary deductions for unrestricted cash and permitted investments) to (b) consolidated EBITDAR. The applicable margin will initially be (x) in the case of the Three-Year Term Loan Facility, 0.250% for base rate loans and 1.250% for SOFR loans and (y) in the case of the Five-Year Term Loan Facility, 0.375% for base rate loans and 1.375% for SOFR loans. Additionally, the Company will pay a ticking fee of 0.15% on the average daily amount of the unused commitments of the Capri Acquisition Term Loan Facilities. There were no outstanding borrowings on the Capri Acquisition Term Loan Facilities as of December 30, 2023.

$2.0 Billion Revolving Credit Facility

On August 30, 2023, pursuant to that certain Amendment No. 1 to Credit Agreement (the "Amendment"), the Company amended its Existing Credit Agreement (as defined below), originally dated as of May 11, 2022, among the Company, as borrower, certain of our subsidiaries, as guarantors, Bank of America, N.A., as administrative agent, and the financial institutions parties thereto as lenders (the "Existing Credit Agreement", and as amended by the Amendment, the "Amended Credit Agreement"). Under the Amended Credit Agreement, a syndicate of financial institutions and other lenders provided increases to the aggregate commitments to the revolving facility under the Existing Credit Agreement from $1.25 billion to $2.0 billion (the “Revolving Facility”). The Revolving Facility will mature on May 11, 2027.

Borrowings under the Revolving 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 rate based on the forward-looking SOFR term rate administered by CME Group Benchmark Administration Limited (or any successor administrator satisfactory to the administrative agent), (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. 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 Revolving Facility, payable quarterly in arrears, and certain fees with respect to letters of credit that are issued. The Revolving 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). Additionally, up to $250 million of the Revolving Facility will be available on a funds certain basis to fund the purchase price of the Capri Acquisition and to pay related fees and expenses. There were no outstanding borrowings on the Revolving Facility as of December 30, 2023.

Capri Acquisition USD Senior Notes

On November 27, 2023, the Company issued $4.5 billion aggregate principal amount of senior unsecured notes, consisting of $500.0 million aggregate principal amount of 7.050% senior unsecured notes due November 27, 2025 at 99.890% of par (the “7.050% Senior Notes due 2025”), $750.0 million aggregate principal amount of 7.000% senior unsecured notes due November 27, 2026 at 99.803% of par (the “7.000% Senior Notes due 2026”), $1.0 billion aggregate principal amount of 7.350% senior unsecured notes due November 27, 2028 at 99.724% (the “7.350% Senior Notes due 2028”), $1.0 billion aggregate principal amount of 7.700% Senior Notes due November 27, 2030 at 99.712% of par (the “7.700% Senior Notes due 2030”) and $1.25 billion aggregate principal amount of our 7.850% Senior Notes due November 27, 2033 at 99.475% (the “7.850% Senior Notes due 2033" and, together with the 7.050% Senior Notes due 2025, the 7.000% Senior Notes due 2026, the 7.350% Senior Notes due 2028 and the 7.700% Senior Notes due 2030, the “Capri Acquisition USD Senior Notes”). The Company will pay interest semi-annually on the Capri Acquisition USD Senior Notes on May 27 and November 27 of each year, commencing on May 27, 2024.

If (i) the Capri Acquisition has not been completed by February 10, 2025 (or such later date mutually agreed between the Company and Capri) (such date, the “special mandatory redemption end date”), (ii) prior to the special mandatory redemption end date, the Merger Agreement is terminated in accordance with its terms or (iii) the Company otherwise notifies the trustee that it will not pursue the consummation of the Capri Acquisition, all of the Capri Acquisition USD Senior Notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date.

Capri Acquisition EUR Senior Notes

On November 27, 2023, the Company issued €1.5 billion aggregate principal amount of senior unsecured notes, consisting of €500.0 million aggregate principal amount of 5.350% senior unsecured notes due November 27, 2025 at 99.878% of par (the “5.350% EUR Senior Notes due 2025”), €500.0 million aggregate principal amount of 5.375% senior unsecured notes due November 27, 2027 at 99.723% of par (the 5.375% EUR Senior Notes due 2027”) and €500.0 million aggregate principal amount of our 5.875% senior unsecured notes due November 27, 2031 at 99.248% of par (the “5.875% EUR Senior Notes due 2031" and, together with the 5.350% EUR Senior Notes due 2025 and the 5.375% EUR Senior Notes due 2027, the “Capri Acquisition EUR Senior Notes” and, together with the Capri Acquisition USD Senior Notes, the "Capri Acquisition Senior Notes"). The Company will pay interest annually on the Capri Acquisition EUR Senior Notes on November 27 of each year, commencing on November 27, 2024. As of December 30, 2023, the carrying amount for each of the Capri Acquisition EUR Senior Notes was $552.1 million.

If (i) the Capri Acquisition has not been completed by the special mandatory redemption end date, (ii) prior to the special mandatory redemption end date, the Merger Agreement is terminated in accordance with its terms or (iii) the Company otherwise notifies the trustee that it will not pursue the consummation of the Capri Acquisition, all of the Capri Acquisition EUR Senior Notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date.

2027 Term Loan

On May 11, 2022, pursuant to the Existing Credit Agreement, the Company entered into an unsecured $500.0 million Term Loan (the “Term Loan due 2027”) which matures on May 11, 2027. The Term Loan due 2027 amortizes in an amount equal to 5.000% per annum, with payments made quarterly. As of December 30, 2023, $25.0 million of the Term Loan due 2027 is included in Current debt on the Consolidated Balance Sheets. Borrowings under the Term Loan due 2027 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 ratio (a) consolidated debt to (b) consolidated EBITDAR.

2025, 2027, 2032 Senior Notes

In March 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 "4.250% Senior Notes due 2025"). In June 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 4.125% Senior Notes due 2027"). In December 2021, the Company completed a cash tender offer for $296.6 million and $203.4 million of the outstanding aggregate principal amount under its 4.250% Senior Notes due 2025 and 4.125% Senior Notes due 2027, respectively. In addition, in December 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 "3.050% Senior Notes due 2032").

Debt Covenants

Under the terms of our debt facilities, we must comply with certain restrictions limiting the Company’s ability to among other things: (i) incur certain indebtedness, (ii) create certain liens, (iii) enter into certain sale and leaseback transactions, (iv) make certain investments or payments and (v) merge, or consolidate or transfer, sell or lease all or substantially all of the Company’s assets.

Under the Amended Credit Agreement, we are required to comply on a quarterly basis with a maximum net leverage ratio of 4.00:1.00. After giving effect to the Capri Acquisition, the Company will be required under the Amended Credit Agreement and the Capri Acquisition Term Loan Agreement to comply on a quarterly basis with a maximum net leverage ratio of (i) from and including the closing date of the Capri Acquisition to but excluding June 28, 2025, 4.75 to 1.00, (ii) from and including June 28, 2025 to but excluding June 27, 2026, 4.50 to 1.00, and (iii) from and including June 27, 2026 and thereafter, 4.00 to 1.00. As of December 30, 2023, we were in compliance with these restrictions and covenants, have met such financial ratios and have met all debt payment obligations.

Fair Value Considerations

The following table shows the estimated fair values of the senior unsecured notes at December 30, 2023 and July 1, 2023 based on external pricing data, including available quoted market prices of the 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:


	December 30, 2023	July 1, 2023
	(millions)
USD Senior Notes:
4.250% Senior Notes due 2025	299.7	295.1
7.050% Senior Notes due 2025	511.8	—
7.000% Senior Notes due 2026	777.9	—
4.125% Senior Notes due 2027	378.5	371.7
7.350% Senior Notes due 2028	1,049.8	—
7.700% Senior Notes due 2030	1,055.1	—
3.050% Senior Notes due 2032	407.5	399.5
7.850% Senior Notes due 2033	1,337.1	—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)	563.5	—
5.375% EUR Senior Notes due 2027(1)	571.8	—
5.875% EUR Senior Notes due 2031(1)	580.6	—

(1)The fair values of the Capri Acquisition EUR Senior Notes include the impact of changes in the exchange rate of the United States Dollar against the Euro.

- 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

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+ Details

SHARE-BASED COMPENSATION (Summary of Non-vested Performance-based Restricted Stock Unit) (Details) - Performance-based Restricted Stock Unit Awards (PRSU) shares in Millions	6 Months Ended
	Dec. 30, 2023 shares
Number of Non-vested PRSUs
Beginning balance (shares)	0.7
Granted (shares)	0.4
Change due to performance condition achievement (shares)	0.1
Vested (shares)	0.0
Forfeited (shares)	0.0
Ending balance (shares)	1.2

SEGMENT INFORMATION (Summary of Segment Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 2,084.5	$ 2,025.4	$ 3,597.7	$ 3,531.9
Coach
Segment Reporting Information [Line Items]
Net sales	1,541.9	1,449.7	2,699.3	2,569.0
Kate Spade
Segment Reporting Information [Line Items]
Net sales	460.4	490.3	763.6	812.2
Stuart Weitzman
Segment Reporting Information [Line Items]
Net sales	$ 82.2	$ 85.4	$ 134.8	$ 150.7

- 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.

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-Topic 280
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-Paragraph 41
-Subparagraph (a)
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-Topic 606
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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Change in Carrying Value of Goodwill) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2023	Jul. 01, 2023
Goodwill [Roll Forward]
Beginning Balance	$ 1,227.5
Foreign exchange impact	5.7
Ending Balance	1,233.2
Coach
Goodwill [Roll Forward]
Beginning Balance	597.5
Foreign exchange impact	4.8
Ending Balance	602.3
Kate Spade
Goodwill [Roll Forward]
Beginning Balance	630.0
Foreign exchange impact	0.9
Ending Balance	630.9
Stuart Weitzman
Goodwill [Roll Forward]
Beginning Balance	0.0
Foreign exchange impact	0.0
Ending Balance	0.0
Impairment charges	$ 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

FAIR VALUE MEASUREMENTS

6 Months Ended

Dec. 30, 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 December 30, 2023 and July 1, 2023:


	Level 1				Level 2
	December 30, 2023		July 1, 2023		December 30, 2023		July 1, 2023
	(millions)
Assets:
Cash equivalents(1)	$	887.1	$	155.7	$	33.7	$	11.9
Short-term investments:
Time deposits(2)	—		—		0.6		0.6
Commercial paper(2)	—		—		459.8		—
Government securities - U.S.(2)	56.2		—		—		—
Corporate debt securities - U.S.(2)	—		—		94.7		—
Corporate debt securities - non U.S.(2)	—		—		—		—
Other	—		—		17.9		14.8
Long-term investments:
Other	—		—		1.3		1.3
Derivative assets:
Inventory-related instruments(3)	—		—		28.1		38.6
Net investment hedges(3)	—		—		71.8		13.1
Intercompany loans and payables(3)	—		—		0.6		0.4

Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	—		—		3.8		0.1
Net investment hedges(3)	—		—		154.6		90.5
Intercompany loans and payables(3)	—		—		—		0.2

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

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

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

Refer to Note 11, "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. There were no impairment charges recorded during the three and six months ended December 30, 2023 and December 31, 2022.

- 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

REVENUE (Tables)

6 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	North America		Greater China(1)		Other Asia(2)		Other(3)		Total
	(millions)
Three Months Ended December 30, 2023
Coach	$	1,016.9	$	229.2	$	209.7	$	86.1	$	1,541.9
Kate Spade	387.7		11.3		37.6		23.8		460.4
Stuart Weitzman	53.6		24.2		0.9		3.5		82.2
Total	$	1,458.2	$	264.7	$	248.2	$	113.4	$	2,084.5

Three Months Ended December 31, 2022
Coach	$	985.4	$	196.0	$	200.6	$	67.7	$	1,449.7
Kate Spade	418.5		9.8		37.4		24.6		490.3
Stuart Weitzman	56.8		20.1		0.3		8.2		85.4
Total	$	1,460.7	$	225.9	$	238.3	$	100.5	$	2,025.4

Six Months Ended December 30, 2023
Coach	$	1,703.4	$	449.5	$	384.9	$	161.5	$	2,699.3
Kate Spade	627.9		22.1		68.2		45.4		763.6
Stuart Weitzman	88.3		37.7		1.3		7.5		134.8
Total	$	2,419.6	$	509.3	$	454.4	$	214.4	$	3,597.7

Six Months Ended December 31, 2022
Coach	$	1,654.5	$	405.8	$	368.5	$	140.2	$	2,569.0
Kate Spade	673.1		20.8		69.0		49.3		812.2
Stuart Weitzman	99.0		35.2		0.5		16.0		150.7
Total	$	2,426.6	$	461.8	$	438.0	$	205.5	$	3,531.9

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

(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.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of Hedging Activity Affecting Financial Statements) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	$ (5.6)	$ (17.0)
Other	(5.9)	(69.9)
Amount of Gain (Loss) Recognized in OCI on Derivatives	(11.5)	(86.9)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	4.0	(2.8)
Forward foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	4.8	(17.0)
Forward foreign currency exchange contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	12.6	(2.8)
Interest rates
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	(10.4)	0.0
Interest rates \| Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	$ (8.6)	$ 0.0

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Expected Amortization Expense for Intangible Assets) (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023	Jul. 02, 2022
Expected Amortization Expense For Intangible Assets
Remainder of fiscal 2024	$ 3.3
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5
Thereafter	17.8
Total	$ 47.1	$ 50.3	$ 50.3

SEGMENT INFORMATION (Summary of Segment Depreciation and Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 41.5	$ 44.8	$ 85.8	$ 88.6
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Depreciation and amortization expense	20.9	24.7	43.9	47.0
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Depreciation and amortization expense	9.5	11.2	19.3	22.3
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Depreciation and amortization expense	2.5	2.7	5.3	5.1
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 8.6	$ 6.2	$ 17.3	$ 14.2

EARNINGS PER SHARE (Summary of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 30, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 322.3	$ 195.0	$ 329.9	$ 195.3	$ 517.3	$ 525.2
Weighted-average basic shares (shares)	229.3		239.3		228.7	240.3
Effect of dilutive securities (shares)	2.4		4.0		3.3	4.7
Weighted-average diluted shares (shares)	231.7		243.3		232.0	245.0
Net income (loss) per share:
Basic (USD per share)	$ 1.41		$ 1.38		$ 2.26	$ 2.19
Diluted (USD per share)	$ 1.39		$ 1.36		$ 2.23	$ 2.14

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

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+ Details

NATURE OF OPERATIONS	6 Months Ended
NATURE OF OPERATIONS	Dec. 30, 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.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of Derivative Instruments) (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Derivatives, Fair Value [Line Items]
Notional Value	$ 2,274.3	$ 2,314.6
Derivative Assets	100.5	52.1
Derivative Liabilities	158.4	90.8
Designated Derivative Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional Value	2,033.2	2,042.3
Derivative Assets	99.9	51.7
Derivative Liabilities	158.4	90.6
Forward foreign currency exchange contracts \| Cash flow hedging \| Designated Derivative Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional Value	833.2	842.3
Derivative Assets	28.1	38.6
Derivative Liabilities	3.8	0.1
Forward foreign currency exchange contracts \| Fair value hedging \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Value	241.1	272.3
Derivative Assets	0.6	0.4
Derivative Liabilities	0.0	0.2
Cross currency swap contracts \| Net investment hedges \| Designated Derivative Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional Value	1,200.0	1,200.0
Derivative Assets	71.8	13.1
Derivative Liabilities	$ 154.6	$ 90.5

EARNINGS PER SHARE

6 Months Ended

Dec. 30, 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:


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions, except per share data)
Net income (loss)	$	322.3	$	329.9	$	517.3	$	525.2

Weighted-average basic shares	229.3		239.3		228.7		240.3
Dilutive securities:


Effect of dilutive securities	2.4		4.0		3.3		4.7
Weighted-average diluted shares	231.7		243.3		232.0		245.0

Net income (loss) per share:
Basic	$	1.41	$	1.38	$	2.26	$	2.19
Diluted	$	1.39	$	1.36	$	2.23	$	2.14

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 December 30, 2023 and December 31, 2022, there were 5.5 million and 6.1 million, respectively, of additional shares issuable upon exercise of anti-dilutive options and contingent vesting of performance-based restricted stock unit awards, which were excluded from the diluted share calculations.

STOCKHOLDERS' EQUITY (Schedule of Stockholders' Equity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 30, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)		227.4			227.4
Beginning balance	$ 2,415.7	$ 2,277.8	$ 2,255.4	$ 2,285.5	$ 2,277.8	$ 2,285.5
Net income (loss)	322.3	195.0	329.9	195.3	517.3	525.2
Other comprehensive income (loss)	(23.1)	34.6	(24.9)	(22.0)	$ 11.5	(46.9)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.6	(31.2)	4.6	(45.8)
Share-based compensation	22.5	19.7	19.7	15.1
Repurchase of common stock, including excise tax	0.0	0.0	(200.0)	(100.0)
Dividends declared	$ (80.2)	(80.2)	(71.5)	(72.7)
Ending balance (shares)	229.4				229.4
Ending balance	$ 2,659.8	$ 2,415.7	$ 2,313.2	$ 2,255.4	$ 2,659.8	$ 2,313.2
Cash dividends declared per common share (USD per share)	$ 0.35	$ 0.35	$ 0.30	$ 0.30
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)	229.2	227.4	240.9	241.2	227.4	241.2
Beginning balance	$ 2.3	$ 2.3	$ 2.4	$ 2.4	$ 2.3	$ 2.4
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)	0.2	1.8	0.5	2.7
Repurchase of common stock, including excise tax (shares)	0.0	0.0	(5.4)	(3.0)
Ending balance (shares)	229.4	229.2	236.0	240.9	229.4	236.0
Ending balance	$ 2.3	$ 2.3	$ 2.4	$ 2.4	$ 2.3	$ 2.4
Additional Paid-in- Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,670.7	3,682.2	3,589.5	3,620.2	3,682.2	3,620.2
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.6	(31.2)	4.6	(45.8)
Share-based compensation	22.5	19.7	19.7	15.1
Ending balance	3,695.8	3,670.7	3,613.8	3,589.5	3,695.8	3,613.8
Retained Earnings / (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,102.0)	(1,216.8)	(1,143.6)	(1,166.2)	(1,216.8)	(1,166.2)
Net income (loss)	322.3	195.0	329.9	195.3
Repurchase of common stock, including excise tax	0.0	0.0	(200.0)	(100.0)
Dividends declared	(80.2)	(80.2)	(71.5)	(72.7)
Ending balance	(859.9)	(1,102.0)	(1,085.2)	(1,143.6)	(859.9)	(1,085.2)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(155.3)	(189.9)	(192.9)	(170.9)	(189.9)	(170.9)
Other comprehensive income (loss)	(23.1)	34.6	(24.9)	(22.0)
Ending balance	$ (178.4)	$ (155.3)	$ (217.8)	$ (192.9)	$ (178.4)	$ (217.8)

BASIS OF PRESENTATION AND ORGANIZATION (Policies)	6 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION (Policies)	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Periods	Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Fiscal 2024 will be a 52-week period. Fiscal 2023, ended on July 1, 2023, was also a 52-week period. The second quarter of fiscal 2024 ended on December 30, 2023 and the second quarter of fiscal 2023 ended on December 31, 2022, both of which were 13-week periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements. Significant estimates inherent in the preparation of the condensed consolidated financial statements include 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 These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
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.
Supplier Finance Program	Supplier Finance Program To improve our working capital efficiency, the Company makes available to certain suppliers a voluntary supply chain finance (“SCF”) program that enables our suppliers to sell their receivables from the Company to a global financial institution on a non-recourse basis at a rate that leverages our credit rating. The Company does not have the ability to refinance or modify payment terms to the global financial institution through the SCF program. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the program.
Recently Adopted Accounting Pronouncements and Recently Issued 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 Company adopted ASU 2022-04 as of the beginning of fiscal 2024. The adoption of ASU 2022-04 did not have an impact on the Company's interim condensed consolidated financial statements other than the new disclosure requirements. Refer to Note 2, "Basis of Presentation and Organization", for additional information. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments will be effective for the Company's annual reporting periods beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning in fiscal year 2026, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain in AOCI reclassified into earnings within next 12 months	$ 26.1		$ 26.1
Interest income	$ (49.2)	$ (7.9)	(62.5)	$ (15.3)
Cross currency swap contracts \| Net investment hedging \| Designated Derivative Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Interest income			$ 14.3	$ 13.8

STOCKHOLDERS' EQUITY

6 Months Ended

Dec. 30, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

A reconciliation of stockholders' equity is presented below:


	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at July 2, 2022	241.2	$	2.4	$	3,620.2	$	(1,166.2)	$	(170.9)	$	2,285.5
Net income (loss)	—	—		—		195.3		—		195.3
Other comprehensive income (loss)	—	—		—		—		(22.0)		(22.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.7	—		(45.8)		—		—		(45.8)
Share-based compensation	—	—		15.1		—		—		15.1
Repurchase of common stock	(3.0)	—		—		(100.0)		—		(100.0)
Dividends declared ($0.30 per share)	—	—		—		(72.7)		—		(72.7)
Balance at October 1, 2022	240.9	$	2.4	$	3,589.5	$	(1,143.6)	$	(192.9)	$	2,255.4
Net income (loss)	—	—		—		329.9		—		329.9
Other comprehensive income (loss)	—	—		—		—		(24.9)		(24.9)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.5	—		4.6		—		—		4.6
Share-based compensation	—	—		19.7		—		—		19.7
Repurchase of common stock	(5.4)	$	—	$	—	$	(200.0)	$	—	(200.0)
Dividends declared ($0.30 per share)	—	—		—		(71.5)		—		(71.5)
Balance at December 31, 2022	236.0	$	2.4	$	3,613.8	$	(1,085.2)	$	(217.8)	$	2,313.2









	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at July 1, 2023	227.4	$	2.3	$	3,682.2	$	(1,216.8)	$	(189.9)	$	2,277.8
Net income (loss)	—	—		—		195.0		—		195.0
Other comprehensive income (loss)	—	—		—		—		34.6		34.6
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	1.8	—		(31.2)		—		—		(31.2)
Share-based compensation	—	—		19.7		—		—		19.7
Repurchase of common stock, including excise tax	—	—		—		—		—		—
Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at September 30, 2023	229.2	$	2.3	$	3,670.7	$	(1,102.0)	$	(155.3)	$	2,415.7
Net income (loss)	—	—		—		322.3		—		322.3
Other comprehensive income (loss)	—	—		—		—		(23.1)		(23.1)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.2	—		2.6		—		—		2.6
Share-based compensation	—	—		22.5		—		—		22.5
Repurchase of common stock, including excise tax	—	—		—		—		—		—
Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at December 30, 2023	229.4	$	2.3	$	3,695.8	$	(859.9)	$	(178.4)	$	2,659.8

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


	Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)		Unrealized Gains (Losses) on Available- for-Sale Investments		Cumulative Translation Adjustment(2)		Total
	(millions)
Balances at July 2, 2022	$	(2.3)	$	(0.5)	$	(168.1)	$	(170.9)
Other comprehensive income (loss) before reclassifications	(16.7)		0.5		(32.6)		(48.8)
Less: amounts reclassified from accumulated other comprehensive income to earnings	(1.9)		—		—		(1.9)
Net current-period other comprehensive income (loss)	(14.8)		0.5		(32.6)		(46.9)
Balances at December 31, 2022	$	(17.1)	$	—	$	(200.7)	$	(217.8)

Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)
Other comprehensive income (loss) before reclassifications	(3.3)		—		21.2		17.9
Less: amounts reclassified from accumulated other comprehensive income to earnings	6.4		—		—		6.4
Net current-period other comprehensive income (loss)	(9.7)		—		21.2		11.5
Balances at December 30, 2023	$	25.2	$	—	$	(203.6)	$	(178.4)

(1) The ending balances of AOCI related to cash flow hedges are net of tax of ($3.0) million and $0.3 million as of December 30, 2023 and December 31, 2022, respectively. The amounts reclassified from AOCI are net of tax of $2.4 million and $0.9 million as of December 30, 2023 and December 31, 2022, respectively.

(2) The ending balances of AOCI related to foreign currency translation adjustments includes a loss of $49.4 million, net of tax of $11.4 million, and a loss of $66.0 million, net of tax of $0.1 million, as of December 30, 2023 and December 31, 2022, respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

SHARE-BASED COMPENSATION

6 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

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


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions)
Share-based compensation expense	$	22.5	$	19.7	$	42.2	$	34.8
Income tax benefit related to share-based compensation expense	4.2		3.7		7.9		6.7

Stock Options

A summary of stock option activity during the six months ended December 30, 2023 is as follows:


			Number of Options Outstanding
			(millions)
Outstanding at July 1, 2023			8.7
Granted			1.3
Exercised			(0.1)
Forfeited or expired			(0.8)
Outstanding at December 30, 2023			9.1

The weighted-average grant-date fair value of options granted during the six months ended December 30, 2023 and December 31, 2022 was $10.30 and $12.03, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and the following weighted-average assumptions:


	December 30, 2023		December 31, 2022
Expected term (years)	5.0		4.9
Expected volatility	44.8	%	48.6	%
Risk-free interest rate	4.5	%	3.3	%
Dividend yield	4.2	%	3.4	%

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

A summary of service-based RSU activity during the six months ended December 30, 2023 is as follows:


			Number of Non-vested RSUs
			(millions)
Non-vested at July 1, 2023			5.9
Granted			2.3
Vested			(2.7)
Forfeited			(0.2)
Non-vested at December 30, 2023			5.3

The weighted-average grant-date fair value of share awards granted during the six months ended December 30, 2023 and December 31, 2022 was $33.66 and $35.21, respectively.

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

A summary of PRSU activity during the six months ended December 30, 2023 is as follows:


			Number of Non-vested PRSUs
			(millions)
Non-vested at July 1, 2023			0.7
Granted			0.4
Change due to performance condition achievement			0.1
Vested			—
Forfeited			—
Non-vested at December 30, 2023			1.2

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

The weighted-average grant-date fair value per share of PRSU awards granted during the six months ended December 30, 2023 and December 31, 2022 was $33.59 and $35.31, respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Indefinite and Finite Lived Assets) (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023	Jul. 02, 2022
Intangible assets subject to amortization:
Gross carrying amount, customer relationships	$ 100.3	$ 100.3	$ 100.3
Accumulated amortization, , customer relationships	(53.2)	(50.0)	(50.0)
Total	47.1	50.3	$ 50.3
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)	$ 1,356.9	$ 1,360.1

SEGMENT INFORMATION (Tables)

6 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Summary of Segment Performance

The following table summarizes net sales of each of the company's segments for the three and six months ended December 30, 2023 and December 31, 2022:


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions)
Segment net sales:
Coach	$	1,541.9	$	1,449.7	$	2,699.3	$	2,569.0
Kate Spade	460.4		490.3		763.6		812.2
Stuart Weitzman	82.2		85.4		134.8		150.7
Total Net sales:	$	2,084.5	$	2,025.4	$	3,597.7	$	3,531.9

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 the three and six months ended December 30, 2023 and December 31, 2022:


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions)
Segment operating profit:
Coach	$	528.3	$	453.2	$	899.6	$	792.4
Kate Spade	72.1		69.0		98.7		92.2
Stuart Weitzman	1.4		0.7		(7.2)		(4.4)
Total segment operating profit:	$	601.8	$	522.9	$	991.1	$	880.2
Unallocated corporate expenses(1)	154.2		104.7		290.3		207.7

Unallocated other charges, net(2)	44.5		1.3		59.2		19.4
Income (loss) before provision for income taxes	$	403.1	$	416.9	$	641.6	$	653.1

The following table summarizes depreciation and amortization expense of each of the company's segments for the three and six months ended December 30, 2023 and December 31, 2022:


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions)
Depreciation and amortization expense(3):
Coach	$	20.9	$	24.7	$	43.9	$	47.0
Kate Spade	9.5		11.2		19.3		22.3
Stuart Weitzman	2.5		2.7		5.3		5.1
Unallocated corporate(1)	8.6		6.2		17.3		14.2
Total Depreciation and amortization expense:	$	41.5	$	44.8	$	85.8	$	88.6

(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.

INVESTMENTS

6 Months Ended

Dec. 30, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of December 30, 2023 and July 1, 2023:


	December 30, 2023						July 1, 2023
	Short-term		Long-term(3)		Total		Short-term		Long-term(3)		Total
	(millions)
Available-for-sale investments:
Commercial paper(1)	$	459.8	$	—	$	459.8	$	—	$	—	$	—
Government securities - U.S.(2)	56.2		—		56.2		—		—		—

Corporate debt securities - U.S.(2)	94.7		—		94.7		—		—		—

Available-for-sale investments, total	$	610.7	$	—	$	610.7	$	—	$	—	$	—


Other:
Time deposits(1)	$	0.6	$	—	$	0.6	$	0.6	$	—	$	0.6
Other	17.9		1.3		19.2		14.8		1.3		16.1
Total Investments	$	629.2	$	1.3	$	630.5	$	15.4	$	1.3	$	16.7

(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 fiscal years and are recorded at fair value.

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

There were no material gross realized and unrealized gains or losses on available-for-sale investments as of the periods ended December 30, 2023 and July 1, 2023.

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 30, 2023
Accounting Policies [Abstract]
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 Company adopted ASU 2022-04 as of the beginning of fiscal 2024. The adoption of ASU 2022-04 did not have an impact on the Company's interim condensed consolidated financial statements other than the new disclosure requirements. Refer to Note 2, "Basis of Presentation and Organization", for additional information. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments will be effective for the Company's annual reporting periods beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning in fiscal year 2026, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-Topic 944
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+ Details

SEGMENT INFORMATION (Narrative) (Details)	6 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Dec. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

REVENUE

6 Months Ended

Dec. 30, 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 six months ended December 30, 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


	North America		Greater China(1)		Other Asia(2)		Other(3)		Total
	(millions)
Three Months Ended December 30, 2023
Coach	$	1,016.9	$	229.2	$	209.7	$	86.1	$	1,541.9
Kate Spade	387.7		11.3		37.6		23.8		460.4
Stuart Weitzman	53.6		24.2		0.9		3.5		82.2
Total	$	1,458.2	$	264.7	$	248.2	$	113.4	$	2,084.5

Three Months Ended December 31, 2022
Coach	$	985.4	$	196.0	$	200.6	$	67.7	$	1,449.7
Kate Spade	418.5		9.8		37.4		24.6		490.3
Stuart Weitzman	56.8		20.1		0.3		8.2		85.4
Total	$	1,460.7	$	225.9	$	238.3	$	100.5	$	2,025.4

Six Months Ended December 30, 2023
Coach	$	1,703.4	$	449.5	$	384.9	$	161.5	$	2,699.3
Kate Spade	627.9		22.1		68.2		45.4		763.6
Stuart Weitzman	88.3		37.7		1.3		7.5		134.8
Total	$	2,419.6	$	509.3	$	454.4	$	214.4	$	3,597.7

Six Months Ended December 31, 2022
Coach	$	1,654.5	$	405.8	$	368.5	$	140.2	$	2,569.0
Kate Spade	673.1		20.8		69.0		49.3		812.2
Stuart Weitzman	99.0		35.2		0.5		16.0		150.7
Total	$	2,426.6	$	461.8	$	438.0	$	205.5	$	3,531.9

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

(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 generally comprised of unredeemed gift cards, net of breakage which has been recognized. Additional deferred revenue may result from sales-based royalty payments received or receivable which exceed the revenue recognized during the contractual period. The balance of such amounts as of December 30, 2023 and July 1, 2023 was $43.9 million and $43.0 million, respectively, which were primarily recorded within Accrued liabilities on the Company's Condensed Consolidated Balance Sheets and are generally expected to be recognized as revenue within a year. For the six months ended December 30, 2023, net sales of $21.3 million were recognized from amounts recorded as deferred revenue as of July 1, 2023. For the six months ended December 31, 2022, net sales of $17.0 million were recognized from amounts recorded as deferred revenue as of July 2, 2022.

- 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
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-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
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-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

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 30, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 322.3	$ 195.0	$ 329.9	$ 195.3	$ 517.3	$ 525.2

- Definition

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

+ References

+ Details

DEBT (Tables)

6 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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


	December 30, 2023		July 1, 2023
	(millions)
Current debt:
Term Loan due 2027	$	25.0	$	25.0



Total current debt	$	25.0	$	25.0

Long-term debt:
Term Loan due 2027	$	431.3	$	443.8


USD Senior Notes:
4.250% Senior Notes due 2025	303.4		303.4
7.050% Senior Notes due 2025	500.0		—
7.000% Senior Notes due 2026	750.0		—
4.125% Senior Notes due 2027	396.6		396.6
7.350% Senior Notes due 2028	1,000.0		—
7.700% Senior Notes due 2030	1,000.0		—
3.050% Senior Notes due 2032	500.0		500.0
7.850% Senior Notes due 2033	1,250.0		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)	552.1		—
5.375% EUR Senior Notes due 2027(1)	552.1		—
5.875% EUR Senior Notes due 2031(1)	552.1		—

Total long-term debt	7,787.6		1,643.8
Less: Unamortized discount and debt issuance costs on Senior Notes	(73.2)		(8.0)
Total long-term debt, net	$	7,714.4	$	1,635.8

(1)The carrying amounts of the Capri Acquisition EUR Senior Notes (as defined below) include the impact of changes in the exchange rate of the United States Dollar against the Euro.

Schedule of Estimated Fair Values of Debt Instruments


	December 30, 2023	July 1, 2023
	(millions)
USD Senior Notes:
4.250% Senior Notes due 2025	299.7	295.1
7.050% Senior Notes due 2025	511.8	—
7.000% Senior Notes due 2026	777.9	—
4.125% Senior Notes due 2027	378.5	371.7
7.350% Senior Notes due 2028	1,049.8	—
7.700% Senior Notes due 2030	1,055.1	—
3.050% Senior Notes due 2032	407.5	399.5
7.850% Senior Notes due 2033	1,337.1	—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)	563.5	—
5.375% EUR Senior Notes due 2027(1)	571.8	—
5.875% EUR Senior Notes due 2031(1)	580.6	—

(1)The fair values of the Capri Acquisition EUR Senior Notes include the impact of changes in the exchange rate of the United States Dollar against the Euro.

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Dec. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Reconciliation of Stockholders Equity

A reconciliation of stockholders' equity is presented below:


	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at July 2, 2022	241.2	$	2.4	$	3,620.2	$	(1,166.2)	$	(170.9)	$	2,285.5
Net income (loss)	—	—		—		195.3		—		195.3
Other comprehensive income (loss)	—	—		—		—		(22.0)		(22.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.7	—		(45.8)		—		—		(45.8)
Share-based compensation	—	—		15.1		—		—		15.1
Repurchase of common stock	(3.0)	—		—		(100.0)		—		(100.0)
Dividends declared ($0.30 per share)	—	—		—		(72.7)		—		(72.7)
Balance at October 1, 2022	240.9	$	2.4	$	3,589.5	$	(1,143.6)	$	(192.9)	$	2,255.4
Net income (loss)	—	—		—		329.9		—		329.9
Other comprehensive income (loss)	—	—		—		—		(24.9)		(24.9)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.5	—		4.6		—		—		4.6
Share-based compensation	—	—		19.7		—		—		19.7
Repurchase of common stock	(5.4)	$	—	$	—	$	(200.0)	$	—	(200.0)
Dividends declared ($0.30 per share)	—	—		—		(71.5)		—		(71.5)
Balance at December 31, 2022	236.0	$	2.4	$	3,613.8	$	(1,085.2)	$	(217.8)	$	2,313.2









	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at July 1, 2023	227.4	$	2.3	$	3,682.2	$	(1,216.8)	$	(189.9)	$	2,277.8
Net income (loss)	—	—		—		195.0		—		195.0
Other comprehensive income (loss)	—	—		—		—		34.6		34.6
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	1.8	—		(31.2)		—		—		(31.2)
Share-based compensation	—	—		19.7		—		—		19.7
Repurchase of common stock, including excise tax	—	—		—		—		—		—
Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at September 30, 2023	229.2	$	2.3	$	3,670.7	$	(1,102.0)	$	(155.3)	$	2,415.7
Net income (loss)	—	—		—		322.3		—		322.3
Other comprehensive income (loss)	—	—		—		—		(23.1)		(23.1)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.2	—		2.6		—		—		2.6
Share-based compensation	—	—		22.5		—		—		22.5
Repurchase of common stock, including excise tax	—	—		—		—		—		—
Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at December 30, 2023	229.4	$	2.3	$	3,695.8	$	(859.9)	$	(178.4)	$	2,659.8

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

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


	Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)		Unrealized Gains (Losses) on Available- for-Sale Investments		Cumulative Translation Adjustment(2)		Total
	(millions)
Balances at July 2, 2022	$	(2.3)	$	(0.5)	$	(168.1)	$	(170.9)
Other comprehensive income (loss) before reclassifications	(16.7)		0.5		(32.6)		(48.8)
Less: amounts reclassified from accumulated other comprehensive income to earnings	(1.9)		—		—		(1.9)
Net current-period other comprehensive income (loss)	(14.8)		0.5		(32.6)		(46.9)
Balances at December 31, 2022	$	(17.1)	$	—	$	(200.7)	$	(217.8)

Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)
Other comprehensive income (loss) before reclassifications	(3.3)		—		21.2		17.9
Less: amounts reclassified from accumulated other comprehensive income to earnings	6.4		—		—		6.4
Net current-period other comprehensive income (loss)	(9.7)		—		21.2		11.5
Balances at December 30, 2023	$	25.2	$	—	$	(203.6)	$	(178.4)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Amount of Goodwill by Segment

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


	Coach		Kate Spade		Stuart Weitzman(1)		Total
	(millions)
Balance at July 1, 2023	$	597.5	$	630.0	$	—	$	1,227.5

Foreign exchange impact	4.8		0.9		—		$	5.7


Balance at December 30, 2023	$	602.3	$	630.9	$	—	$	1,233.2

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of December 30, 2023 and July 1, 2023.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	December 30, 2023						July 1, 2023
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(53.2)	$	47.1	$	100.3	$	(50.0)	$	50.3


Total intangible assets subject to amortization	100.3		(53.2)		47.1		100.3		(50.0)		50.3
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	$	(53.2)	$	1,356.9	$	1,410.1	$	(50.0)	$	1,360.1

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	December 30, 2023						July 1, 2023
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(53.2)	$	47.1	$	100.3	$	(50.0)	$	50.3


Total intangible assets subject to amortization	100.3		(53.2)		47.1		100.3		(50.0)		50.3
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	$	(53.2)	$	1,356.9	$	1,410.1	$	(50.0)	$	1,360.1

Schedule of Expected Amortization Expense

As of December 30, 2023, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Remainder of fiscal 2024	$	3.3
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5

Thereafter	17.8
Total	$	47.1

- Definition

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

+ References

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+ Details

SHARE-BASED COMPENSATION (Schedule of Weighted-average Assumptions) (Details) - Stock Options	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years	4 years 10 months 24 days
Expected volatility	44.80%	48.60%
Risk-free interest rate	4.50%	3.30%
Dividend yield	4.20%	3.40%

- 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

SHARE-BASED COMPENSATION (Schedule of Total Compensation Cost and Related Tax Benefits) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 22.5	$ 19.7	$ 42.2	$ 34.8
Income tax benefit related to share-based compensation expense	$ 4.2	$ 3.7	$ 7.9	$ 6.7

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Capri Holdings Limited 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 enterprise value is expected to be approximately $8.5 billion and the transaction is expected to close during calendar year 2024 (the "Capri Acquisition"). On October 25, 2023, at a special meeting of Capri's shareholders, Capri's shareholders approved the Merger Agreement and the transactions contemplated thereby. The Company intends to finance the Capri Acquisition, inclusive of related fees and expenses, with the net proceeds of new senior unsecured notes, new term loans, cash on hand, cash on hand at Capri and anticipated future cash flow. During the quarter ended December 30, 2023, the Company issued $4.5 billion senior unsecured notes (the "Capri Acquisition USD Senior Notes") and €1.5 billion Euro-denominated senior unsecured notes (the "Capri Acquisition EUR Senior Notes" and, together with the Capri Acquisition USD Senior Notes, the "Capri Acquisition Senior Notes") which, in addition to the $1.4 billion of delayed draw unsecured term loan facilities (the "Capri Acquisition Term Loan Facilities") executed in the first quarter of fiscal 2024, completes the expected financing for the Capri Acquisition. Until the close of the transaction, the Company will maintain the proceeds from the issuance of the Capri Acquisition Senior Notes in Cash and cash equivalents and Short-term investments. Refer to Note 11, "Debt," for further information on our existing debt instruments related to the acquisition and Note 12, "Fair Value Measurements," and Notes 13, "Investments," for further detail on our cash equivalents and Short-term investments. In conjunction with the Capri Acquisition, during the three and six months ended December 30, 2023, the Company incurred $72.4 million and $98.7 million, respectively, in pre-tax expenses primarily related to financing-related expenses and professional fees

Cover Page - shares	6 Months Ended
Cover Page - shares	Dec. 30, 2023	Jan. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 30, 2023
Document Transition Report	false
Entity File Number	1-16153
Entity Registrant Name	Tapestry, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2242751
Entity Address, Address Line One	10 Hudson Yards
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	946-8400
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	TPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		229,366,154
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001116132
Current Fiscal Year End Date	--06-29

FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2023	Jul. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 100.5	$ 52.1
Derivative liabilities	$ 158.4	90.8
Maturity of time deposit	3 months
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 887.1	155.7
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 liabilities	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 liabilities	0.0	0.0
Level 1 \| Intercompany loan and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	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	56.2	0.0
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 \| Corporate debt securities - non 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	33.7	11.9
Level 2 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	28.1	38.6
Derivative liabilities	3.8	0.1
Level 2 \| Net investment hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	71.8	13.1
Derivative liabilities	154.6	90.5
Level 2 \| Intercompany loan and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.6	0.4
Derivative liabilities	0.0	0.2
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	459.8	0.0
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	94.7	0.0
Level 2 \| Short-term Investments \| Corporate debt securities - non 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 \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	17.9	14.8
Level 2 \| Long-term investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 1.3	$ 1.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)	$ 517.3	$ 525.2
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	85.8	88.6
Provision for bad debt	2.2	2.8
Share-based compensation	42.2	34.8
Deferred income taxes	79.5	32.1
Changes to lease related balances, net	(23.5)	(16.5)
Other non-cash charges, net	20.6	(23.1)
Changes in operating assets and liabilities:
Trade accounts receivable	(48.0)	(19.5)
Inventories	103.8	11.5
Accounts payable	56.3	(60.2)
Accrued liabilities	87.0	(60.6)
Other liabilities	(29.8)	(7.6)
Other assets	8.4	(45.1)
Net cash provided by (used in) operating activities	901.8	462.4
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchases of investments	(611.3)	(4.3)
Proceeds from maturities and sales of investments	0.0	151.8
Purchases of property and equipment	(43.7)	(108.8)
Settlement of net investment hedge	0.0	41.9
Net cash provided by (used in) investing activities	(655.0)	80.6
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Payment of dividends	(160.4)	(144.2)
Repurchase of common stock	0.0	(300.0)
Proceeds from issuance of debt, net of discount	6,089.5	0.0
Payment of debt issuance costs	(78.2)	0.0
Proceeds from share-based awards	3.3	13.8
Repayment of debt	(12.5)	(18.8)
Taxes paid to net settle share-based awards	(31.9)	(55.0)
Payments of finance lease liabilities	(0.6)	(0.5)
Net cash provided by (used in) financing activities	5,809.2	(504.7)
Effect of exchange rate changes on cash and cash equivalents	51.0	2.1
Net (decrease) increase in cash and cash equivalents	6,107.0	40.4
Cash and cash equivalents at beginning of period	726.1	789.8
Cash and cash equivalents at end of period	6,833.1	830.2
Supplemental information:
Cash paid for income taxes, net	93.0	138.3
Cash paid for interest	45.8	38.9
Non-cash investing activity - property and equipment obligations	$ 19.0	$ 6.8

GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

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


	Coach		Kate Spade		Stuart Weitzman(1)		Total
	(millions)
Balance at July 1, 2023	$	597.5	$	630.0	$	—	$	1,227.5

Foreign exchange impact	4.8		0.9		—		$	5.7


Balance at December 30, 2023	$	602.3	$	630.9	$	—	$	1,233.2

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of December 30, 2023 and July 1, 2023.

Intangible Assets

Intangible assets consist of the following:


	December 30, 2023						July 1, 2023
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(53.2)	$	47.1	$	100.3	$	(50.0)	$	50.3


Total intangible assets subject to amortization	100.3		(53.2)		47.1		100.3		(50.0)		50.3
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	$	(53.2)	$	1,356.9	$	1,410.1	$	(50.0)	$	1,360.1

Amortization expense for the Company’s definite-lived intangible assets for the three and six months ended December 30, 2023 was $1.6 million and $3.2 million, respectively. Amortization expense for the Company’s definite-lived intangible assets for the three and six months ended December 31, 2022 was $1.6 million and $3.3 million, respectively.

As of December 30, 2023, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Remainder of fiscal 2024	$	3.3
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5

Thereafter	17.8
Total	$	47.1

The expected amortization expense above reflects remaining useful lives ranging from approximately 6.2 to 8.5 years for customer relationships.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Letters of credit amount outstanding	$ 37.8	$ 37.1

INVESTMENTS (Summary of Investments) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2023	Jul. 01, 2023
Schedule of Investments [Line Items]
Short-term investments	$ 610.7	$ 0.0
Long-term investments	0.0	0.0
Investments	610.7	0.0
Time deposits, short-term	0.6	0.6
Time deposits, long-term	0.0	0.0
Time deposits	0.6	0.6
Other short-term investments	17.9	14.8
Other long-term investments	1.3	1.3
Other investments	19.2	16.1
Short-term investments	629.2	15.4
Long-term Investments	1.3	1.3
Investments	$ 630.5	16.7
Maturity of time deposit	3 months
Commercial paper
Schedule of Investments [Line Items]
Short-term investments	$ 459.8	0.0
Long-term investments	0.0	0.0
Investments	459.8	0.0
Government securities - U.S.
Schedule of Investments [Line Items]
Short-term investments	56.2	0.0
Long-term investments	0.0	0.0
Investments	56.2	0.0
Corporate debt securities - U.S.
Schedule of Investments [Line Items]
Short-term investments	94.7	0.0
Long-term investments	0.0	0.0
Investments	$ 94.7	$ 0.0

INVESTMENTS (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
INVESTMENTS (Narrative) (Details) - USD ($)	Dec. 30, 2023	Jul. 01, 2023
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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 2,084.5	$ 2,025.4	$ 3,597.7	$ 3,531.9
Cost of sales	591.3	636.1	1,006.8	1,088.0
Gross profit	1,493.2	1,389.3	2,590.9	2,443.9
Selling, general and administrative expenses	1,045.6	971.1	1,890.1	1,771.4
Operating income (loss)	447.6	418.2	700.8	672.5
Interest expense, net	49.2	7.9	62.5	15.3
Other expense (income)	(4.7)	(6.6)	(3.3)	4.1
Income (loss) before provision for income taxes	403.1	416.9	641.6	653.1
Provision (benefit) for income taxes	80.8	87.0	124.3	127.9
Net income (loss)	$ 322.3	$ 329.9	$ 517.3	$ 525.2
Net income (loss) per share:
Basic (USD per share)	$ 1.41	$ 1.38	$ 2.26	$ 2.19
Diluted (USD per share)	$ 1.39	$ 1.36	$ 2.23	$ 2.14
Shares used in computing net income (loss) per share:
Basic (shares)	229.3	239.3	228.7	240.3
Diluted (shares)	231.7	243.3	232.0	245.0

DEBT (Summary of Estimated Fair Value of Debt) (Details) - Level 2 - Senior Notes - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
4.250% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt, fair value	$ 299.7	$ 295.1
7.050% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt, fair value	511.8	0.0
7.000% Senior Notes due 2026
Debt Instrument [Line Items]
Long-term debt, fair value	777.9	0.0
4.125% Senior Notes due 2027
Debt Instrument [Line Items]
Long-term debt, fair value	378.5	371.7
7.350% Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt, fair value	1,049.8	0.0
7.700% Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt, fair value	1,055.1	0.0
3.050% Senior Notes due 2032
Debt Instrument [Line Items]
Long-term debt, fair value	407.5	399.5
7.850% Senior Notes due 2033
Debt Instrument [Line Items]
Long-term debt, fair value	1,337.1	0.0
5.350% EUR Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt, fair value	563.5	0.0
5.375% EUR Senior Notes due 2027
Debt Instrument [Line Items]
Long-term debt, fair value	571.8	0.0
5.875% EUR Senior Notes due 2031
Debt Instrument [Line Items]
Long-term debt, fair value	$ 580.6	$ 0.0

SEGMENT INFORMATION

6 Months Ended

Dec. 30, 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.

The following table summarizes net sales of each of the company's segments for the three and six months ended December 30, 2023 and December 31, 2022:


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions)
Segment net sales:
Coach	$	1,541.9	$	1,449.7	$	2,699.3	$	2,569.0
Kate Spade	460.4		490.3		763.6		812.2
Stuart Weitzman	82.2		85.4		134.8		150.7
Total Net sales:	$	2,084.5	$	2,025.4	$	3,597.7	$	3,531.9


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions)
Segment operating profit:
Coach	$	528.3	$	453.2	$	899.6	$	792.4
Kate Spade	72.1		69.0		98.7		92.2
Stuart Weitzman	1.4		0.7		(7.2)		(4.4)
Total segment operating profit:	$	601.8	$	522.9	$	991.1	$	880.2
Unallocated corporate expenses(1)	154.2		104.7		290.3		207.7

Unallocated other charges, net(2)	44.5		1.3		59.2		19.4
Income (loss) before provision for income taxes	$	403.1	$	416.9	$	641.6	$	653.1

The following table summarizes depreciation and amortization expense of each of the company's segments for the three and six months ended December 30, 2023 and December 31, 2022:


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions)
Depreciation and amortization expense(3):
Coach	$	20.9	$	24.7	$	43.9	$	47.0
Kate Spade	9.5		11.2		19.3		22.3
Stuart Weitzman	2.5		2.7		5.3		5.1
Unallocated corporate(1)	8.6		6.2		17.3		14.2
Total Depreciation and amortization expense:	$	41.5	$	44.8	$	85.8	$	88.6

(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.

- 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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-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
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-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

REVENUE (Summary of Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 2,084.5	$ 2,025.4	$ 3,597.7	$ 3,531.9
North America
Disaggregation of Revenue [Line Items]
Net sales	1,458.2	1,460.7	2,419.6	2,426.6
Greater China
Disaggregation of Revenue [Line Items]
Net sales	264.7	225.9	509.3	461.8
Other Asia
Disaggregation of Revenue [Line Items]
Net sales	248.2	238.3	454.4	438.0
Other
Disaggregation of Revenue [Line Items]
Net sales	113.4	100.5	214.4	205.5
Coach
Disaggregation of Revenue [Line Items]
Net sales	1,541.9	1,449.7	2,699.3	2,569.0
Coach \| North America
Disaggregation of Revenue [Line Items]
Net sales	1,016.9	985.4	1,703.4	1,654.5
Coach \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	229.2	196.0	449.5	405.8
Coach \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	209.7	200.6	384.9	368.5
Coach \| Other
Disaggregation of Revenue [Line Items]
Net sales	86.1	67.7	161.5	140.2
Kate Spade
Disaggregation of Revenue [Line Items]
Net sales	460.4	490.3	763.6	812.2
Kate Spade \| North America
Disaggregation of Revenue [Line Items]
Net sales	387.7	418.5	627.9	673.1
Kate Spade \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	11.3	9.8	22.1	20.8
Kate Spade \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	37.6	37.4	68.2	69.0
Kate Spade \| Other
Disaggregation of Revenue [Line Items]
Net sales	23.8	24.6	45.4	49.3
Stuart Weitzman
Disaggregation of Revenue [Line Items]
Net sales	82.2	85.4	134.8	150.7
Stuart Weitzman \| North America
Disaggregation of Revenue [Line Items]
Net sales	53.6	56.8	88.3	99.0
Stuart Weitzman \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	24.2	20.1	37.7	35.2
Stuart Weitzman \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	0.9	0.3	1.3	0.5
Stuart Weitzman \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 3.5	$ 8.2	$ 7.5	$ 16.0

- 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

+ References

+ Details

EARNINGS PER SHARE (Tables)

6 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

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


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions, except per share data)
Net income (loss)	$	322.3	$	329.9	$	517.3	$	525.2

Weighted-average basic shares	229.3		239.3		228.7		240.3
Dilutive securities:


Effect of dilutive securities	2.4		4.0		3.3		4.7
Weighted-average diluted shares	231.7		243.3		232.0		245.0

Net income (loss) per share:
Basic	$	1.41	$	1.38	$	2.26	$	2.19
Diluted	$	1.39	$	1.36	$	2.23	$	2.14

EARNINGS PER SHARE (Narrative) (Details) - shares shares in Millions	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Options to purchase shares of common stock excluded from the computation of diluted earnings per share (shares)	5.5	6.1

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($)	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Asset Impairment Charges	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 322.3	$ 329.9	$ 517.3	$ 525.2
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging derivatives, net	(41.0)	(22.5)	(9.7)	(14.8)
Unrealized gains (losses) on available-for-sale investments, net	0.0	0.0	0.0	0.5
Foreign currency translation adjustments	17.9	(2.4)	21.2	(32.6)
Other comprehensive income (loss), net of tax	(23.1)	(24.9)	11.5	(46.9)
Comprehensive income (loss)	$ 299.2	$ 305.0	$ 528.8	$ 478.3

- 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 (Narrative) (Details) - $ / shares	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Stock Options
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of awards granted (USD per share)	$ 10.30	$ 12.03
Service-based Restricted Stock Unit Awards (RSU)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	33.66	35.21
Performance-based Restricted Stock Unit Awards (PRSU)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 33.59	$ 35.31

SHARE-BASED COMPENSATION (Schedule of Non-vested Service-Based Restricted Stock Unit Activity) (Details) - Service-based Restricted Stock Unit Awards (RSU) shares in Millions	6 Months Ended
	Dec. 30, 2023 shares
Number of Non-vested RSUs
Beginning balance (shares)	5.9
Granted (shares)	2.3
Vested (shares)	(2.7)
Forfeited (shares)	(0.2)
Ending balance (shares)	5.3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Dec. 30, 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 Condensed Consolidated Balance Sheets as of December 30, 2023 and July 1, 2023:


	Notional Value				Derivative Assets					Derivative Liabilities
						Fair Value					Fair Value
	December 30, 2023		July 1, 2023		Consolidated Balance Sheet Classification	December 30, 2023		July 1, 2023		Consolidated Balance Sheet Classification	December 30, 2023		July 1, 2023
	(millions)
Designated hedge instruments:
FC - Inventory purchases(1)	$	833.2	$	842.3	Other Current Assets	$	28.1	$	38.6	Accrued Liabilities	$	3.8	$	0.1
CCS - Net investment hedges(2)	1,200.0		1,200.0		Other Assets	71.8		13.1		Other Liabilities	154.6		90.5
Total designated hedge instruments	$	2,033.2	$	2,042.3		$	99.9	$	51.7		$	158.4	$	90.6
Undesignated hedging instruments:
FC - Intercompany liabilities and loans(3)	241.1		272.3		Other Current Assets	0.6		0.4		Accrued Liabilities	—		0.2

Total Hedges	$	2,274.3	$	2,314.6		$	100.5	$	52.1		$	158.4	$	90.8

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

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

(3)Represents forward foreign currency exchange contracts ("FC") not designated as hedges.

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 Condensed Consolidated Financial Statements as of December 30, 2023 and December 31, 2022:


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Six Months Ended
	December 30, 2023		December 31, 2022
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	4.8	$	(17.0)
Interest rates(2)	(10.4)		—
Total cash flow hedges	$	(5.6)	$	(17.0)



Other:
Net investment hedges(3)	(5.9)		(69.9)
Total other	$	(5.9)	$	(69.9)
Total hedges	$	(11.5)	$	(86.9)


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Six Months Ended
		December 30, 2023		December 31, 2022
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of Sales	$	12.6	$	(2.8)
Interest rates(2)	Other income (expense)	(8.6)		—
Total hedges		$	4.0	$	(2.8)

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

(2)Represents forward interest rate contracts ("IC") designated as derivative instruments in cash flow hedging relationships.

(3)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships, for which the difference between changes in fair value and periodic amortization of excluded components is recorded within AOCI.

- 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

DEBT (Narrative) (Details)			3 Months Ended		6 Months Ended
DEBT (Narrative) (Details)	Nov. 27, 2023 USD ($)	Aug. 30, 2023 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 30, 2023 EUR (€)	Nov. 30, 2023 USD ($)	Nov. 27, 2023 EUR (€)	Aug. 29, 2023 USD ($)	Aug. 10, 2023 USD ($)	Jul. 01, 2023 USD ($)	May 11, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2015 USD ($)
Debt Instrument [Line Items]
Interest expense			$ 88,600,000	$ 18,100,000	$ 110,900,000	$ 34,400,000
Debt instrument, carrying amount			7,787,600,000		7,787,600,000							$ 1,643,800,000
Current debt			25,000,000.0		$ 25,000,000.0							25,000,000.0
Debt instrument, covenant maximum net leverage ratio					4.00
From and including the closing date of the Capri Acquisition to but excluding June 28, 2025
Debt Instrument [Line Items]
Debt instrument, covenant maximum net leverage ratio					4.75
From and including June 28, 2025 to but excluding June 27, 2026
Debt Instrument [Line Items]
Debt instrument, covenant maximum net leverage ratio					4.50
From and including June 27, 2026 and thereafter
Debt Instrument [Line Items]
Debt instrument, covenant maximum net leverage ratio					4.00
Letter of Credit \| Bridge Loan
Debt Instrument [Line Items]
Interest expense			25,900,000		$ 28,500,000
Maximum borrowing capacity		$ 6,600,000,000									$ 8,000,000,000
Capri Acquisition USD Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt			$ 4,500,000,000		$ 4,500,000,000			$ 6,100,000,000
Debt instrument, redemption price, percentage	101.00%
7.050% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 500,000,000
Interest rate, stated percentage	7.05%		705.00%		705.00%		705.00%		7.05%
Debt instrument, issuance amount, percent of par	99.89%								99.89%
Debt instrument, carrying amount			$ 500,000,000.0		$ 500,000,000.0							0
7.000% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 750,000,000
Interest rate, stated percentage	7.00%		700.00%		700.00%		700.00%		7.00%
Debt instrument, issuance amount, percent of par	99.803%								99.803%
Debt instrument, carrying amount			$ 750,000,000.0		$ 750,000,000.0							0
7.350% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 1,000,000,000
Interest rate, stated percentage	7.35%		735.00%		735.00%		735.00%		7.35%
Debt instrument, issuance amount, percent of par	99.724%								99.724%
Debt instrument, carrying amount			$ 1,000,000,000		$ 1,000,000,000							0
7.700% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 1,000,000,000
Interest rate, stated percentage	7.70%		770.00%		770.00%		770.00%		7.70%
Debt instrument, issuance amount, percent of par	99.712%								99.712%
Debt instrument, carrying amount			$ 1,000,000,000		$ 1,000,000,000							0
7.850% Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 1,250,000,000
Interest rate, stated percentage	7.85%		785.00%		785.00%		785.00%		7.85%
Debt instrument, issuance amount, percent of par	99.475%								99.475%
Debt instrument, carrying amount			$ 1,250,000,000		$ 1,250,000,000							0
Capri Acquisition EUR Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt \| €							€ 1,500,000,000
Debt instrument, redemption price, percentage	101.00%
Debt instrument, carrying amount			$ 552,100,000		$ 552,100,000
5.350% EUR Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt \| €									€ 500,000,000
Interest rate, stated percentage	5.35%		535.00%		535.00%		535.00%		5.35%
Debt instrument, issuance amount, percent of par	99.878%								99.878%
Debt instrument, carrying amount			$ 552,100,000		$ 552,100,000							0
5.375% EUR Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt \| €									€ 500,000,000
Interest rate, stated percentage	5.375%		537.50%		537.50%		537.50%		5.375%
Debt instrument, issuance amount, percent of par	99.723%								99.723%
Debt instrument, carrying amount			$ 552,100,000		$ 552,100,000							0
5.875% EUR Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt \| €									€ 500,000,000
Interest rate, stated percentage	5.875%		587.50%		587.50%		587.50%		5.875%
Debt instrument, issuance amount, percent of par	99.248%								99.248%
Debt instrument, carrying amount			$ 552,100,000		$ 552,100,000							0
Capri Acquisition Term Loan Facilities \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			1,400,000,000		1,400,000,000
Ticking fee (percentage)		0.15%
Three-Year Term Loan Facility \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,050,000,000.00
Term		3 years
Three-Year Term Loan Facility \| Line of Credit \| Letter of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Three-Year Term Loan Facility \| Line of Credit \| Letter of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Five-Year Term Loan Facility \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 350,000,000
Term		5 years
Five-Year Term Loan Facility \| Line of Credit \| Letter of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.375%
Five-Year Term Loan Facility \| Line of Credit \| Letter of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.375%
$2.0 Billion Revolving Credit Facility \| Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 2,000,000,000.0								$ 1,250,000,000
$2.0 Billion Revolving Credit Facility \| Line of Credit \| Revolving Facility \| Capri Holdings Limited
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000
Term Loan due 2027
Debt Instrument [Line Items]
Debt instrument, carrying amount			431,300,000		431,300,000							443,800,000
Current debt			$ 25,000,000.0		$ 25,000,000.0							25,000,000.0
Term Loan due 2027 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity													$ 500,000,000
Interest rate, stated percentage													5.00%
4.250% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																$ 600,000,000
Interest rate, stated percentage			425.00%		425.00%		425.00%									4.25%
Debt instrument, issuance amount, percent of par																99.445%
Debt instrument, carrying amount			$ 303,400,000		$ 303,400,000							303,400,000
Tender offer, outstanding debt														$ 203,400,000
4.125% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt															$ 600,000,000
Interest rate, stated percentage			412.50%		412.50%		412.50%								4.125%
Debt instrument, issuance amount, percent of par															99.858%
Debt instrument, carrying amount			$ 396,600,000		$ 396,600,000							396,600,000
Tender offer, outstanding debt														296,600,000
3.050% Senior Notes due 2032 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt														$ 500,000,000
Interest rate, stated percentage			305.00%		305.00%		305.00%							3.05%
Debt instrument, issuance amount, percent of par														99.705%
Debt instrument, carrying amount			$ 500,000,000.0		$ 500,000,000.0							$ 500,000,000.0

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Dec. 30, 2023

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

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

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


	Three Months Ended				Six Months Ended
	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
	(millions)
Share-based compensation expense	$	22.5	$	19.7	$	42.2	$	34.8
Income tax benefit related to share-based compensation expense	4.2		3.7		7.9		6.7

Schedule of Stock Option Activity

A summary of stock option activity during the six months ended December 30, 2023 is as follows:


			Number of Options Outstanding
			(millions)
Outstanding at July 1, 2023			8.7
Granted			1.3
Exercised			(0.1)
Forfeited or expired			(0.8)
Outstanding at December 30, 2023			9.1

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:


	December 30, 2023		December 31, 2022
Expected term (years)	5.0		4.9
Expected volatility	44.8	%	48.6	%
Risk-free interest rate	4.5	%	3.3	%
Dividend yield	4.2	%	3.4	%

Service-based Restricted Stock Unit Awards (RSU)

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

Schedule of RSU Activity

A summary of service-based RSU activity during the six months ended December 30, 2023 is as follows:


			Number of Non-vested RSUs
			(millions)
Non-vested at July 1, 2023			5.9
Granted			2.3
Vested			(2.7)
Forfeited			(0.2)
Non-vested at December 30, 2023			5.3

Performance-based Restricted Stock Unit Awards (PRSU)

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

Schedule of RSU Activity

A summary of PRSU activity during the six months ended December 30, 2023 is as follows:


			Number of Non-vested PRSUs
			(millions)
Non-vested at July 1, 2023			0.7
Granted			0.4
Change due to performance condition achievement			0.1
Vested			—
Forfeited			—
Non-vested at December 30, 2023			1.2

- 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

BASIS OF PRESENTATION AND ORGANIZATION (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Supplier Finance Program [Line Items]
Supplier finance program, obligation	$ 334.9	$ 305.4
Maximum
Supplier Finance Program [Line Items]
Supplier finance program, payment timing, period	90 days

INVESTMENTS (Tables)

6 Months Ended

Dec. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of December 30, 2023 and July 1, 2023:


	December 30, 2023						July 1, 2023
	Short-term		Long-term(3)		Total		Short-term		Long-term(3)		Total
	(millions)
Available-for-sale investments:
Commercial paper(1)	$	459.8	$	—	$	459.8	$	—	$	—	$	—
Government securities - U.S.(2)	56.2		—		56.2		—		—		—

Corporate debt securities - U.S.(2)	94.7		—		94.7		—		—		—

Available-for-sale investments, total	$	610.7	$	—	$	610.7	$	—	$	—	$	—


Other:
Time deposits(1)	$	0.6	$	—	$	0.6	$	0.6	$	—	$	0.6
Other	17.9		1.3		19.2		14.8		1.3		16.1
Total Investments	$	629.2	$	1.3	$	630.5	$	15.4	$	1.3	$	16.7

(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 fiscal years and are recorded at fair value.

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

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense of definite-lived intangible assets	$ 1.6	$ 1.6	$ 3.2	$ 3.3
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	6 years 2 months 12 days		6 years 2 months 12 days
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	8 years 6 months		8 years 6 months

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Capri Holdings Limited Merger Agreement On August 10, 2023, the Company entered into a Merger Agreement. The Company intends to finance the Capri Acquisition, inclusive of related fees and expenses, with the net proceeds of new senior unsecured notes, new term loans, cash on hand, cash on hand at Capri and anticipated future cash flow. Refer to Note 5, "Acquisitions" for further information. Letters of Credit The Company had standby letters of credit, surety bonds and bank guarantees totaling $37.8 million and $37.1 million outstanding at December 30, 2023 and July 1, 2023, respectively. The agreements, which expire at various dates through fiscal year 2040, primarily collateralize the Company's obligation to third parties for duty, leases, insurance claims and materials used in product manufacturing. The Company pays certain fees with respect to these instruments that are issued. Other The Company had other contractual cash obligations as of December 30, 2023 related to debt repayments. Refer to Note 11, "Debt," for further information. The Company is involved in various routine legal proceedings as both plaintiff and defendant incident to the ordinary course of its business, including proceedings to protect Tapestry's intellectual property rights, litigation instituted by persons alleged to have been injured by advertising claims or upon premises within the Company’s control, contractual disputes, insurance claims and 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 condensed consolidated financial statements.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances for credit losses	$ 5.9	$ 5.8
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)	229,400,000	227,400,000
Common stock, outstanding (shares)	229,400,000	227,400,000

STOCKHOLDERS' EQUITY (Summary of Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	$ 2,415.7	$ 2,277.8	$ 2,255.4	$ 2,285.5	$ 2,277.8	$ 2,285.5
Other comprehensive income (loss) before reclassifications					17.9	(48.8)
Less: amounts reclassified from accumulated other comprehensive income to earnings					6.4	(1.9)
Other comprehensive income (loss), net of tax	(23.1)	34.6	(24.9)	(22.0)	11.5	(46.9)
Ending balance	2,659.8	2,415.7	2,313.2	2,255.4	2,659.8	2,313.2
Net loss on foreign currency translation adjustments					49.4	66.0
Net loss on foreign currency translation adjustments, tax					11.4	0.1
Unrealized Gains (Losses) on Cash Flow Hedging Derivatives
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance		34.9		(2.3)	34.9	(2.3)
Other comprehensive income (loss) before reclassifications					(3.3)	(16.7)
Less: amounts reclassified from accumulated other comprehensive income to earnings					6.4	(1.9)
Other comprehensive income (loss), net of tax					(9.7)	(14.8)
Ending balance	25.2		(17.1)		25.2	(17.1)
Accumulated other comprehensive income, accumulated tax	(3.0)		0.3		(3.0)	0.3
Amounts reclassified from AOCI, tax					2.4	0.9
Unrealized Gains (Losses) on Available- for-Sale Investments
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance		0.0		(0.5)	0.0	(0.5)
Other comprehensive income (loss) before reclassifications					0.0	0.5
Less: amounts reclassified from accumulated other comprehensive income to earnings					0.0	0.0
Other comprehensive income (loss), net of tax					0.0	0.5
Ending balance	0.0		0.0		0.0	0.0
Cumulative Translation Adjustment
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance		(224.8)		(168.1)	(224.8)	(168.1)
Other comprehensive income (loss) before reclassifications					21.2	(32.6)
Less: amounts reclassified from accumulated other comprehensive income to earnings					0.0	0.0
Other comprehensive income (loss), net of tax					21.2	(32.6)
Ending balance	(203.6)		(200.7)		(203.6)	(200.7)
Total
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	(155.3)	(189.9)	(192.9)	(170.9)	(189.9)	(170.9)
Other comprehensive income (loss), net of tax	(23.1)	34.6	(24.9)	(22.0)
Ending balance	$ (178.4)	$ (155.3)	$ (217.8)	$ (192.9)	$ (178.4)	$ (217.8)

BASIS OF PRESENTATION AND ORGANIZATION	6 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND ORGANIZATION	BASIS OF PRESENTATION AND ORGANIZATION Interim Financial Statements These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, such condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations, comprehensive income (loss) and cash flows of the Company for the interim periods presented. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") have been condensed or omitted from this report as is permitted by the SEC's rules and regulations. However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. This report should be read in conjunction with the audited consolidated financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended July 1, 2023 ("fiscal 2023") and other filings filed with the SEC. The results of operations, cash flows and comprehensive income for the six months ended December 30, 2023 are not necessarily indicative of results to be expected for the entire fiscal year, which will end on June 29, 2024 ("fiscal 2024"). Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Fiscal 2024 will be a 52-week period. Fiscal 2023, ended on July 1, 2023, was also a 52-week period. The second quarter of fiscal 2024 ended on December 30, 2023 and the second quarter of fiscal 2023 ended on December 31, 2022, both of which were 13-week periods. 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 improved. In the first half of fiscal 2024, the Covid-19 pandemic did not materially impact our business or operating results. We continue 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 condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements. Significant estimates inherent in the preparation of the condensed consolidated financial statements include 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 These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation. 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. Supplier Finance Program To improve our working capital efficiency, the Company makes available to certain suppliers a voluntary supply chain finance (“SCF”) program that enables our suppliers to sell their receivables from the Company to a global financial institution on a non-recourse basis at a rate that leverages our credit rating. The Company does not have the ability to refinance or modify payment terms to the global financial institution through the SCF program. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the program. As of December 30, 2023 and July 1, 2023, $334.9 million and $305.4 million, respectively, was related to suppliers eligible to participate in the Company's SCF program and presented within Accounts payable on the Consolidated Balance Sheets.

ACQUISITIONS (Details)		3 Months Ended	6 Months Ended
ACQUISITIONS (Details)	Aug. 10, 2023 USD ($) $ / shares	Dec. 30, 2023 USD ($)	Dec. 30, 2023 USD ($)	Dec. 30, 2023 EUR (€)	Nov. 30, 2023 USD ($)
Capri Acquisition USD Senior Notes \| Senior Notes
Business Acquisition [Line Items]
Issuance of debt		$ 4,500,000,000	$ 4,500,000,000		$ 6,100,000,000
Euro-denominated Senior Unsecured Notes \| Senior Notes
Business Acquisition [Line Items]
Issuance of debt \| €				€ 1,500,000,000
Capri Acquisition Term Loan Facilities \| Line of Credit \| Letter of Credit
Business Acquisition [Line Items]
Maximum borrowing capacity		1,400,000,000	1,400,000,000
Capri Holdings Limited
Business Acquisition [Line Items]
Business acquisition, share price (USD per share) \| $ / shares	$ 57.00
Business acquisition, purchase price	$ 8,500,000,000
Acquisition-related expenses		$ 72,400,000	$ 98,700,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Current Assets:
Cash and cash equivalents	$ 6,833.1	$ 726.1
Short-term investments	629.2	15.4
Trade accounts receivable, less allowances for credit losses of $5.9 and $5.8, respectively	245.6	211.5
Inventories	824.9	919.5
Income tax receivable	241.6	231.1
Prepaid expenses	140.9	126.3
Other current assets	127.2	133.6
Total current assets	9,042.5	2,363.5
Property and equipment, net	539.2	564.5
Operating lease right-of-use assets	1,371.0	1,378.7
Goodwill	1,233.2	1,227.5
Intangible assets	1,356.9	1,360.1
Deferred income taxes	40.3	40.4
Other assets	232.3	182.1
Total assets	13,815.4	7,116.8
Current Liabilities:
Accounts payable	462.9	416.9
Accrued liabilities	654.1	547.1
Current portion of operating lease liabilities	305.6	297.5
Current debt	25.0	25.0
Total current liabilities	1,447.6	1,286.5
Long-term debt	7,714.4	1,635.8
Long-term operating lease liabilities	1,294.7	1,333.7
Deferred income taxes	307.6	240.0
Long-term income taxes payable	21.7	43.5
Other liabilities	369.6	299.5
Total liabilities	11,155.6	4,839.0
See Note 14 on commitments and contingencies
Stockholders' Equity:
Preferred stock: (authorized 25.0 million shares; $0.01 par value per share) none issued	0.0	0.0
Common stock: (authorized 1.0 billion shares; $0.01 par value per share) issued and outstanding - 229.4 million and 227.4 million shares, respectively	2.3	2.3
Additional paid-in-capital	3,695.8	3,682.2
Retained earnings (accumulated deficit)	(859.9)	(1,216.8)
Accumulated other comprehensive income (loss)	(178.4)	(189.9)
Total stockholders' equity	2,659.8	2,277.8
Total liabilities and stockholders' equity	$ 13,815.4	$ 7,116.8

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Dec. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities

The following table shows the fair value measurements of the Company’s financial assets and liabilities at December 30, 2023 and July 1, 2023:


	Level 1				Level 2
	December 30, 2023		July 1, 2023		December 30, 2023		July 1, 2023
	(millions)
Assets:
Cash equivalents(1)	$	887.1	$	155.7	$	33.7	$	11.9
Short-term investments:
Time deposits(2)	—		—		0.6		0.6
Commercial paper(2)	—		—		459.8		—
Government securities - U.S.(2)	56.2		—		—		—
Corporate debt securities - U.S.(2)	—		—		94.7		—
Corporate debt securities - non U.S.(2)	—		—		—		—
Other	—		—		17.9		14.8
Long-term investments:
Other	—		—		1.3		1.3
Derivative assets:
Inventory-related instruments(3)	—		—		28.1		38.6
Net investment hedges(3)	—		—		71.8		13.1
Intercompany loans and payables(3)	—		—		0.6		0.4

Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	—		—		3.8		0.1
Net investment hedges(3)	—		—		154.6		90.5
Intercompany loans and payables(3)	—		—		—		0.2

(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.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

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 and interest rate risk attributed to changes in the benchmark interest rates on the Company's debt obligations, including future issuances. 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 Condensed Consolidated Balance Sheets. The fair values of foreign currency derivatives and interest rate derivatives are based on the forward curves of the specific indices upon which settlement is based and include an adjustment for the counterparty's or 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 cash flow derivative instruments that qualify for hedge accounting, the changes in the fair value of these instruments are recognized as a component of Accumulated other comprehensive income (loss) ("AOCI") until the hedged item is recognized in earnings. 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) or interest income (expense). 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) or interest income (expense).

For foreign currency derivative instruments which are not designated as hedges, the changes in fair value of the instruments are recorded through earnings. These changes generally offset the revaluation of certain underlying assets and liabilities.

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 Condensed 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. This primarily includes exposure to exchange rate fluctuations in the Japanese Yen, the Chinese Renminbi and the Euro. 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 January 2024 to September 2025. Forward foreign currency exchange contracts which are not designated as hedges of intercompany and other contractual obligations are recognized within Other expense (income) on the Company's Condensed Consolidated Statement of Operations. The maturity date of most instruments held as of December 30, 2023 are in February 2024, and such contracts are typically renewed upon maturity if the related balance has not been settled.

During fiscal 2024, the Company also entered into interest rate derivative contracts to reduce its risks related to changes in the benchmark interest rates on its debt obligations. Any premiums related to these instruments were excluded from the Company's measurement of hedge effectiveness, and were amortized over the period between the hedge execution and the contract maturity. The related gains (losses) were initially deferred in AOCI and are subsequently recognized in the Consolidated Statements of Operations as interest income (expense) in the same periods during which the hedged interest payments associated with the Company’s borrowings are recorded in earnings. As of December 30, 2023, there were no interest rate derivative contracts outstanding.

The Company also enters into cross-currency swaps to reduce its risks related to exchange rate fluctuations on net investments in foreign subsidiaries, including our net investment in Euro-denominated subsidiaries and Japanese Yen-denominated subsidiaries against future volatility in the exchange rates between the United States dollar and their local currencies. 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.

The following tables provide information related to the Company's derivative instruments recorded on the Company's Condensed Consolidated Balance Sheets as of December 30, 2023 and July 1, 2023:


	Notional Value				Derivative Assets					Derivative Liabilities
						Fair Value					Fair Value
	December 30, 2023		July 1, 2023		Consolidated Balance Sheet Classification	December 30, 2023		July 1, 2023		Consolidated Balance Sheet Classification	December 30, 2023		July 1, 2023
	(millions)
Designated hedge instruments:
FC - Inventory purchases(1)	$	833.2	$	842.3	Other Current Assets	$	28.1	$	38.6	Accrued Liabilities	$	3.8	$	0.1
CCS - Net investment hedges(2)	1,200.0		1,200.0		Other Assets	71.8		13.1		Other Liabilities	154.6		90.5
Total designated hedge instruments	$	2,033.2	$	2,042.3		$	99.9	$	51.7		$	158.4	$	90.6
Undesignated hedging instruments:
FC - Intercompany liabilities and loans(3)	241.1		272.3		Other Current Assets	0.6		0.4		Accrued Liabilities	—		0.2

Total Hedges	$	2,274.3	$	2,314.6		$	100.5	$	52.1		$	158.4	$	90.8

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

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

(3)Represents forward foreign currency exchange contracts ("FC") not designated as hedges.


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Six Months Ended
	December 30, 2023		December 31, 2022
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	4.8	$	(17.0)
Interest rates(2)	(10.4)		—
Total cash flow hedges	$	(5.6)	$	(17.0)



Other:
Net investment hedges(3)	(5.9)		(69.9)
Total other	$	(5.9)	$	(69.9)
Total hedges	$	(11.5)	$	(86.9)


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Six Months Ended
		December 30, 2023		December 31, 2022
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of Sales	$	12.6	$	(2.8)
Interest rates(2)	Other income (expense)	(8.6)		—
Total hedges		$	4.0	$	(2.8)

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

(2)Represents forward interest rate contracts ("IC") designated as derivative instruments in cash flow hedging relationships.

The Company expects that $26.1 million of net derivative gain related to inventory purchases and interest rates included in Accumulated other comprehensive income at December 30, 2023 will be reclassified into earnings within the next 12 months. This amount will vary due to fluctuations in foreign currency exchange rates and benchmark interest rates.

The Company assesses the cross-currency swaps used as 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 $14.3 million and $13.8 million during the six months ended December 30, 2023 and December 31, 2022, respectively.

SHARE-BASED COMPENSATION (Schedule of Option Activity) (Details) shares in Millions	6 Months Ended
	Dec. 30, 2023 shares
Number of Options Outstanding
Beginning balance (shares)	8.7
Granted (shares)	1.3
Exercised (shares)	(0.1)
Forfeited or expired (shares)	(0.8)
Ending balance (shares)	9.1