Discontinued Operations (Tables)

9 Months Ended

Dec. 27, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Classified as Held for Sale and Major Components of Discontinued Operations, Net of Income Taxes

The following table represents the carrying amounts of the major classes of assets and liabilities classified as held for sale in the consolidated balance sheet as of March 29, 2025 (in millions):

	March 29, 2025
Cash and cash equivalents	$	59
Receivables, net	62
Inventories, net	168
Prepaid expenses and other current assets	53
Current assets held for sale	342
Property and equipment, net	120
Operating lease right-of-use assets	388
Intangible assets, net	534
Goodwill	489
Other assets	63
Noncurrent assets held for sale	1,594
Total assets held for sale	$	1,936
Accounts payable	$	106
Accrued payroll and payroll related expenses	28
Accrued income taxes	2
Short-term operating lease liabilities	101
Accrued expenses and other current liabilities	67
Current liabilities held for sale	304
Long-term operating lease liabilities	439
Deferred tax liabilities	106
Long-term debt	10
Other long-term liabilities	20
Noncurrent liabilities held for sale	575
Total liabilities held for sale	$	879

The following table presents the major components of discontinued operations, net of income taxes, in the Company’s consolidated statements of operations and comprehensive income (loss) (in millions):

	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024
Total revenue	$	206	$	193	$	592	$	613
Cost of goods sold	58		55		173		174
Selling, general and administrative expenses	136		143		398		443
Depreciation and amortization	—		17		5		46
Impairment of assets	—		594		—		617
Restructuring and other expense	1		—		5		—
Other income, net	(45)		—		(44)		—
Foreign currency loss (gain)	1		8		(5)		3
Income (loss) from discontinued operations before income taxes	55		(624)		60		(670)
Benefit for income taxes	(4)		(72)		(2)		(82)
Net income (loss) from discontinued operations, net of tax	$	59	$	(552)	$	62	$	(588)

The following table presents the details of the gain on the sale of the Versace business as of the Closing Date (in millions):

Cash consideration, net	$	1,365
Transaction expenses	(15)
Carrying value of net assets sold	(1,266)
Gain on sale before reclassification of foreign currency translation	84
Reclassification of foreign currency translation	(39)
Gain on sale	$	45