10-Q Filing

RALPH LAUREN CORP CIK: 1037038 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001037038-23-000023`
Period End Date	20230630
Filing Date	20230810
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	rl-20230701_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 37 Cash Flow Statement 60 Stockholders Equity 22 Comprehensive Income 12

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowance on accounts receivable	`AccountsReceivableReservesAllowancesCurrent`	$175.30M	USD	Point-in-time
Allowance on accounts receivable	`AccountsReceivableReservesAllowancesCurrent`	$160.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.61B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.53B	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$73.10M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$36.40M	USD	Point-in-time
Accounts receivable, net of allowances of $160.8 million and $175.3 million	`AccountsReceivableNetCurrent`	$345.80M	USD	Point-in-time
Accounts receivable, net of allowances of $160.8 million and $175.3 million	`AccountsReceivableNetCurrent`	$447.70M	USD	Point-in-time
Inventories	`InventoryNet`	$1.19B	USD	Point-in-time
Inventories	`InventoryNet`	$1.07B	USD	Point-in-time
Inventories	`InventoryNet`	$1.18B	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$50.70M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$51.20M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$188.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$208.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.32B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.47B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$930.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$955.50M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.13B	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.11B	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsGross`	$258.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsGross`	$255.10M	USD	Point-in-time
Goodwill	`Goodwill`	$898.90M	USD	Point-in-time
Goodwill	`Goodwill`	$892.50M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$88.90M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$85.50M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$122.70M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$133.00M	USD	Point-in-time
Total assets	`Assets`	$6.87B	USD	Point-in-time
Total assets	`Assets`	$6.79B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$448.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$371.60M	USD	Point-in-time
Current income tax payable	`AccruedIncomeTaxesCurrent`	$59.70M	USD	Point-in-time
Current income tax payable	`AccruedIncomeTaxesCurrent`	$61.80M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$266.70M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$274.50M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$809.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$795.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.49B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.59B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.14B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.14B	USD	Point-in-time
Long-term finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$307.30M	USD	Point-in-time
Long-term finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$315.30M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.14B	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.10B	USD	Point-in-time
Non-current income tax payable	`AccruedIncomeTaxesNoncurrent`	$75.90M	USD	Point-in-time
Non-current income tax payable	`AccruedIncomeTaxesNoncurrent`	$75.90M	USD	Point-in-time
Non-current liability for unrecognized tax benefits	`LiabilityForUncertainTaxPositionsNoncurrent`	$99.10M	USD	Point-in-time
Non-current liability for unrecognized tax benefits	`LiabilityForUncertainTaxPositionsNoncurrent`	$93.80M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$100.90M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$113.20M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$4.36B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.43B	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$2.85B	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$2.82B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.68B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.60B	USD	Point-in-time
Treasury stock, Class A, at cost; 67.5 million and 67.0 million shares	`TreasuryStockValue`	$6.85B	USD	Point-in-time
Treasury stock, Class A, at cost; 67.5 million and 67.0 million shares	`TreasuryStockValue`	$6.80B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-232.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-196.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$2.43B	USD	Point-in-time
Total equity	`StockholdersEquity`	$2.54B	USD	Point-in-time
Total equity	`StockholdersEquity`	$2.44B	USD	Point-in-time
Total equity	`StockholdersEquity`	$2.36B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$6.79B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$6.87B	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`Revenues`	$1.49B	USD	1 Quarter
Net revenues	`Revenues`	$1.50B	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$464.50M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$489.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.03B	USD	1 Quarter
Gross profit	`GrossProfit`	$1.00B	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$820.60M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$830.00M	USD	1 Quarter
Unallocated restructuring and other charges, net	`Restructuringandothercharges`	$5.60M	USD	1 Quarter
Unallocated restructuring and other charges, net	`Restructuringandothercharges`	$35.60M	USD	1 Quarter
Total other operating expenses, net	`OperatingExpenses`	$826.20M	USD	1 Quarter
Total other operating expenses, net	`OperatingExpenses`	$865.60M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$175.20M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$166.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$11.80M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$3.60M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$15.70M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.50M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-4.80M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$162.20M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$170.60M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$38.80M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$38.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$132.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.40M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.76	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$2.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.96	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.73	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	70.10M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	65.90M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.40M	shares	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.69	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.75	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.75	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$132.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.40M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$54.80M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$58.30M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-400.00K	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$26.40M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$18.20M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$21.40M	USD	1 Quarter
Bad debt reversals	`ProvisionForDoubtfulAccounts`	$-800.00K	USD	1 Quarter
Bad debt reversals	`ProvisionForDoubtfulAccounts`	$-1.90M	USD	1 Quarter
Other non-cash charges	`OtherNoncashIncomeExpense`	$-5.30M	USD	1 Quarter
Other non-cash charges	`OtherNoncashIncomeExpense`	$-3.50M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-97.80M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-43.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$226.10M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$128.30M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$70.50M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$21.80M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$105.30M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$52.20M	USD	1 Quarter
Income tax receivables and payables	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$6.80M	USD	1 Quarter
Income tax receivables and payables	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$8.70M	USD	1 Quarter
Operating lease right-of-use assets and liabilities, net	`IncreaseDecreaseInOperatingLeaseROUAssetsAndLiabilitiesNet`	$-11.40M	USD	1 Quarter
Operating lease right-of-use assets and liabilities, net	`IncreaseDecreaseInOperatingLeaseROUAssetsAndLiabilitiesNet`	$-6.30M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-3.10M	USD	1 Quarter
Other balance sheet changes	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-22.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$45.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$270.70M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$39.60M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$39.40M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireMarketableSecurities`	$141.00M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireMarketableSecurities`	$73.30M	USD	1 Quarter
Proceeds from sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$35.40M	USD	1 Quarter
Proceeds from sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$552.00M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$6.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-77.50M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$365.60M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$500.00M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Payments of finance lease obligations	`FinanceLeasePrincipalPayments`	$5.80M	USD	1 Quarter
Payments of finance lease obligations	`FinanceLeasePrincipalPayments`	$6.00M	USD	1 Quarter
Payments of dividends	`PaymentsOfDividendsCommonStock`	$49.20M	USD	1 Quarter
Payments of dividends	`PaymentsOfDividendsCommonStock`	$48.10M	USD	1 Quarter
Repurchases of common stock, including shares surrendered for tax withholdings	`PaymentsForRepurchaseOfCommonStock`	$234.70M	USD	1 Quarter
Repurchases of common stock, including shares surrendered for tax withholdings	`PaymentsForRepurchaseOfCommonStock`	$56.80M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-112.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-788.60M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-30.00M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-3.90M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-407.70M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$77.30M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.87B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.54B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.46B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.61B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.87B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.54B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.46B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.61B	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$2.43B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.54B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.44B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.36B	USD	Point-in-time
Net income	`NetIncomeLoss`	$132.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.40M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-36.80M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-27.80M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$95.60M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$95.30M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$51.00M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$49.00M	USD	1 Quarter
Repurchases of common stock, including excise tax	`TreasuryStockValueAcquiredCostMethod`	$234.70M	USD	1 Quarter
Repurchases of common stock, including excise tax	`TreasuryStockValueAcquiredCostMethod`	$57.20M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.20M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$21.40M	USD	1 Quarter
Shares issued pursuant to stock-based compensation plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Shares issued pursuant to stock-based compensation plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Ending balance	`StockholdersEquity`	$2.43B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.54B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.44B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.36B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$132.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.40M	USD	1 Quarter
Foreign currency translation losses	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-37.50M	USD	1 Quarter
Foreign currency translation losses	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-39.30M	USD	1 Quarter
Net gains on cash flow hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$11.60M	USD	1 Quarter
Net gains on cash flow hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$800.00K	USD	1 Quarter
Net losses on defined benefit plans	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$100.00K	USD	1 Quarter
Net losses on defined benefit plans	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$100.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-36.80M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-27.80M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$95.60M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$95.30M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.