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Restructuring and Other Charges
 6 Months Ended
Sep. 28, 2019
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges
Restructuring and Other Charges
A description of significant restructuring and other activities and their related costs is provided below.
Fiscal 2019 Restructuring Plan
On June 4, 2018, the Company's Board of Directors approved a restructuring plan associated with the Company's strategic objective of operating with discipline to drive sustainable growth (the "Fiscal 2019 Restructuring Plan"). The Fiscal 2019 Restructuring Plan includes the following restructuring-related activities: (i) rightsizing and consolidation of the Company's global distribution network and corporate offices; (ii) targeted severance-related actions; and (iii) closure of certain of its stores and shop-within-shops. Actions associated with the Fiscal 2019 Restructuring Plan were largely completed during Fiscal 2019, with certain activities shifting into Fiscal 2020.
In connection with the Fiscal 2019 Restructuring Plan, the Company expects to incur total estimated charges of approximately $125 million to $150 million, comprised of cash-related charges of approximately $90 million to $110 million and non-cash charges of approximately $35 million to $40 million.
A summary of charges recorded in connection with the Fiscal 2019 Restructuring Plan during the fiscal periods presented, as well as the cumulative charges recorded since its inception, is as follows:
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
September 28,
2019
 
September 29,
2018
 
September 28,
2019
 
September 29,
2018
 
Cumulative Charges
 
 
(millions)
Cash-related restructuring charges:
 
 
 
 
 
 
 
 
 
 
Severance and benefit costs
 
$
9.0

 
$
9.0

 
$
14.9

 
$
17.2

 
$
75.1

Lease termination and store closure costs
 
0.2

 
—

 
0.5

 
—

 
2.3

Other cash charges
 
0.3

 
1.6

 
1.1

 
1.6

 
8.5

Total cash-related restructuring charges
 
9.5

 
10.6

 
16.5

 
18.8

 
85.9

Non-cash charges:
 
 
 
 
 
 
 
 
 
 
Impairment of assets (see Note 7)
 
2.3

 
4.5

 
3.5

 
5.8

 
13.8

Inventory-related charges(a)
 
0.4

 
—

 
1.0

 
—

 
7.0

Accelerated stock-based compensation
    expense(b)
 
3.6

 
—

 
3.6

 
—

 
3.6

Loss on sale of property(c)
 
—

 
—

 
—

 
—

 
11.6

Total non-cash charges
 
6.3

 
4.5

 
8.1

 
5.8

 
36.0

Total charges
 
$
15.8

 
$
15.1

 
$
24.6

 
$
24.6

 
$
121.9

 
 
(a) 
Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations.
(b) 
Accelerated stock-based compensation, which is recorded within restructuring and other charges in the consolidated statements of operations, was recorded in connection with vesting provisions associated with certain separation agreements.
(c) 
Loss on sale of property, which was recorded within restructuring and other charges in the consolidated statements of operations during the third quarter of Fiscal 2019, was incurred in connection with the sale of one of the Company's distribution centers in North America. Total cash proceeds from the sale were $20.0 million.
A summary of current period activity in the restructuring reserve related to the Fiscal 2019 Restructuring Plan is as follows:
 
 
Severance and Benefit Costs
 
Lease Termination
and Store
Closure Costs
 
Other Cash Charges
 
Total
 
 
(millions)
Balance at March 30, 2019
 
$
41.0

 
$
0.5

 
$
0.1

 
$
41.6

Additions charged to expense
 
14.9

 
0.5

 
1.1

 
16.5

Cash payments charged against reserve
 
(27.9
)
 
(0.5
)
 
(0.5
)
 
(28.9
)
Non-cash adjustments(a)
 
—

 
(0.4
)
 
—

 
(0.4
)
Balance at September 28, 2019
 
$
28.0

 
$
0.1

 
$
0.7

 
$
28.8


 
 
(a) 
Certain lease-related liabilities previously recognized in connection with the Company's closure and cessation of use of real estate locations were reclassified and reflected as reductions of the respective operating lease ROU assets initially recognized upon adoption of ASU 2016-02 (see Note 4).
Other Restructuring Plans
The Company recorded restructuring-related charges of $1.8 million and $8.3 million during the three-month and six-month periods ended September 29, 2018, respectively, related to certain other restructuring plans initiated prior to Fiscal 2019, primarily consisting of (i) severance and benefit costs and (ii) lease termination and store closure costs. Actions associated with these other plans were completed in previous fiscal years.
A summary of current period activity in the restructuring reserve related to these other plans is as follows:
 
 
Severance and Benefit Costs
 
Lease Termination
and Store
Closure Costs
 
Other Cash Charges
 
Total
 
 
(millions)
Balance at March 30, 2019
 
$
6.5

 
$
23.3

 
$
0.4

 
$
30.2

Additions charged to expense
 
—

 
—

 
—

 
—

Cash payments charged against reserve
 
(4.1
)
 
(1.5
)
 
(0.1
)
 
(5.7
)
Non-cash adjustments(a)
 
—

 
(18.9
)
 
—

 
(18.9
)
Balance at September 28, 2019
 
$
2.4

 
$
2.9

 
$
0.3

 
$
5.6


 
 
(a) 
Certain lease-related liabilities previously recognized in connection with the Company's closure and cessation of use of real estate locations were reclassified and reflected as reductions of the respective operating lease ROU assets initially recognized upon adoption of ASU 2016-02 (see Note 4).
Refer to Note 9 of the Fiscal 2019 10-K for additional discussion regarding these other restructuring plans.
Other Charges
During the first quarter of Fiscal 2020, the Company recorded other charges of $20.8 million related to the donation of net cash proceeds received from the sale of its corporate jet. This donation was made to the Polo Ralph Lauren Foundation, a non-profit, charitable foundation that supports various philanthropic programs. Additionally, during the three-month and six-month periods ended September 28, 2019, the Company recorded other charges of $1.4 million and $3.2 million, respectively, primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired.
The Company recorded other charges of $3.5 million and $7.0 million during the three-month and six-month periods ended September 29, 2018, respectively, related to depreciation expense associated with its former Polo store at 711 Fifth Avenue in New York City recorded after the store closed during the first quarter of Fiscal 2018. Additionally, during the first quarter of Fiscal 2019, the Company recorded other charges of $4.2 million primarily related to a customs audit. Refer to Note 14 of the Fiscal 2019 10-K for additional discussion regarding the Company's customs audit.