Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 31, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	MICHAEL KORS HOLDINGS LTD
Entity Central Index Key	0001530721
Current Fiscal Year End Date	--03-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		149,321,694

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Current assets
Cash and cash equivalents	$ 169.9	$ 163.1
Receivables, net	262.5	290.5
Inventories	697.0	660.7
Prepaid expenses and other current assets	164.8	147.8
Total current assets	1,294.2	1,262.1
Property and equipment, net	560.7	583.2
Intangible assets, net	1,178.1	1,235.7
Goodwill	806.2	847.7
Deferred tax assets	46.2	56.2
Other assets	75.4	74.1
Total assets	3,960.8	4,059.0
Current liabilities
Accounts payable	279.3	294.1
Accrued payroll and payroll related expenses	67.9	93.0
Accrued income taxes	33.1	77.6
Short-term debt	266.9	200.0
Accrued expenses and other current liabilities	298.5	295.6
Total current liabilities	945.7	960.3
Deferred rent	132.7	128.4
Deferred tax liabilities	182.5	186.3
Long-term debt	554.2	674.4
Other long-term liabilities	104.2	88.1
Total liabilities	1,919.3	2,037.5
Commitments and contingencies
Shareholders’ equity
Ordinary shares, no par value; 650,000,000 shares authorized; 212,209,545 shares issued and 149,168,595 outstanding at June 30, 2018; 210,991,091 shares issued and 149,698,407 outstanding at March 31, 2018	0.0	0.0
Treasury shares, at cost (63,040,950 shares at June 30, 2018 and 61,292,684 shares at March 31, 2018)	(3,121.8)	(3,015.9)
Additional paid-in capital	850.1	831.1
Accumulated other comprehensive (loss) income	(40.5)	50.5
Retained earnings	4,350.1	4,152.0
Total shareholders’ equity of MKHL	2,037.9	2,017.7
Noncontrolling interest	3.6	3.8
Total shareholders’ equity	2,041.5	2,021.5
Total liabilities and shareholders’ equity	$ 3,960.8	$ 4,059.0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, shares authorized (in shares)	650,000,000	650,000,000
Ordinary shares, shares issued (in shares)	212,209,545	210,991,091
Ordinary shares, shares outstanding (in shares)	149,168,595	149,698,407
Treasury shares (in shares)	63,040,950	61,292,684

Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

Jun. 30, 2018

Jul. 01, 2017

Income Statement [Abstract]

Total revenue

$ 1,202.5

$ 952.4

Cost of goods sold

451.7

377.7

Gross profit

750.8

574.7

Selling, general and administrative expenses

464.1

377.7

Depreciation and amortization

55.9

47.6

Impairment of long-lived assets

4.3

0.0

Restructuring charges

^[1]

11.3

0.0

Total operating expenses

535.6

425.3

Income from operations

215.2

149.4

Other income, net

(0.8)

(0.6)

Interest expense, net

7.5

1.1

Foreign currency loss (gain)

2.9

(1.2)

Income before provision for income taxes

205.6

150.1

Provision for income taxes

19.4

24.6

Net income

186.2

125.5

Less: Net loss attributable to noncontrolling interest

(0.2)

0.0

Net income attributable to MKHL

$ 186.4

$ 125.5

Weighted average ordinary shares outstanding:

Weighted average ordinary shares outstanding, basic (in shares)

149,502,101

154,486,898

Weighted average ordinary shares outstanding, diluted (in shares)

152,399,655

156,871,518

Net income per ordinary share attributable to MKHL:

Net income per ordinary share, basic (in dollars per share)

$ 1.25

$ 0.81

Net income per ordinary share, diluted (in dollars per share)

$ 1.22

$ 0.80

Statements of Comprehensive Income:

Net income

$ 186.2

$ 125.5

Foreign currency translation adjustments

(103.0)

22.1

Net gain (loss) on derivatives

12.0

(9.7)

Comprehensive income

95.2

137.9

Less: Net loss attributable to noncontrolling interest

(0.2)

0.0

Comprehensive income attributable to MKHL

$ 95.4

$ 137.9

[1]	Restructuring and other charges includes store closure costs recorded in connection with the Retail Fleet Optimization Plan and integration costs recorded in connection with the acquisition of Jimmy Choo Group Limited (see Note 4 and Note 9).

Consolidated Statement of Shareholders' Equity - USD ($) $ in Millions	Total	Ordinary Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total Equity of MKHL	Non-controlling Interests
Beginning balance at Apr. 01, 2017					$ (80.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 125.5
Other comprehensive loss					12.4
Comprehensive income	137.9
Ending balance at Jul. 01, 2017					(68.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of an accounting standards (See Note 2)	11.7					$ 11.7	$ 11.7
Balance as of April 1, 2018	$ 2,033.2		$ 831.1	$ (3,015.9)	50.5	4,163.7	2,029.4	$ 3.8
Beginning balance (in shares) at Mar. 31, 2018	210,991,091	210,991,000
Beginning balance (in shares) at Mar. 31, 2018	(61,292,684)			(61,293,000)
Beginning balance at Mar. 31, 2018	$ 2,021.5	$ 0.0	831.1	$ (3,015.9)	50.5	4,152.0	2,017.7	3.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	186.2					186.4	186.4	(0.2)
Other comprehensive loss	(91.0)				(91.0)		(91.0)	0.0
Comprehensive income	95.2						95.4	(0.2)
Vesting of restricted awards, net of forfeitures (in shares)		600,000
Exercises of employee share options (in shares)		619,000
Exercise of employee share options	6.2		6.2				6.2
Equity compensation expense	12.8		12.8				12.8
Purchase of treasury shares (in shares)				(1,748,000)
Purchase of treasury shares	$ (105.9)			$ (105.9)			(105.9)
Ending balance (in shares) at Jun. 30, 2018	212,209,545	212,210,000
Ending balance (in shares) at Jun. 30, 2018	(63,040,950)			(63,041,000)
Ending balance at Jun. 30, 2018	$ 2,041.5	$ 0.0	$ 850.1	$ (3,121.8)	$ (40.5)	$ 4,350.1	$ 2,037.9	$ 3.6

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Cash flows from operating activities
Net income	$ 186.2	$ 125.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55.9	47.6
Equity compensation expense	12.8	10.8
Deferred income taxes	12.7	7.1
Impairment of long-lived assets	4.3	0.0
Tax (benefit) deficit on exercise of share options	(10.8)	4.9
Amortization of deferred financing costs	0.9	0.2
Foreign currency (gains) losses	2.9	(1.2)
Other non-cash charges	2.2	0.4
Change in assets and liabilities:
Receivables, net	24.4	98.2
Inventories	(52.4)	(55.6)
Prepaid expenses and other current assets	(20.8)	(4.7)
Accounts payable	(4.4)	(23.7)
Accrued expenses and other current liabilities	(32.1)	(18.1)
Other long-term assets and liabilities	24.5	2.9
Net cash provided by operating activities	206.3	194.3
Cash flows from investing activities
Capital expenditures	(40.7)	(14.8)
Cash paid for business acquisitions, net of cash acquired	0.0	(1.4)
Net cash used in investing activities	(40.7)	(16.2)
Cash flows from financing activities
Debt borrowings	433.6	409.6
Debt repayments	(487.2)	(386.9)
Repurchase of treasury shares	(105.9)	(160.3)
Exercise of employee share options	6.2	0.1
Other financing activities	0.0	(0.2)
Net cash used in financing activities	(153.3)	(137.7)
Effect of exchange rate changes on cash and cash equivalents	(5.5)	3.7
Net increase in cash and cash equivalents and restricted cash	6.8	44.1
Beginning of period (including restricted cash of $0.3 million at March 31, 2018 and $1.9 million at April 1, 2017)	163.4	229.6
End of period (including restricted cash of $0.3 million at June 30, 2018)	170.2	273.7
Supplemental disclosures of cash flow information
Cash paid for interest	12.7	1.3
Cash paid for income taxes	23.8	11.9
Supplemental disclosure of non-cash investing and financing activities
Accrued capital expenditures	$ 27.9	$ 12.8

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018	Apr. 01, 2017
Statement of Cash Flows [Abstract]
Restricted cash	$ 0.3	$ 0.3	$ 1.9

Business and Basis of Presentation	3 Months Ended
Business and Basis of Presentation	Jun. 30, 2018
Accounting Policies [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Michael Kors Holdings Limited (“MKHL,” and together with its subsidiaries, the “Company”) was incorporated in the British Virgin Islands (“BVI”) on December 13, 2002. The Company is a holding company that owns brands that are leading designers, marketers, distributors and retailers of branded women’s and men’s accessories, apparel and footwear bearing the Michael Kors and Jimmy Choo tradenames and related trademarks “MICHAEL KORS,” “MICHAEL MICHAEL KORS,” “JIMMY CHOO,” and various other related trademarks and logos. The Company’s business consists of four reportable segments: Michael Kors (“MK”) Retail, MK Wholesale, MK Licensing and Jimmy Choo. See Note 18 for additional information. On November 1, 2017, the Company completed the acquisition of Jimmy Choo Group Limited (“Jimmy Choo”) for a total transaction value of $1.447 billion. As a result, the Company has consolidated Jimmy Choo into its operations beginning on November 1, 2017. Jimmy Choo is being reported as a separate reporting segment. See Note 4 and Note 18 for additional information. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of June 30, 2018 and for the three months ended June 30, 2018 and July 1, 2017 are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 31, 2018, as filed with the Securities and Exchange Commission on May 30, 2018, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year. The Company utilizes a 52 to 53 week fiscal year ending on the Saturday closest to March 31. As such, the term “Fiscal Year” or “Fiscal” refers to the 52-week or 53-week period, ending on that day. The results for the three months ended June 30, 2018 and July 1, 2017, are based on 13-week periods.

Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, sales discounts and doubtful accounts, estimates related to the Company’s customer loyalty program and gift card breakage, estimates of inventory recovery, the valuation of share-based compensation, valuation of deferred taxes and the estimated useful lives used for amortization and depreciation of intangible assets and property and equipment. Actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made to the prior periods’ financial information in order to conform to the current period’s presentation.

Seasonality

The Company experiences certain effects of seasonality with respect to its business. The Company’s MK Retail segment generally experiences greater sales during its third fiscal quarter as a result of holiday season sales. The MK Wholesale segment generally experiences the lowest sales in its first fiscal quarter. The Jimmy Choo segment generally experiences greater sales during its first and third fiscal quarters, primarily driven by the product launch calendar and holiday season sales. In the aggregate, the Company’s first fiscal quarter typically experiences less sales volume relative to the other three quarters and its third fiscal quarter generally has higher sales volume relative to the other three quarters.

Derivative Financial Instruments

Forward Foreign Currency Exchange Contracts

The Company uses forward currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward currency contracts to hedge the Company’s cash flows, as they relate to foreign currency transactions. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation.

The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including description of the hedged item and the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges is recorded in equity as a component of accumulated other comprehensive income (loss) until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third party, the gains or losses deferred in accumulated other comprehensive income (loss) are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective in the future, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency gain (loss) in the Company’s consolidated statements of operations and comprehensive income. The Company classifies cash flows relating to its forward foreign currency exchange contracts consistently with the classification of the hedged item, within cash flows from operating activities.

The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the foreign transaction they are intended to hedge.

Net Investment Hedges

The Company also uses fixed-to-fixed cross currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between our U.S. Dollars and these foreign currencies. The Company has elected the spot method of designating these contracts under ASU 2017-12, as defined below, and has designated these contracts as net investment hedges. The net gain or loss on net investment hedged is reported within foreign currency translation gains and losses (“CTA”), as a component of accumulated other comprehensive income (loss) on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest expense in the Company’s statement of operations and comprehensive income. Upon discontinuation of a hedge, all previously recognized amounts remain in CTA until the hedged net investment is sold, diluted, or liquidated.

Net Income per Share

The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if share option grants or any other potentially dilutive instruments, including restricted shares and restricted share units (“RSUs”), were exercised or converted into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.

The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data):



	Three Months Ended
	June 30, 2018		July 1, 2017
Numerator:
Net income attributable to MKHL	$	186.4	$	125.5
Denominator:
Basic weighted average shares	149,502,101		154,486,898
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units	2,897,554		2,384,620
Diluted weighted average shares	152,399,655		156,871,518

Basic net income per share	$	1.25	$	0.81
Diluted net income per share	$	1.22	$	0.80

Share equivalents of 648,398 shares and 2,485,827 shares for the three months ended June 30, 2018 and July 1, 2017, respectively, have been excluded from the above calculations due to their anti-dilutive effect.

See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018 for a complete disclosure of the Company’s significant accounting policies.

Recently Adopted Accounting Pronouncements

Hedge Accounting

On August 28, 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The new standard is intended to improve and simplify rules relating to hedge accounting, including the elimination of periodic hedge ineffectiveness, recognition and presentation of components excluded from hedge effectiveness assessment, the ability to elect to perform subsequent effectiveness assessments qualitatively, and other provisions designed to provide more transparency around the economics of a company’s hedging strategy. ASU 2017-12 is effective for the Company in Fiscal 2020, with early adoption permitted. The Company adopted ASU 2017-12 during the three months ended June 30, 2018, which resulted in a net increase to opening retained earnings of less than $0.1 million as of April 1, 2018, due to the elimination of ineffectiveness for cash flow hedges in effect as of the date of adoption. The Company has applied the spot method of designating its net investment hedges, which were executed during the three months ended June 30, 2018.

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which provides new guidance for revenues recognized from contracts with customers, requiring that revenue is recognized at an amount the company is entitled to upon transferring control of goods or services to customers, as opposed to when risks and rewards transfer to a customer. In July 2015, ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” deferred the effective date of ASU 2014-09 by one year, to interim reporting periods within the annual reporting period beginning after December 15, 2017, or the first quarter of the Company’s Fiscal 2019. This standard may be applied retrospectively to all prior periods presented, or retrospectively with a cumulative adjustment to retained earnings in the year of adoption (“modified retrospective method”).

The FASB has issued several additional ASUs to provide implementation guidance on ASU 2014-09, including ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” in December 2016; ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” in May 2016; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” in April 2016; and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” in March 2016. The Company has considered this guidance in evaluating the impact of ASU 2014-09 (collectively, “ASC 606”).

On April 1, 2018, the Company adopted ASC 606 using the modified retrospective method and recognized the $6.7 million (net of a tax of $1.7 million) cumulative effect of adoption as an adjustment to the opening balance of retained earnings. The below table details the components of the cumulative adjustment recorded on April 1, 2018 (in millions):



	March 31, 2018 As Reported under ASC 605		ASC 606 Adjustments				April 1, 2018 As Reported Under ASC 606
Receivables, net	$	290.5	$	3.8		⁽¹⁾	$	294.3
Accrued expenses and other current liabilities	295.6		(4.6		)	⁽²⁾	291.0
Deferred tax liabilities	186.3		1.7			⁽³⁾	188.0
Retained earnings	4,152.0		6.7				4,158.7

_________________________


⁽¹⁾	Includes a $3.5 million adjustment related to product licensing revenue, which was previously recorded on a one-month lag and $0.3 million of guaranteed advertising minimums recognized by product licensees on a straight-line basis over the contract year.


⁽²⁾	Relates to recognition of breakage revenue associated with gift card liabilities not subject to escheatment.


⁽³⁾	Relates to income tax effect of the above adjustments.

In addition, while the Company has previously recorded the right of return asset and liability on a gross basis, in connection with its adoption of ASC 606, it has reclassified the return liability of $17.5 million from receivables, net to accrued expenses and other current liabilities in its consolidated balance sheets as of June 30, 2018. Otherwise, the adoption of this standard did not have a material impact on the Company's consolidated financial statements as of and for the three months ended June 30, 2018, or any individual line items therein.

See Note 3 for additional disclosures related to the Company’s revenue recognition accounting policy.

Share-Based Compensation

In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”, which simplifies modification accounting for entities that change the terms or conditions of share-based awards. ASU 2017-09 was adopted during the three months ended June 30, 2018, on a prospective basis. The adoption of this standard did not have an impact on the Company's consolidated financial statements. The Company will apply ASU 2017-09 to any future changes to the terms and conditions of its share-based compensation awards.

Income Taxes

In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, which requires recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted ASU 2016-16 in the beginning of Fiscal 2019, as required, using the modified retrospective method. On April 1, 2018, the Company recorded the $4.9 million cumulative effect of adoption as an adjustment to the opening balance of retained earnings.

Recently Issued Accounting Pronouncements

We have considered all new accounting pronouncements and, other than the recent pronouncements discussed below, have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition or cash flows based on current information.

Lease Accounting

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize a lease liability and a right-to-use asset on the balance sheet for all leases, except certain short-term leases. ASU 2016-02 is effective beginning with the Company’s Fiscal 2020, with early adoption permitted, and must be implemented using a modified retrospective approach for all leases existing at, or entered into after the beginning of the earliest comparative period that is presented in the financial statements. The Company is currently in the process of analyzing its lease portfolio and evaluating the impact of ASU 2016-02 on its consolidated financial statements. The Company expects that the adoption of this standard will result in a significant increase in assets and liabilities on its consolidated balance sheets.

Revenue Recognition

3 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services.

The Company sells its products through three primary channels of distribution: retail, wholesale and licensing. Within the retail and wholesale channels, substantially all of the Company’s revenues consist of sales of products that represent a single performance obligation, where control transfers at a point in time to the customer. For licensing arrangements, royalty and advertising revenue is recognized over time based on access provided to Michael Kors and Jimmy Choo trademarks.

The Company has chosen to apply the practical expedient allowing it not to disclose the amount of the transaction price allocated to the remaining performance obligations that have an expected duration of twelve months or less.

Retail

Michael Kors generates sales through four primary retail store formats: “Collection” stores, “Lifestyle” stores, outlet stores and e-commerce. Michael Kors sells its own products and licensed products bearing the Michael Kors name, directly to the end consumer throughout the Americas (U.S., Canada and Latin America, excluding Brazil), Europe and certain parts of Asia. Jimmy Choo generates sales through directly operated stores and e-commerce throughout North America (United States and Canada), EMEA and certain parts of Asia. In addition to these retail formats, the Company operates concessions in a select number of department stores.

Retail revenue is recognized when control of the product is transferred at the point of sale at Company owned stores, including concessions. For e-commerce transactions, control is transferred when products are delivered to the customer, net of estimated returns. To arrive at net sales for retail, gross sales are reduced by actual customer returns, as well as by a provision for estimated future customer returns.

Sales taxes collected from retail customers are presented on a net basis and, as such, are excluded from revenue. Shipping and handling costs that are billed to customers are included in net sales, with the related costs recorded in cost of goods sold. Shipping and handling costs that are not billed to customers are accounted for as fulfillment costs.

Gift Cards. The Company sells gift cards that can be redeemed for merchandise, resulting in a contract liability recorded upon issuance. Revenue is recognized when the gift card is redeemed or upon “breakage” for the estimated portion of gift cards that are not expected to be redeemed. “Breakage” revenue is calculated under the proportional redemption methodology, which considers the historical patterns of redemption in jurisdictions where the Company is not required to remit the value of the unredeemed gift cards as unclaimed property. The Company anticipates that substantially all of its outstanding gift cards will be redeemed within the next twelve months. The contract liability related to gift cards, net of estimated “breakage,” was $11.2 million as of June 30, 2018, and is included in accrued expenses and other current liabilities in the Company’s consolidated balance sheet.

Loyalty Program. The Company offers a loyalty program, which allows its Michael Kors customers to earn points on qualifying purchases toward monetary and non-monetary rewards, which may be redeemed for purchases at Michael Kors retail stores and e-commerce sites. The Company defers a portion of the initial sales transaction based on the estimated relative fair value of the benefits based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed. The contract liability, net of an estimated “breakage,” of $4.7 million as of June 30, 2018 is recorded as a reduction to revenue in the consolidated statements of income and comprehensive income and within accrued expenses and other current liabilities in the Company’s consolidated balance sheet and is expected to be recognized within the next twelve months.

Wholesale

Michael Kors products are sold primarily to major department stores, specialty stores and travel retail shops throughout the Americas, EMEA (Europe, Middle East, and Africa) and Asia. Jimmy Choo luxury products are sold throughout North America, EMEA, and certain parts of Asia. The Company also has arrangements where Michael Kors and Jimmy Choo products are sold to our geographic licensees in certain parts of EMEA and Asia, as well as in Brazil. Products sold through the wholesale channel include accessories (which include handbags and small leather goods such as wallets), footwear and women’s and men’s apparel.

Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, after merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for wholesale, gross sales are reduced by provisions for estimated future returns, as well as trade discounts, markdowns, allowances, operational chargebacks, and certain cooperative selling expenses. These estimates are developed based on the most likely amount using historical trends, actual and forecasted performance and market conditions, and are reviewed by management on a quarterly basis. Unfulfilled, noncancelable purchase orders for products from wholesale customers (including the Company’s geographic licensees) are expected to be fulfilled within the next twelve months.

Licensing

The Company provides its third-party licensees with the right to access its Michael Kors and Jimmy Choo trademarks under product and geographic licensing arrangements. Under product licensing arrangements, the Company allows third parties to manufacture and sell luxury goods, including fragrances, sunglasses and eyewear, using the Company’s trademarks. Under geographic licensing arrangements, third party licensees receive the right to distribute and sell products bearing the Company's trademarks in retail and/or wholesale channels within certain geographical areas, including Brazil, the Middle East, Eastern Europe, South Africa, Brazil, certain parts of Asia and Australia.

The Company recognizes royalty revenue and advertising contributions based on the percentage of sales made by the licensees. Advertising contributions are received to support the Company’s branded advertising and marketing campaigns and are viewed as part of a single performance obligation with the right to access the Company’s trademarks. Royalty revenue generated from licenses, which includes contributions for advertising, may be subject to contractual minimum levels, as defined in the contract. Such minimums are generally fixed annually, based on the previous year’s sales. Licensing revenue is based on reported current period sales of licensed products at rates that are specified in the license agreements for contracts that are expected to exceed the related guaranteed minimums. If the Company expects the minimum guaranteed amounts to exceed amounts calculated based on actual sales, the guaranteed minimums are recognized ratably over the contractual year to which they relate. As of June 30, 2018, guaranteed minimum royalty amounts due from licensees that relate to contractual periods do not exceed twelve months.

Sales Returns

For the sale of goods with a right of return, the Company recognizes revenue for the consideration to which it expects to be entitled and a refund liability for the amount it expects to refund to its customers within accrued expenses and other current liabilities. The refund liability is determined based on the most likely amount and is based on management’s review of historical and current customer returns for its retail and wholesale customers, estimated future returns, adjusted for non-resalable products. The Company also considers its product strategies, as well as the financial condition of its customers, store closings by wholesale customers, changes in the retail environment and other macroeconomic factors. The Company recognizes an asset included in inventories with a corresponding adjustment to cost of sales for the right to recover the products from its retail and wholesale customers, net of any costs to resell. The refund liability recorded as of June 30, 2018 was $28.5 million and the related asset for the right to recover returned product as of June 30, 2018 was $5.3 million.

Contract Balances

The Company’s contract liabilities, which are recorded within accrued expenses and other current liabilities in its consolidated balance sheets, primarily consist of gift card liabilities, loyalty program liabilities and advanced payments from product licensees. Total contract liabilities were $19.0 million and $23.3 million as of June 30, 2018 and March 31, 2018, respectively. Contract liabilities decreased $4.6 million as a result of the adoption of ASC 606 on April 1, 2018, due to recognition of gift card breakage revenue (see Note 2). The Company recognized $8.1 million in revenue for the three months ended June 30, 2018, which related to contract liabilities that existed at March 31, 2018. There were no contract assets recorded as of June 30, 2018 and April 1, 2018.

There were no changes in historical variable consideration estimates that were materially different from actual results.

Disaggregation of Revenue

The following table presents the Company’s segment revenues disaggregated by geographic location (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
MK Retail revenue - the Americas	$	402.2	$	392.1
MK Retail revenue - Europe	119.5		122.1
MK Retail revenue - Asia	117.8		105.7
Total MK Retail	639.5		619.9
MK Wholesale revenue - the Americas	275.1		227.2
MK Wholesale revenue - EMEA ⁽¹⁾	68.4		65.0
MK Wholesale revenue - Asia	19.3		11.4
Total MK Wholesale	362.8		303.6
MK Licensing revenue - the Americas	15.3		14.8
MK Licensing revenue - EMEA ⁽¹⁾	12.2		14.1
Total MK Licensing	27.5		28.9
Total Michael Kors	1,029.8		952.4

Jimmy Choo revenue - the Americas	25.6		—
Jimmy Choo revenue - EMEA ⁽¹⁾	101.7		—
Jimmy Choo revenue - Asia	45.4		—
Total Jimmy Choo	172.7		—

Total revenue - the Americas	718.2		634.1
Total revenue - EMEA ⁽¹⁾	301.8		201.2
Total revenue - Asia	182.5		117.1
Total revenue	$	1,202.5	$	952.4


⁽¹⁾	EMEA is comprised of Europe, the Middle East and Africa.

Acquisitions	3 Months Ended
Acquisitions	Jun. 30, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions Acquisition of Jimmy Choo Group Limited On November 1, 2017, the Company completed the acquisition of Jimmy Choo, whereby the Company’s wholly-owned subsidiary acquired all of Jimmy Choo’s issued and to be issued shares at a purchase price of 230 pence per share in cash, for a total transaction value of $1.447 billion, including the repayment of existing debt obligations, which was funded through a combination of borrowings under the Company’s new $1.0 billion term loan facility, the issuance of the Senior Notes and cash on hand. Jimmy Choo’s results of operations have been included in our consolidated financial statements beginning on November 1, 2017. Jimmy Choo contributed revenue of $172.7 million and net income of $13.2 million (after amortization of non-cash purchase accounting adjustments and integration costs) for the three months ended June 30, 2018. Other Acquisitions During the three months ended July 1, 2017, the Company repurchased a portion of the non-controlling interest in its Latin American joint venture, MK (Panama) Holdings, S.A. and subsidiaries (“MK Panama”) for approximately $0.5 million. The Company has a 75% ownership interest in MK Panama. See Note 3 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018 for additional disclosures relating to the Company's acquisitions.

Receivables, net

3 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Receivables, net

Receivables, net consist of (in millions):



	June 30, 2018			March 31, 2018
Trade receivables⁽¹⁾	$	329.3		$	383.3
Receivables due from licensees	16.2			15.8
	345.5			399.1
Less: allowances	(83.0		)	(108.6		)
	$	262.5		$	290.5


⁽¹⁾	As of June 30, 2018 and March 31, 2018, $226.9 million and $296.2 million, respectively, of trade receivables were insured.

Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and doubtful accounts. Discounts are based on open invoices where trade discounts have been extended to customers. Allowances are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.

The Company’s allowance for doubtful accounts is determined through analysis of periodic aging of receivables that are not covered by insurance and assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered. Allowance for doubtful accounts was $5.2 million and $5.1 million as of June 30, 2018 and March 31, 2018, respectively. The Company had provisions for bad debt of $0.6 million in each of the periods ending June 30, 2018 and July 1, 2017.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Property and Equipment, net

3 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and Equipment, Net

Property and equipment, net, consists of (in millions):



	June 30, 2018			March 31, 2018
Leasehold improvements	$	546.6		$	551.0
Furniture and fixtures	266.4			270.9
In-store shops	265.4			273.9
Computer equipment and software	264.1			266.3
Equipment	117.3			116.7
Building	50.4			51.6
Land	15.4			16.2
	1,525.6			1,546.6
Less: accumulated depreciation and amortization	(1,007.6		)	(1,001.6		)
	518.0			545.0
Construction-in-progress	42.7			38.2
	$	560.7		$	583.2

Depreciation and amortization of property and equipment for the three months ended June 30, 2018 and July 1, 2017 was $47.4 million and $42.5 million, respectively. During the three months ended June 30, 2018, the Company recorded fixed asset impairment charges of $3.7 million, which were related to underperforming Michael Kors full-price retail store locations, some of which will be closed as part of the Company’s previously announced Retail Fleet Optimization Plan, as defined in Note 9.

Intangible Assets and Goodwill

3 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):



	June 30, 2018			March 31, 2018
Definite-lived intangible assets:
Reacquired Rights	$	400.4		$	400.4
Trademarks	23.0			23.0
Lease Rights	71.2			80.1
Customer Relationships	218.3			231.3
Total definite-lived intangible assets	712.9			734.8
Less: accumulated amortization	(114.0		)	(113.2		)
Net definite-lived intangible assets	598.9			621.6

Indefinite-lived intangible assets:
Jimmy Choo brand	579.2			614.1

Total intangible assets, excluding goodwill	$	1,178.1		$	1,235.7

Amortization expense for the Company’s definite-lived intangibles assets for the three months ended June 30, 2018 and July 1, 2017 was $8.5 million and $5.1 million, respectively. During the three months ended June 30, 2018, the Company recorded impairment charges of $0.6 million relating to its intangible assets (See Note 12 for further information).

The Company’s goodwill balance as of June 30, 2018 and March 31, 2018 was $806.2 million and $847.7 million, respectively. There were no goodwill impairment charges recorded during the three months ended June 30, 2018 and July 1, 2017.

Current Assets and Current Liabilities

3 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Current Assets and Current Liabilities

Prepaid expenses and other current assets consist of the following (in millions):



	June 30, 2018		March 31, 2018
Prepaid taxes	$	80.0	$	78.5
Prepaid rent	22.8		22.7
Leasehold incentive receivable	11.1		9.4
Prepaid insurance	5.8		1.5
Unrealized gains on forward foreign exchange contracts	3.8		—
Prepaid duties	7.0		7.0
Other	34.3		28.7
	$	164.8	$	147.8

Accrued expenses and other current liabilities consist of the following (in millions):



	June 30, 2018		March 31, 2018
Other taxes payable	$	64.0	$	54.3
Restructuring liability	38.8		44.8
Accrued rent	35.7		34.5
Return liabilities	28.5		12.1
Accrued capital expenditures	27.9		26.4
Accrued advertising and marketing	20.5		22.6
Professional services	12.5		14.1
Gift cards and retail store credits	11.2		16.0
Deferred loyalty program liabilities	4.7		2.2
Accrued interest	3.8		8.7
Deferred income	3.2		4.3
Advance royalties	3.1		4.1
Unrealized loss on forward foreign currency exchange contracts	0.1		7.7
Other	44.5		43.8
	$	298.5	$	295.6

Restructuring and Other Charges

3 Months Ended

Jun. 30, 2018

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

On May 31, 2017, the Company announced that it plans to close between 100 and 125 of its Michael Kors full-price retail stores over the next two years, in order to improve the profitability of its retail store fleet (“Retail Fleet Optimization Plan”). Over this time period, the Company expects to incur approximately $100 - $125 million of one-time costs associated with these store closures. Collectively, the Company anticipates ongoing annual savings of approximately $60 million as a result of store closures and lower depreciation and amortization expense as a result of the impairment charges recorded during Fiscal 2017 and Fiscal 2018.

During the three months ended June 30, 2018, the Company closed 12 of its Michael Kors full-price retail stores under the Retail Fleet Optimization Plan and recorded restructuring costs of $4.2 million, for a total of 59 stores closed to date as of June 30, 2018. The Company anticipates finalizing the remainder of the planned store closures under the Retail Fleet Optimization Plan over the next two fiscal years. The below table presents a summary of charges recorded in connection with this plan for the MK Retail segment and the Company’s remaining restructuring liability (in millions):



	Severance and benefit costs		Lease-related costs			Total
Balance at March 31, 2018	$	0.2	$	44.6		$	44.8
Additions charged to expense	0.1		4.1			4.2
Balance sheet reclassifications ⁽¹⁾	—		0.4			0.4
Payments	—		(10.6		)	(10.6		)
Balance at June 30, 2018	$	0.3	$	38.5		$	38.8


⁽¹⁾	Primarily consists of reclassification of deferred rent for locations subject to closure to a restructuring liability.

Other Charges

During the three months ended June 30, 2018, the Company recorded integration costs $7.1 million in connection with the Jimmy Choo acquisition.

Debt Obligations

3 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt Obligations

The following table presents the Company’s debt obligations (in millions):



	June 30, 2018		March 31, 2018
Term Loan	$	109.0	$	229.8
4.000% Senior Notes due 2024	450.0		450.0
Revolving Credit Facilities	266.9		200.0
Other	0.9		0.9
Total debt	826.8		880.7
Less: Unamortized debt issuance costs	3.7		4.2
Less: Unamortized discount on long-term debt	2.0		2.1
Total carrying value of debt	821.1		874.4
Less: Short-term debt	266.9		200.0
Total long-term debt	$	554.2	$	674.4

Senior Unsecured Revolving Credit Facility

The 2017 Credit Facility requires the Company to maintain a leverage ratio as of the end of each fiscal quarter of no greater than 3.5 to 1. Such leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus six times the consolidated rent expense for the last four consecutive fiscal quarters, to Consolidated EBITDAR (as defined below) for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus income tax expense, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash charges, subject to certain additions and deductions. The 2017 Credit Facility also includes covenants that limit additional indebtedness, guarantees, liens, acquisitions and other investments and cash dividends that are customary for financings of this type. As of June 30, 2018, the Company was in compliance with all covenants related to this agreement.

As of June 30, 2018 and March 31, 2018, the Company had borrowings of $266.9 million and $200.0 million, respectively, outstanding under the 2017 Revolving Credit Facility, which were recorded within short-term debt in its consolidated balance sheets. Stand-by letters of credit of $16.3 million were outstanding as of June 30, 2018. At June 30, 2018, the amount available for future borrowings under the 2017 Revolving Credit Facility was $716.8 million.

See Note 10 to the Company’s Fiscal 2018 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is party to various legal proceedings and claims. Although the outcome of such items cannot be determined with certainty, the Company’s management does not believe that the outcome of all pending legal proceedings in the aggregate will have a material adverse effect on its cash flow, results of operations or financial position. Please refer to the Contractual Obligations and Commercial Commitments disclosure within the Liquidity section of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018 for a detailed disclosure of other commitments and contractual obligations as of March 31, 2018.

Fair Value Measurements

3 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial assets and liabilities are measured at fair value using the three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in the valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs based on a company’s own assumptions about market participant assumptions developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that a company has the ability

to access at the measurement date.

Level 2 – Valuations based on quoted inputs other than quoted prices included within Level 1, that are observable for the

asset or liability, either directly or indirectly through corroboration with observable market data.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

At June 30, 2018 and March 31, 2018, the fair values of the Company’s foreign currency forward contracts and net investment hedges were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair values of the forward contracts are included in prepaid expenses and other current assets, and in accrued expenses and other current liabilities in the consolidated balance sheets, depending on whether they represent assets or liabilities to the Company. The fair values of net investment hedges are included in other assets, as detailed in Note 13.

All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):



	Fair value at June 30, 2018 using:						Fair value at March 31, 2018 using:
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets:
Forward foreign currency exchange contracts	$	—	$	3.8	$	—	$	—	$	—	$	—
Net investment hedges	—		4.8		—		—		—		—
Total derivative assets	$	—	$	8.6	$	—	$	—	$	—	$	—

Derivative liabilities:
Forward foreign currency exchange contracts	$	—	$	0.1	$	—	$	—	$	7.7	$	—

The Company’s long-term debt obligations are recorded in its consolidated balance sheets at carrying values, which may differ from the related fair values. The fair value of the Company’s long-term debt is estimated using external pricing data, including any available quoted market prices and based on other debt instruments with similar characteristics. Borrowings under revolving credit agreements, if outstanding, are recorded at carrying value, which approximates fair value due to the short-term nature of such borrowings. See Note 10 for detailed information relating to carrying values of the Company’s outstanding debt. The following table summarizes the carrying values and estimated fair values of the Company’s short- and long-term debt, based on Level 2 measurements (in millions):



	June 30, 2018				March 31, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
4.000% Senior Notes	$	444.7	$	437.4	$	444.5	$	448.1
Term Loan	$	108.6	$	109.7	$	229.0	$	231.2
Revolving Credit Facilities	$	266.9	$	266.9	$	200.0	$	200.0

The Company’s cash and cash equivalents, accounts receivable and accounts payable, are recorded at carrying value, which approximates fair value.

Non-Financial Assets and Liabilities

The Company’s non-financial assets include goodwill, intangible assets and property and equipment. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. The Company’s goodwill and its indefinite-lived intangible asset (Jimmy Choo brand) are assessed for impairment at least annually during the fourth quarter of each fiscal year, while its other long-lived assets, including fixed assets and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The fair values of these assets were determined based on Level 3 measurements using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations.

During the three months ended June 30, 2018, the Company recorded impairment charges of $4.3 million within the MK Retail segment. The following table details the carrying values and fair values of the Company’s long-lived assets that have been impaired (in millions):



	Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Fixed Assets	$	5.4	$	1.7	$	3.7
Lease Rights	1.4		0.8		0.6
Total	$	6.8	$	2.5	$	4.3

The Company did not record impairment charges during the three months ended July 1, 2017.

- 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

Derivative Financial Instruments

3 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

During the three months ended June 30, 2018, the Company early-adopted the new hedge accounting guidance prescribed by ASU 2017-12. The cumulative impact of adoption, which related to elimination of ineffectiveness for the Company’s designated forward foreign currency exchange contracts, was recorded within retained earnings as of the beginning of Fiscal 2019. See Note 2 for additional information.

Forward Foreign Currency Exchange Contracts

The Company uses forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain of its transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to certain forecasted inventory purchases by using forward foreign currency exchange contracts. The Company only enters into derivative instruments with highly credit-rated counterparties. The Company does not enter into derivative contracts for trading or speculative purposes.

Net Investment Hedges

During the three months ended June 30, 2018, the Company entered into fixed-to-fixed cross-currency swap agreements with notional amounts of $290.0 million and $44.0 million to hedge its net investments in Euro-denominated and Japanese Yen-denominated subsidiaries, respectively, against future volatility in the exchange rates between U.S. Dollar and these currencies. Under the terms of these contracts, which mature in November 2024, the Company will exchange the quarterly fixed rate payments made under its Senior Notes for fixed rate payments of 1.585% in Euros and 0.89% in Japanese Yen. These contracts have been designated as net investment hedges.

The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of June 30, 2018 and March 31, 2018 (in millions):



					Fair Values
	Notional Amounts				Assets					Liabilities
	June 30, 2018		March 31, 2018		June 30, 2018			March 31, 2018		June 30, 2018			March 31, 2018
Designated forward currency exchange contracts	$	132.1	$	161.7	$	3.5	⁽¹⁾	$	—	$	0.1	⁽²⁾	$	7.7	⁽²⁾
Designated net investment hedge	334.0		—		4.8		⁽³⁾	—		—			—
Total designated hedges	$	466.1	$	161.7	$	8.3		$	—	$	0.1		$	7.7
Undesignated forward currency exchange contracts	21.3		—		0.3		⁽¹⁾	—		—			—
Total	$	487.4	$	161.7	$	8.6		$	—	$	0.1		$	7.7

^{____________________________________}


⁽¹⁾	Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets.


⁽²⁾	Recorded within accrued expenses and other current liabilities in the Company’s consolidated balance sheets.


⁽³⁾	Recorded within other assets in the Company’s consolidated balance sheets.

The Company records and presents the fair values of all of its derivative assets and liabilities in its consolidated balance sheets on a gross basis, as shown in the above table. However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to setoff amounts for similar transactions denominated in the same currencies, the resulting impact as of June 30, 2018 and March 31, 2018 would be as follows (in millions):



	Forward Currency Exchange Contracts				Net Investment Hedges
	June 30, 2018		March 31, 2018		June 30, 2018		March 31, 2018
Assets subject to master netting arrangements	$	3.8	$	—	$	4.8	$	—
Liabilities subject to master netting arrangements	$	0.1	$	7.7	$	—	$	—
Derivative assets, net	$	3.7	$	—	$	4.8	$	—
Derivative liabilities, net	$	—	$	7.7	$	—	$	—

The Company’s master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties.

Changes in the fair value of the Company’s forward foreign currency exchange contracts that are designated as accounting hedges are recorded in equity as a component of accumulated other comprehensive income (loss), and are reclassified from accumulated other comprehensive income (loss) into earnings when the items underlying the hedged transactions are recognized into earnings, as a component of cost of sales within the Company’s consolidated statements of operations and comprehensive income (loss). The net gain or loss on net investment hedges are reported within foreign currency translation gains and losses (“CTA”) as a component of accumulated other comprehensive income (loss) on the Company’s consolidated balance sheets. Upon discontinuation of the hedge, such amounts remain in CTA until the related investment is sold or liquidated.

The following table summarizes the pre-tax impact of the gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
	Pre-Tax Gains Recognized in OCI		Pre-Tax Losses Recognized in OCI
Designated forward foreign currency exchange contracts	$	8.7	$	(9.3	)
Designated net investment hedges	$	4.8	$	—

The following table summarizes the impact of the gains and losses within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for the three months ended June 30, 2018 and July 1, 2017 (in millions):



	Pre-Tax (Gain) Loss Reclassified from Accumulated OCI					Location of (Gain) Loss recognized	Total Cost of Sales
	June 30, 2018		July 1, 2017			Location of (Gain) Loss recognized	June 30, 2018		July 1, 2017
Designated forward currency exchange contracts	$	4.9	$	(1.9	)	Cost of Sales	$	451.7	$	377.7

The Company expects that substantially all of the amounts currently recorded in accumulated other comprehensive income (loss) for its forward currency exchange contracts will be reclassified into earnings during the next twelve months, based upon the timing of inventory purchases and turnover.

During the three months ended June 30, 2018 and July 1, 2017, the Company recognized a net gain of $1.1 million and a net loss of $1.4 million, respectively, related to changes in the fair value of undesignated forward currency exchange contracts within foreign currency loss (gain) in the Company’s consolidated statement of operations and comprehensive income.

When a cross-currency swap is used as a hedging instrument in a net investment hedge assessed under the spot method, the cross-currency basis spread is excluded from the assessment of hedge effectiveness and is recognized as a reduction in interest expense in the Company’s consolidated statements of operations and comprehensive income. Accordingly, the Company recorded a $1.4 million reduction in interest expense during the three months ended June 30, 2018.

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Jun. 30, 2018
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchase Program During the three months ended June 30, 2018 and July 1, 2017, the Company repurchased 1,659,941 shares and 4,543,500 shares, respectively, at a cost of $100.0 million and $157.8 million, respectively, under its $1.0 billion share-repurchase programs through open market transactions. As of June 30, 2018, the remaining availability under the Company’s share repurchase program was $542.2 million. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading transactions under the Company’s insider trading policy and other relevant factors. The program may be suspended or discontinued at any time. The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain executive officers and directors to satisfy minimum tax withholding obligations relating to the vesting of their restricted share unit awards. During the three month periods ended June 30, 2018 and July 1, 2017, the Company withheld 88,325 shares and 77,155 shares, respectively, with a fair value of $5.9 million and $2.5 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share unit awards.

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Jun. 30, 2018

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table details changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes for the three months ended June 30, 2018 and July 1, 2017, respectively (in millions):



	Foreign Currency Translation (Losses) Gains ⁽¹⁾			Net Gains (Losses) on Derivatives ⁽²⁾			Other Comprehensive (Loss) Income Attributable to MKHL			Other Comprehensive (Loss) Income Attributable to Noncontrolling Interest			Total Accumulated Other Comprehensive (Loss) Income
Balance at April 1, 2017	$	(86.1	)	$	5.5		$	(80.6	)	$	(0.3	)	$	(80.9	)
Other comprehensive income (loss) before reclassifications	22.1			(8.0		)	14.1			—			14.1
Less: amounts reclassified from AOCI to earnings	—			1.7			1.7			—			1.7
Other comprehensive income (loss) net of tax	22.1			(9.7		)	12.4			—			12.4
Balance at July 1, 2017	$	(64.0	)	$	(4.2	)	$	(68.2	)	$	(0.3	)	$	(68.5	)

Balance at March 31, 2018	$	61.2		$	(10.7	)	$	50.5		$	(0.2	)	$	50.3
Other comprehensive (loss) income before reclassifications	(103.0		)	7.8			(95.2		)	—			(95.2		)
Less: amounts reclassified from AOCI to earnings	—			(4.2		)	(4.2		)	—			(4.2		)
Other comprehensive (loss) income net of tax	(103.0		)	12.0			(91.0		)	—			(91.0		)
Balance at June 30, 2018	$	(41.8	)	$	1.3		$	(40.5	)	$	(0.2	)	$	(40.7	)

_________________________

⁽¹⁾

Foreign currency translation gains and losses for the three months ended June 30, 2018 and July 1, 2017 include net gains of $5.2 million and net losses of $1.4 million, respectively, on intra-entity transactions that are of a long-term investment nature. Foreign currency translation losses for the three months ended June 30, 2018 include an $85.7 million translation loss relating to the newly acquired Jimmy Choo business and a $4.0 million gain, net of taxes of $0.8 million relating to the Company's net investment hedges.

⁽²⁾

Reclassified amounts relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive income. Accumulated other comprehensive income related to net gains (losses) on derivative financial instruments is net of a tax benefit of $1.4 million as of March 31, 2018. Other comprehensive income (loss) before reclassifications related to derivative financial instruments for the three months ended June 30, 2018 and July 1, 2017 is net of a tax provision of $0.9 million and tax benefit of $1.3 million, respectively. All other tax effects were not material for the periods presented.

Share-Based Compensation

3 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

The Company issues equity grants to certain employees and directors of the Company at the discretion of the Company’s Compensation and Talent Committee. The Company has two equity plans, one adopted in Fiscal 2008, the Michael Kors (USA), Inc. Stock Option Plan (as amended and restated, the “2008 Plan”), and the other adopted in the third fiscal quarter of Fiscal 2012 and amended and restated with shareholder approval in May 2015, the Michael Kors Holdings Limited Amended and Restated Omnibus Incentive Plan (the “Incentive Plan”). The 2008 Plan only provided for grants of share options and was authorized to issue up to 23,980,823 ordinary shares. As of June 30, 2018, there were no shares available to grant equity awards under the 2008 Plan. The Incentive Plan allows for grants of share options, restricted shares and restricted share units, and other equity awards, and authorizes a total issuance of up to 15,246,000 ordinary shares. At June 30, 2018, there were 6,200,855 ordinary shares available for future grants of equity awards under the Incentive Plan. Option grants issued from the 2008 Plan generally expire ten years from the date of the grant, and those issued under the Incentive Plan generally expire seven years from the date of the grant.

The following table summarizes the Company’s share-based compensation activity during the three months ended June 30, 2018:



	Options		Restricted Shares		Service-Based RSUs		Performance-Based RSUs
Outstanding/Unvested at March 31, 2018	3,796,620		64,148		2,127,517		657,532
Granted	224,582		—		757,231		166,617
Exercised/Vested	(619,465	)	(52,786	)	(493,541	)	(105,900	)
Decrease due to performance condition	—		—		—		(101,744	)
Canceled/forfeited	(4,600	)	(344	)	(45,437	)	(3,397	)
Outstanding/Unvested at June 30, 2018	3,397,137		11,018		2,345,770		613,108

The weighted average grant date fair value for options granted during the three months ended June 30, 2018 and July 1, 2017 was $24.49 and $11.62, respectively. The weighted average grant date fair value of service-based and performance-based RSUs granted during the three months ended June 30, 2018 was $67.47 and $67.52, respectively and $34.84 and $34.68, respectively, during the three months ended July 1, 2017.

The Company uses the Black-Scholes valuation model to estimate the grant date fair value of its share option awards. The following table presents assumptions used to estimate the fair value of options granted during the three months ended June 30, 2018 and July 1, 2017:



	Three Months Ended
	June 30, 2018		July 1, 2017
Expected dividend yield	0.0	%	0.0	%
Volatility factor	36.9	%	36.3	%
Weighted average risk-free interest rate	2.8	%	1.8	%
Expected life of option	4.85 years		4.69 years

Share-Based Compensation Expense

The following table summarizes compensation expense attributable to share-based compensation for the three months ended June 30, 2018 and July 1, 2017 (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
Share-based compensation expense	$	12.8	$	10.8
Tax benefit related to share-based compensation expense	$	2.2	$	3.6

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on its historical forfeiture rate to date. The estimated value of future forfeitures for equity grants as of June 30, 2018 is approximately $15.4 million.

See Note 16 in the Company’s Fiscal 2018 Annual Report on Form 10-K for additional information relating to the Company’s share-based compensation awards.

Income Taxes	3 Months Ended
Income Taxes	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended June 30, 2018 is 9.4%. Such rate differs from the United Kingdom (“U.K.”) federal statutory rate of 19% primarily due to the favorable effects of global financing arrangements and tax benefits of share-based compensation. The global financing activities are related to the Company’s 2014 move of its principal executive office from Hong Kong to the U.K. and decision to become a U.K. tax resident. In connection with this decision, the Company funded its international growth strategy through intercompany debt financing arrangements between our U.S., U.K. and Switzerland subsidiaries in December 2015. Due to the difference in the statutory income tax rates between these jurisdictions, the Company realized a lower effective tax rate. The Company’s effective tax rate for the three months ended July 1, 2017 was 16.4%. As of June 30, 2018 and March 31, 2018, the Company has liabilities related to its uncertain tax positions, including accrued interest, of approximately $123.2 million and $107.4 million, respectively, which are included in other long-term liabilities in the Company’s consolidated balance sheets. The total amount of unrecognized tax benefits relating to the Company’s tax positions is subject to change based on future events including, but not limited to, the settlements of ongoing tax audits and assessments and the expiration of applicable statutes of limitations. The Company anticipates that the balance of gross unrecognized tax benefits, excluding interest and penalties, will be reduced by approximately $34.4 million during the next twelve months, primarily due to an anticipated tax ruling regarding the deductibility of certain capital losses and anticipated audit closures. The outcomes and timing of such events are highly uncertain and changes in the occurrence, expected outcomes and timing of such events could cause the Company’s current estimate to change materially in the future. U.S. Tax Reform On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including, among other things, lowering U.S. statutory federal tax rate and implementing a territorial tax system. The U.S. statutory federal tax rate has been decreased to 21% for Fiscal 2019 and thereafter. The Tax Act also added many new provisions, including changes to bonus depreciation, limits on the deductions for executive compensation and interest expense, a tax on global intangible low-taxed income, the base erosion anti-abuse tax and a deduction for foreign derived intangible income. In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin (“SAB”) 118 to provide guidance for companies that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, or any changes in accounting standards for income taxes or related interpretations in response to the Tax Act. The Company’s estimates were provisional and subject to adjustment in Fiscal 2019 under the measurement period allowed by the SEC. The Company expects to finalize its accounting related to the impacts of the Tax Act on deferred taxes, valuation allowances, state tax considerations, and any remaining basis differences in its foreign subsidiaries when its income tax returns are finalized during the third quarter of Fiscal 2019. As the Company completes its analysis of the Tax Act, collects and prepares necessary data and interprets any additional guidance issued by the United States Department of the Treasury, the Internal Revenue Service and other standard-setting bodies, it may make adjustments during Fiscal 2019 to the provisional amounts recorded in Fiscal 2018.

Segment Information

3 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

The Company operates its business through four operating segments—MK Retail, MK Wholesale, MK Licensing and Jimmy Choo—which are based on its business activities and organization. The reportable segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources, as well as in assessing performance. The primary key performance indicators are revenue and operating income for each segment. The Company’s reportable segments represent channels of distribution that offer similar merchandise, customer experience and sales/marketing strategies.

The Company’s four reportable segments are as follows:

•

MK Retail — segment includes sales through Michael Kors operated stores, including “Collection,” “Lifestyle” including “concessions,” and outlet stores located throughout the Americas (U.S., Canada and Latin America, excluding Brazil), Europe and certain parts of Asia, as well as Michael Kors e-commerce sales. Products sold through the MK Retail segment include women’s apparel, accessories (which include handbags and small leather goods such as wallets), men’s apparel, footwear and licensed products, such as watches, jewelry, fragrances and beauty, and eyewear.

•

MK Wholesale — segment includes sales primarily to major department stores and specialty shops throughout the Americas, Europe and Asia. Products sold through the MK Wholesale segment include accessories (which include handbags and small leather goods such as wallets), footwear and women’s and men’s apparel. The Company also has wholesale arrangements pursuant to which it sells products to Michael Kors geographic licensees in certain parts of EMEA and Asia, as well as in Brazil.


•	MK Licensing — segment includes royalties and other contributions earned on licensed products and use of the Company’s trademarks, and rights granted to third parties for the right to operate retail stores and/or sell the Company’s products in certain geographic regions such as Brazil, the Middle East, South Africa, Eastern Europe, certain parts of Asia and Australia.

•

Jimmy Choo — segment includes revenue generated from sales of luxury footwear, handbags and small leather goods through directly operated Jimmy Choo stores throughout North America (United States and Canada), EMEA and certain parts of Asia, as well as through Jimmy Choo e-commerce sites. In addition, revenue is generated through wholesale sales to distribution partners (including geographic licensing arrangements), multi-brand department stores and specialty stores worldwide, as well as through product license agreements in connection with the manufacturing and sale of fragrance, sunglasses and eyewear.

All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. Corporate overhead expenses are allocated to the segments based upon revenue or other allocation methods.

The following table presents the key performance information of the Company’s reportable segments (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
Total revenue:
MK Retail	$	639.5	$	619.9
MK Wholesale	362.8		303.6
MK Licensing	27.5		28.9
Michael Kors	1,029.8		952.4
Jimmy Choo	172.7		—
Total revenue	$	1,202.5	$	952.4

Income from operations:
MK Retail	$	92.5	$	92.2
MK Wholesale	97.5		43.5
MK Licensing	9.1		13.7
Michael Kors	199.1		149.4
Jimmy Choo	16.1		—
Income from operations	$	215.2	$	149.4

Depreciation and amortization expense for each segment are as follows (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
Depreciation and amortization:
MK Retail	$	33.3	$	32.0
MK Wholesale	13.8		15.0
MK Licensing	0.6		0.6
Michael Kors	47.7		47.6
Jimmy Choo	8.2		—
Total depreciation and amortization	$	55.9	$	47.6

During the three months ended June 30, 2018, the Company recorded impairment charges relating to Michael Kors full-price retail operations of $4.3 million, and restructuring and other charges of $11.3 million. See Note 9 and 12 for additional information.

Total revenue (based on country of origin), and long-lived assets by geographic location are as follows (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
Total revenue:
The Americas (U.S., Canada and Latin America) ⁽¹⁾	$	718.2	$	634.1
EMEA	301.8		201.2
Asia	182.5		117.1
Total revenue	$	1,202.5	$	952.4



	As of
	June 30, 2018		March 31, 2018
Long-lived assets, excluding goodwill:
The Americas (U.S., Canada and Latin America)⁽¹⁾	$	319.5	$	327.3
EMEA	984.8		1,050.3
Asia	434.5		441.3
Total long-lived assets, excluding goodwill	$	1,738.8	$	1,818.9


⁽¹⁾	Total revenue earned in the U.S. were $668.3 million for the three months ended June 30, 2018 and $587.1 million for the three months ended July 1, 2017. Long-lived assets located in the U.S. as of June 30, 2018 and March 31, 2018 were $295.2 million and $303.3 million, respectively.

The following table presents the Company’s goodwill by reportable segment (in millions):



	As of
	June 30, 2018		March 31, 2018
MK Retail	$	91.9	$	91.9
MK Wholesale	25.9		25.9
MK Licensing	1.9		1.9
Jimmy Choo	686.5		728.0
Total goodwill	$	806.2	$	847.7

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Consolidation

The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of June 30, 2018 and for the three months ended June 30, 2018 and July 1, 2017 are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 31, 2018, as filed with the Securities and Exchange Commission on May 30, 2018, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year.

Fiscal Period

The Company utilizes a 52 to 53 week fiscal year ending on the Saturday closest to March 31. As such, the term “Fiscal Year” or “Fiscal” refers to the 52-week or 53-week period, ending on that day. The results for the three months ended June 30, 2018 and July 1, 2017, are based on 13-week periods.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, sales discounts and doubtful accounts, estimates related to the Company’s customer loyalty program and gift card breakage, estimates of inventory recovery, the valuation of share-based compensation, valuation of deferred taxes and the estimated useful lives used for amortization and depreciation of intangible assets and property and equipment. Actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made to the prior periods’ financial information in order to conform to the current period’s presentation

Seasonality

The Company experiences certain effects of seasonality with respect to its business. The Company’s MK Retail segment generally experiences greater sales during its third fiscal quarter as a result of holiday season sales. The MK Wholesale segment generally experiences the lowest sales in its first fiscal quarter. The Jimmy Choo segment generally experiences greater sales during its first and third fiscal quarters, primarily driven by the product launch calendar and holiday season sales. In the aggregate, the Company’s first fiscal quarter typically experiences less sales volume relative to the other three quarters and its third fiscal quarter generally has higher sales volume relative to the other three quarters.

Derivative Financial Instruments

Forward Foreign Currency Exchange Contracts

The Company uses forward currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward currency contracts to hedge the Company’s cash flows, as they relate to foreign currency transactions. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation.

The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including description of the hedged item and the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges is recorded in equity as a component of accumulated other comprehensive income (loss) until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third party, the gains or losses deferred in accumulated other comprehensive income (loss) are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective in the future, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency gain (loss) in the Company’s consolidated statements of operations and comprehensive income. The Company classifies cash flows relating to its forward foreign currency exchange contracts consistently with the classification of the hedged item, within cash flows from operating activities.

The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the foreign transaction they are intended to hedge.

Net Investment Hedges

The Company also uses fixed-to-fixed cross currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between our U.S. Dollars and these foreign currencies. The Company has elected the spot method of designating these contracts under ASU 2017-12, as defined below, and has designated these contracts as net investment hedges. The net gain or loss on net investment hedged is reported within foreign currency translation gains and losses (“CTA”), as a component of accumulated other comprehensive income (loss) on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest expense in the Company’s statement of operations and comprehensive income. Upon discontinuation of a hedge, all previously recognized amounts remain in CTA until the hedged net investment is sold, diluted, or liquidated.

Net Income per Share

The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if share option grants or any other potentially dilutive instruments, including restricted shares and restricted share units (“RSUs”), were exercised or converted into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Hedge Accounting

On August 28, 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The new standard is intended to improve and simplify rules relating to hedge accounting, including the elimination of periodic hedge ineffectiveness, recognition and presentation of components excluded from hedge effectiveness assessment, the ability to elect to perform subsequent effectiveness assessments qualitatively, and other provisions designed to provide more transparency around the economics of a company’s hedging strategy. ASU 2017-12 is effective for the Company in Fiscal 2020, with early adoption permitted. The Company adopted ASU 2017-12 during the three months ended June 30, 2018, which resulted in a net increase to opening retained earnings of less than $0.1 million as of April 1, 2018, due to the elimination of ineffectiveness for cash flow hedges in effect as of the date of adoption. The Company has applied the spot method of designating its net investment hedges, which were executed during the three months ended June 30, 2018.

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which provides new guidance for revenues recognized from contracts with customers, requiring that revenue is recognized at an amount the company is entitled to upon transferring control of goods or services to customers, as opposed to when risks and rewards transfer to a customer. In July 2015, ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” deferred the effective date of ASU 2014-09 by one year, to interim reporting periods within the annual reporting period beginning after December 15, 2017, or the first quarter of the Company’s Fiscal 2019. This standard may be applied retrospectively to all prior periods presented, or retrospectively with a cumulative adjustment to retained earnings in the year of adoption (“modified retrospective method”).

The FASB has issued several additional ASUs to provide implementation guidance on ASU 2014-09, including ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” in December 2016; ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” in May 2016; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” in April 2016; and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” in March 2016. The Company has considered this guidance in evaluating the impact of ASU 2014-09 (collectively, “ASC 606”).

On April 1, 2018, the Company adopted ASC 606 using the modified retrospective method and recognized the $6.7 million (net of a tax of $1.7 million) cumulative effect of adoption as an adjustment to the opening balance of retained earnings. The below table details the components of the cumulative adjustment recorded on April 1, 2018 (in millions):



	March 31, 2018 As Reported under ASC 605		ASC 606 Adjustments				April 1, 2018 As Reported Under ASC 606
Receivables, net	$	290.5	$	3.8		⁽¹⁾	$	294.3
Accrued expenses and other current liabilities	295.6		(4.6		)	⁽²⁾	291.0
Deferred tax liabilities	186.3		1.7			⁽³⁾	188.0
Retained earnings	4,152.0		6.7				4,158.7

_________________________


⁽¹⁾	Includes a $3.5 million adjustment related to product licensing revenue, which was previously recorded on a one-month lag and $0.3 million of guaranteed advertising minimums recognized by product licensees on a straight-line basis over the contract year.


⁽²⁾	Relates to recognition of breakage revenue associated with gift card liabilities not subject to escheatment.


⁽³⁾	Relates to income tax effect of the above adjustments.

In addition, while the Company has previously recorded the right of return asset and liability on a gross basis, in connection with its adoption of ASC 606, it has reclassified the return liability of $17.5 million from receivables, net to accrued expenses and other current liabilities in its consolidated balance sheets as of June 30, 2018. Otherwise, the adoption of this standard did not have a material impact on the Company's consolidated financial statements as of and for the three months ended June 30, 2018, or any individual line items therein.

See Note 3 for additional disclosures related to the Company’s revenue recognition accounting policy.

Share-Based Compensation

In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”, which simplifies modification accounting for entities that change the terms or conditions of share-based awards. ASU 2017-09 was adopted during the three months ended June 30, 2018, on a prospective basis. The adoption of this standard did not have an impact on the Company's consolidated financial statements. The Company will apply ASU 2017-09 to any future changes to the terms and conditions of its share-based compensation awards.

Income Taxes

In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, which requires recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted ASU 2016-16 in the beginning of Fiscal 2019, as required, using the modified retrospective method. On April 1, 2018, the Company recorded the $4.9 million cumulative effect of adoption as an adjustment to the opening balance of retained earnings.

Recently Issued Accounting Pronouncements

We have considered all new accounting pronouncements and, other than the recent pronouncements discussed below, have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition or cash flows based on current information.

Lease Accounting

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize a lease liability and a right-to-use asset on the balance sheet for all leases, except certain short-term leases. ASU 2016-02 is effective beginning with the Company’s Fiscal 2020, with early adoption permitted, and must be implemented using a modified retrospective approach for all leases existing at, or entered into after the beginning of the earliest comparative period that is presented in the financial statements. The Company is currently in the process of analyzing its lease portfolio and evaluating the impact of ASU 2016-02 on its consolidated financial statements. The Company expects that the adoption of this standard will result in a significant increase in assets and liabilities on its consolidated balance sheets.

Revenue Recognition

The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services.

The Company sells its products through three primary channels of distribution: retail, wholesale and licensing. Within the retail and wholesale channels, substantially all of the Company’s revenues consist of sales of products that represent a single performance obligation, where control transfers at a point in time to the customer. For licensing arrangements, royalty and advertising revenue is recognized over time based on access provided to Michael Kors and Jimmy Choo trademarks.

The Company has chosen to apply the practical expedient allowing it not to disclose the amount of the transaction price allocated to the remaining performance obligations that have an expected duration of twelve months or less.

Retail

Michael Kors generates sales through four primary retail store formats: “Collection” stores, “Lifestyle” stores, outlet stores and e-commerce. Michael Kors sells its own products and licensed products bearing the Michael Kors name, directly to the end consumer throughout the Americas (U.S., Canada and Latin America, excluding Brazil), Europe and certain parts of Asia. Jimmy Choo generates sales through directly operated stores and e-commerce throughout North America (United States and Canada), EMEA and certain parts of Asia. In addition to these retail formats, the Company operates concessions in a select number of department stores.

Retail revenue is recognized when control of the product is transferred at the point of sale at Company owned stores, including concessions. For e-commerce transactions, control is transferred when products are delivered to the customer, net of estimated returns. To arrive at net sales for retail, gross sales are reduced by actual customer returns, as well as by a provision for estimated future customer returns.

Sales taxes collected from retail customers are presented on a net basis and, as such, are excluded from revenue. Shipping and handling costs that are billed to customers are included in net sales, with the related costs recorded in cost of goods sold. Shipping and handling costs that are not billed to customers are accounted for as fulfillment costs.

Gift Cards. The Company sells gift cards that can be redeemed for merchandise, resulting in a contract liability recorded upon issuance. Revenue is recognized when the gift card is redeemed or upon “breakage” for the estimated portion of gift cards that are not expected to be redeemed. “Breakage” revenue is calculated under the proportional redemption methodology, which considers the historical patterns of redemption in jurisdictions where the Company is not required to remit the value of the unredeemed gift cards as unclaimed property. The Company anticipates that substantially all of its outstanding gift cards will be redeemed within the next twelve months. The contract liability related to gift cards, net of estimated “breakage,” was $11.2 million as of June 30, 2018, and is included in accrued expenses and other current liabilities in the Company’s consolidated balance sheet.

Loyalty Program. The Company offers a loyalty program, which allows its Michael Kors customers to earn points on qualifying purchases toward monetary and non-monetary rewards, which may be redeemed for purchases at Michael Kors retail stores and e-commerce sites. The Company defers a portion of the initial sales transaction based on the estimated relative fair value of the benefits based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed. The contract liability, net of an estimated “breakage,” of $4.7 million as of June 30, 2018 is recorded as a reduction to revenue in the consolidated statements of income and comprehensive income and within accrued expenses and other current liabilities in the Company’s consolidated balance sheet and is expected to be recognized within the next twelve months.

Wholesale

Michael Kors products are sold primarily to major department stores, specialty stores and travel retail shops throughout the Americas, EMEA (Europe, Middle East, and Africa) and Asia. Jimmy Choo luxury products are sold throughout North America, EMEA, and certain parts of Asia. The Company also has arrangements where Michael Kors and Jimmy Choo products are sold to our geographic licensees in certain parts of EMEA and Asia, as well as in Brazil. Products sold through the wholesale channel include accessories (which include handbags and small leather goods such as wallets), footwear and women’s and men’s apparel.

Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, after merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for wholesale, gross sales are reduced by provisions for estimated future returns, as well as trade discounts, markdowns, allowances, operational chargebacks, and certain cooperative selling expenses. These estimates are developed based on the most likely amount using historical trends, actual and forecasted performance and market conditions, and are reviewed by management on a quarterly basis. Unfulfilled, noncancelable purchase orders for products from wholesale customers (including the Company’s geographic licensees) are expected to be fulfilled within the next twelve months.

Licensing

The Company provides its third-party licensees with the right to access its Michael Kors and Jimmy Choo trademarks under product and geographic licensing arrangements. Under product licensing arrangements, the Company allows third parties to manufacture and sell luxury goods, including fragrances, sunglasses and eyewear, using the Company’s trademarks. Under geographic licensing arrangements, third party licensees receive the right to distribute and sell products bearing the Company's trademarks in retail and/or wholesale channels within certain geographical areas, including Brazil, the Middle East, Eastern Europe, South Africa, Brazil, certain parts of Asia and Australia.

The Company recognizes royalty revenue and advertising contributions based on the percentage of sales made by the licensees. Advertising contributions are received to support the Company’s branded advertising and marketing campaigns and are viewed as part of a single performance obligation with the right to access the Company’s trademarks. Royalty revenue generated from licenses, which includes contributions for advertising, may be subject to contractual minimum levels, as defined in the contract. Such minimums are generally fixed annually, based on the previous year’s sales. Licensing revenue is based on reported current period sales of licensed products at rates that are specified in the license agreements for contracts that are expected to exceed the related guaranteed minimums. If the Company expects the minimum guaranteed amounts to exceed amounts calculated based on actual sales, the guaranteed minimums are recognized ratably over the contractual year to which they relate. As of June 30, 2018, guaranteed minimum royalty amounts due from licensees that relate to contractual periods do not exceed twelve months.

Sales Returns

For the sale of goods with a right of return, the Company recognizes revenue for the consideration to which it expects to be entitled and a refund liability for the amount it expects to refund to its customers within accrued expenses and other current liabilities. The refund liability is determined based on the most likely amount and is based on management’s review of historical and current customer returns for its retail and wholesale customers, estimated future returns, adjusted for non-resalable products. The Company also considers its product strategies, as well as the financial condition of its customers, store closings by wholesale customers, changes in the retail environment and other macroeconomic factors. The Company recognizes an asset included in inventories with a corresponding adjustment to cost of sales for the right to recover the products from its retail and wholesale customers, net of any costs to resell. The refund liability recorded as of June 30, 2018 was $28.5 million and the related asset for the right to recover returned product as of June 30, 2018 was $5.3 million.

Receivables, net

Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and doubtful accounts. Discounts are based on open invoices where trade discounts have been extended to customers. Allowances are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.

The Company’s allowance for doubtful accounts is determined through analysis of periodic aging of receivables that are not covered by insurance and assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share

The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data):



	Three Months Ended
	June 30, 2018		July 1, 2017
Numerator:
Net income attributable to MKHL	$	186.4	$	125.5
Denominator:
Basic weighted average shares	149,502,101		154,486,898
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units	2,897,554		2,384,620
Diluted weighted average shares	152,399,655		156,871,518

Basic net income per share	$	1.25	$	0.81
Diluted net income per share	$	1.22	$	0.80

Schedule of Impact of Adoption of New Accounting Pronouncements

The below table details the components of the cumulative adjustment recorded on April 1, 2018 (in millions):



	March 31, 2018 As Reported under ASC 605		ASC 606 Adjustments				April 1, 2018 As Reported Under ASC 606
Receivables, net	$	290.5	$	3.8		⁽¹⁾	$	294.3
Accrued expenses and other current liabilities	295.6		(4.6		)	⁽²⁾	291.0
Deferred tax liabilities	186.3		1.7			⁽³⁾	188.0
Retained earnings	4,152.0		6.7				4,158.7

_________________________


⁽¹⁾	Includes a $3.5 million adjustment related to product licensing revenue, which was previously recorded on a one-month lag and $0.3 million of guaranteed advertising minimums recognized by product licensees on a straight-line basis over the contract year.


⁽²⁾	Relates to recognition of breakage revenue associated with gift card liabilities not subject to escheatment.


⁽³⁾	Relates to income tax effect of the above adjustments.

Revenue Recognition (Tables)

3 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Schedule of Segment Revenues Disaggregated by Geographic Location

The following table presents the Company’s segment revenues disaggregated by geographic location (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
MK Retail revenue - the Americas	$	402.2	$	392.1
MK Retail revenue - Europe	119.5		122.1
MK Retail revenue - Asia	117.8		105.7
Total MK Retail	639.5		619.9
MK Wholesale revenue - the Americas	275.1		227.2
MK Wholesale revenue - EMEA ⁽¹⁾	68.4		65.0
MK Wholesale revenue - Asia	19.3		11.4
Total MK Wholesale	362.8		303.6
MK Licensing revenue - the Americas	15.3		14.8
MK Licensing revenue - EMEA ⁽¹⁾	12.2		14.1
Total MK Licensing	27.5		28.9
Total Michael Kors	1,029.8		952.4

Jimmy Choo revenue - the Americas	25.6		—
Jimmy Choo revenue - EMEA ⁽¹⁾	101.7		—
Jimmy Choo revenue - Asia	45.4		—
Total Jimmy Choo	172.7		—

Total revenue - the Americas	718.2		634.1
Total revenue - EMEA ⁽¹⁾	301.8		201.2
Total revenue - Asia	182.5		117.1
Total revenue	$	1,202.5	$	952.4


⁽¹⁾	EMEA is comprised of Europe, the Middle East and Africa.

Receivables, net (Tables)

3 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Receivables, net

Receivables, net consist of (in millions):



	June 30, 2018			March 31, 2018
Trade receivables⁽¹⁾	$	329.3		$	383.3
Receivables due from licensees	16.2			15.8
	345.5			399.1
Less: allowances	(83.0		)	(108.6		)
	$	262.5		$	290.5


⁽¹⁾	As of June 30, 2018 and March 31, 2018, $226.9 million and $296.2 million, respectively, of trade receivables were insured.

Property and Equipment, net (Tables)

3 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consists of (in millions):



	June 30, 2018			March 31, 2018
Leasehold improvements	$	546.6		$	551.0
Furniture and fixtures	266.4			270.9
In-store shops	265.4			273.9
Computer equipment and software	264.1			266.3
Equipment	117.3			116.7
Building	50.4			51.6
Land	15.4			16.2
	1,525.6			1,546.6
Less: accumulated depreciation and amortization	(1,007.6		)	(1,001.6		)
	518.0			545.0
Construction-in-progress	42.7			38.2
	$	560.7		$	583.2

Intangible Assets and Goodwill (Tables)

3 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Values of Intangible Assets

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):



	June 30, 2018			March 31, 2018
Definite-lived intangible assets:
Reacquired Rights	$	400.4		$	400.4
Trademarks	23.0			23.0
Lease Rights	71.2			80.1
Customer Relationships	218.3			231.3
Total definite-lived intangible assets	712.9			734.8
Less: accumulated amortization	(114.0		)	(113.2		)
Net definite-lived intangible assets	598.9			621.6

Indefinite-lived intangible assets:
Jimmy Choo brand	579.2			614.1

Total intangible assets, excluding goodwill	$	1,178.1		$	1,235.7

Current Assets and Current Liabilities (Tables)

3 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in millions):



	June 30, 2018		March 31, 2018
Prepaid taxes	$	80.0	$	78.5
Prepaid rent	22.8		22.7
Leasehold incentive receivable	11.1		9.4
Prepaid insurance	5.8		1.5
Unrealized gains on forward foreign exchange contracts	3.8		—
Prepaid duties	7.0		7.0
Other	34.3		28.7
	$	164.8	$	147.8

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in millions):



	June 30, 2018		March 31, 2018
Other taxes payable	$	64.0	$	54.3
Restructuring liability	38.8		44.8
Accrued rent	35.7		34.5
Return liabilities	28.5		12.1
Accrued capital expenditures	27.9		26.4
Accrued advertising and marketing	20.5		22.6
Professional services	12.5		14.1
Gift cards and retail store credits	11.2		16.0
Deferred loyalty program liabilities	4.7		2.2
Accrued interest	3.8		8.7
Deferred income	3.2		4.3
Advance royalties	3.1		4.1
Unrealized loss on forward foreign currency exchange contracts	0.1		7.7
Other	44.5		43.8
	$	298.5	$	295.6

Restructuring and Other Charges (Tables)

3 Months Ended

Jun. 30, 2018

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The below table presents a summary of charges recorded in connection with this plan for the MK Retail segment and the Company’s remaining restructuring liability (in millions):



	Severance and benefit costs		Lease-related costs			Total
Balance at March 31, 2018	$	0.2	$	44.6		$	44.8
Additions charged to expense	0.1		4.1			4.2
Balance sheet reclassifications ⁽¹⁾	—		0.4			0.4
Payments	—		(10.6		)	(10.6		)
Balance at June 30, 2018	$	0.3	$	38.5		$	38.8


⁽¹⁾	Primarily consists of reclassification of deferred rent for locations subject to closure to a restructuring liability.

Debt Obligations (Tables)

3 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following table presents the Company’s debt obligations (in millions):



	June 30, 2018		March 31, 2018
Term Loan	$	109.0	$	229.8
4.000% Senior Notes due 2024	450.0		450.0
Revolving Credit Facilities	266.9		200.0
Other	0.9		0.9
Total debt	826.8		880.7
Less: Unamortized debt issuance costs	3.7		4.2
Less: Unamortized discount on long-term debt	2.0		2.1
Total carrying value of debt	821.1		874.4
Less: Short-term debt	266.9		200.0
Total long-term debt	$	554.2	$	674.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy

All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):



	Fair value at June 30, 2018 using:						Fair value at March 31, 2018 using:
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets:
Forward foreign currency exchange contracts	$	—	$	3.8	$	—	$	—	$	—	$	—
Net investment hedges	—		4.8		—		—		—		—
Total derivative assets	$	—	$	8.6	$	—	$	—	$	—	$	—

Derivative liabilities:
Forward foreign currency exchange contracts	$	—	$	0.1	$	—	$	—	$	7.7	$	—

Fair Value Measurement of Long-term Debt

The following table summarizes the carrying values and estimated fair values of the Company’s short- and long-term debt, based on Level 2 measurements (in millions):



	June 30, 2018				March 31, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
4.000% Senior Notes	$	444.7	$	437.4	$	444.5	$	448.1
Term Loan	$	108.6	$	109.7	$	229.0	$	231.2
Revolving Credit Facilities	$	266.9	$	266.9	$	200.0	$	200.0

Schedule of Long-lived Assets, Nonrecurring

The following table details the carrying values and fair values of the Company’s long-lived assets that have been impaired (in millions):



	Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Fixed Assets	$	5.4	$	1.7	$	3.7
Lease Rights	1.4		0.8		0.6
Total	$	6.8	$	2.5	$	4.3

Derivative Financial Instruments (Tables)

3 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets

The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of June 30, 2018 and March 31, 2018 (in millions):



					Fair Values
	Notional Amounts				Assets					Liabilities
	June 30, 2018		March 31, 2018		June 30, 2018			March 31, 2018		June 30, 2018			March 31, 2018
Designated forward currency exchange contracts	$	132.1	$	161.7	$	3.5	⁽¹⁾	$	—	$	0.1	⁽²⁾	$	7.7	⁽²⁾
Designated net investment hedge	334.0		—		4.8		⁽³⁾	—		—			—
Total designated hedges	$	466.1	$	161.7	$	8.3		$	—	$	0.1		$	7.7
Undesignated forward currency exchange contracts	21.3		—		0.3		⁽¹⁾	—		—			—
Total	$	487.4	$	161.7	$	8.6		$	—	$	0.1		$	7.7

^{____________________________________}


⁽¹⁾	Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets.


⁽²⁾	Recorded within accrued expenses and other current liabilities in the Company’s consolidated balance sheets.


⁽³⁾	Recorded within other assets in the Company’s consolidated balance sheets.

Schedule of Derivative Instruments on The Balance Sheets, Net Basis

The Company records and presents the fair values of all of its derivative assets and liabilities in its consolidated balance sheets on a gross basis, as shown in the above table. However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to setoff amounts for similar transactions denominated in the same currencies, the resulting impact as of June 30, 2018 and March 31, 2018 would be as follows (in millions):



	Forward Currency Exchange Contracts				Net Investment Hedges
	June 30, 2018		March 31, 2018		June 30, 2018		March 31, 2018
Assets subject to master netting arrangements	$	3.8	$	—	$	4.8	$	—
Liabilities subject to master netting arrangements	$	0.1	$	7.7	$	—	$	—
Derivative assets, net	$	3.7	$	—	$	4.8	$	—
Derivative liabilities, net	$	—	$	7.7	$	—	$	—

Summary of Impact of Effective Portion of Gains and Losses of Forward Contracts Designated as Hedges

The following table summarizes the pre-tax impact of the gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
	Pre-Tax Gains Recognized in OCI		Pre-Tax Losses Recognized in OCI
Designated forward foreign currency exchange contracts	$	8.7	$	(9.3	)
Designated net investment hedges	$	4.8	$	—

The following table summarizes the impact of the gains and losses within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for the three months ended June 30, 2018 and July 1, 2017 (in millions):



	Pre-Tax (Gain) Loss Reclassified from Accumulated OCI					Location of (Gain) Loss recognized	Total Cost of Sales
	June 30, 2018		July 1, 2017			Location of (Gain) Loss recognized	June 30, 2018		July 1, 2017
Designated forward currency exchange contracts	$	4.9	$	(1.9	)	Cost of Sales	$	451.7	$	377.7

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Jun. 30, 2018

Equity [Abstract]

Changes in Components of Accumulated Other Comprehensive Loss, Net of Taxes

The following table details changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes for the three months ended June 30, 2018 and July 1, 2017, respectively (in millions):



	Foreign Currency Translation (Losses) Gains ⁽¹⁾			Net Gains (Losses) on Derivatives ⁽²⁾			Other Comprehensive (Loss) Income Attributable to MKHL			Other Comprehensive (Loss) Income Attributable to Noncontrolling Interest			Total Accumulated Other Comprehensive (Loss) Income
Balance at April 1, 2017	$	(86.1	)	$	5.5		$	(80.6	)	$	(0.3	)	$	(80.9	)
Other comprehensive income (loss) before reclassifications	22.1			(8.0		)	14.1			—			14.1
Less: amounts reclassified from AOCI to earnings	—			1.7			1.7			—			1.7
Other comprehensive income (loss) net of tax	22.1			(9.7		)	12.4			—			12.4
Balance at July 1, 2017	$	(64.0	)	$	(4.2	)	$	(68.2	)	$	(0.3	)	$	(68.5	)

Balance at March 31, 2018	$	61.2		$	(10.7	)	$	50.5		$	(0.2	)	$	50.3
Other comprehensive (loss) income before reclassifications	(103.0		)	7.8			(95.2		)	—			(95.2		)
Less: amounts reclassified from AOCI to earnings	—			(4.2		)	(4.2		)	—			(4.2		)
Other comprehensive (loss) income net of tax	(103.0		)	12.0			(91.0		)	—			(91.0		)
Balance at June 30, 2018	$	(41.8	)	$	1.3		$	(40.5	)	$	(0.2	)	$	(40.7	)

_________________________

⁽¹⁾

Foreign currency translation gains and losses for the three months ended June 30, 2018 and July 1, 2017 include net gains of $5.2 million and net losses of $1.4 million, respectively, on intra-entity transactions that are of a long-term investment nature. Foreign currency translation losses for the three months ended June 30, 2018 include an $85.7 million translation loss relating to the newly acquired Jimmy Choo business and a $4.0 million gain, net of taxes of $0.8 million relating to the Company's net investment hedges.

⁽²⁾

Reclassified amounts relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive income. Accumulated other comprehensive income related to net gains (losses) on derivative financial instruments is net of a tax benefit of $1.4 million as of March 31, 2018. Other comprehensive income (loss) before reclassifications related to derivative financial instruments for the three months ended June 30, 2018 and July 1, 2017 is net of a tax provision of $0.9 million and tax benefit of $1.3 million, respectively. All other tax effects were not material for the periods presented.

Share-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation Activity

The following table summarizes the Company’s share-based compensation activity during the three months ended June 30, 2018:



	Options		Restricted Shares		Service-Based RSUs		Performance-Based RSUs
Outstanding/Unvested at March 31, 2018	3,796,620		64,148		2,127,517		657,532
Granted	224,582		—		757,231		166,617
Exercised/Vested	(619,465	)	(52,786	)	(493,541	)	(105,900	)
Decrease due to performance condition	—		—		—		(101,744	)
Canceled/forfeited	(4,600	)	(344	)	(45,437	)	(3,397	)
Outstanding/Unvested at June 30, 2018	3,397,137		11,018		2,345,770		613,108

Assumptions Used to Estimate Fair Value of Options

The following table presents assumptions used to estimate the fair value of options granted during the three months ended June 30, 2018 and July 1, 2017:



	Three Months Ended
	June 30, 2018		July 1, 2017
Expected dividend yield	0.0	%	0.0	%
Volatility factor	36.9	%	36.3	%
Weighted average risk-free interest rate	2.8	%	1.8	%
Expected life of option	4.85 years		4.69 years

Summary of Compensation Expense Attributable to Share-Based Compensation

The following table summarizes compensation expense attributable to share-based compensation for the three months ended June 30, 2018 and July 1, 2017 (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
Share-based compensation expense	$	12.8	$	10.8
Tax benefit related to share-based compensation expense	$	2.2	$	3.6

Segment Information (Tables)

3 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Key Performance Information of Reportable Segments

The following table presents the key performance information of the Company’s reportable segments (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
Total revenue:
MK Retail	$	639.5	$	619.9
MK Wholesale	362.8		303.6
MK Licensing	27.5		28.9
Michael Kors	1,029.8		952.4
Jimmy Choo	172.7		—
Total revenue	$	1,202.5	$	952.4

Income from operations:
MK Retail	$	92.5	$	92.2
MK Wholesale	97.5		43.5
MK Licensing	9.1		13.7
Michael Kors	199.1		149.4
Jimmy Choo	16.1		—
Income from operations	$	215.2	$	149.4

Depreciation and Amortization Expense for Each Segment

Depreciation and amortization expense for each segment are as follows (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
Depreciation and amortization:
MK Retail	$	33.3	$	32.0
MK Wholesale	13.8		15.0
MK Licensing	0.6		0.6
Michael Kors	47.7		47.6
Jimmy Choo	8.2		—
Total depreciation and amortization	$	55.9	$	47.6

Total Revenue (as Recognized Based on Country of Origin)

Total revenue earned in the U.S. were $668.3 million for the three months ended June 30, 2018 and $587.1 million for the three months ended July 1, 2017. Long-lived assets located in the U.S. as of June 30, 2018 and March 31, 2018 were $295.2 million and $303.3 million, respectively.

Total revenue (based on country of origin), and long-lived assets by geographic location are as follows (in millions):



	Three Months Ended
	June 30, 2018		July 1, 2017
Total revenue:
The Americas (U.S., Canada and Latin America) ⁽¹⁾	$	718.2	$	634.1
EMEA	301.8		201.2
Asia	182.5		117.1
Total revenue	$	1,202.5	$	952.4

Long-Lived Assets by Geographic Location



	As of
	June 30, 2018		March 31, 2018
Long-lived assets, excluding goodwill:
The Americas (U.S., Canada and Latin America)⁽¹⁾	$	319.5	$	327.3
EMEA	984.8		1,050.3
Asia	434.5		441.3
Total long-lived assets, excluding goodwill	$	1,738.8	$	1,818.9


⁽¹⁾	Total revenue earned in the U.S. were $668.3 million for the three months ended June 30, 2018 and $587.1 million for the three months ended July 1, 2017. Long-lived assets located in the U.S. as of June 30, 2018 and March 31, 2018 were $295.2 million and $303.3 million, respectively.

Schedule of Goodwill by Segment

The following table presents the Company’s goodwill by reportable segment (in millions):



	As of
	June 30, 2018		March 31, 2018
MK Retail	$	91.9	$	91.9
MK Wholesale	25.9		25.9
MK Licensing	1.9		1.9
Jimmy Choo	686.5		728.0
Total goodwill	$	806.2	$	847.7

Business and Basis of Presentation - Additional Information (Details) $ in Millions		3 Months Ended
	Nov. 01, 2017 USD ($)	Jun. 30, 2018 Segment
Business Acquisition [Line Items]
Number of reportable segments \| Segment		4
Michael Kors Bidco \| Subsidiaries \| Jimmy Cho PLC
Business Acquisition [Line Items]
Total transaction value in a business acquisition \| $	$ 1,447.0

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2018	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Anti-dilutive securities excluded from calculation of basic and diluted net income per ordinary share (in shares)		648,398	2,485,827
Cumulative effect of new accounting principal in period of adoption				$ 11.7
Return liabilities		$ 28.5		12.1
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Forward contracts term, maximum (no more than)		12 months
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principal in period of adoption				$ 11.7
Retained Earnings \| ASU 2017-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principal in period of adoption	$ 0.1
Retained Earnings \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principal in period of adoption	6.7
Tax amount on cumulative effect of new accounting principal	1.7
Retained Earnings \| ASU 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principal in period of adoption	$ 4.9
Receivables, net \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Return liabilities		$ (17.5)
Accrued expenses and other current liabilities \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Return liabilities		$ 17.5

Summary of Significant Accounting Policies - Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Numerator:
Net income attributable to MKHL	$ 186.4	$ 125.5
Denominator:
Basic weighted average shares (in shares)	149,502,101	154,486,898
Weighted average dilutive share equivalents:
Share options, restricted shares/units, and performance restricted share units (in shares)	2,897,554	2,384,620
Diluted weighted average shares (in shares)	152,399,655	156,871,518
Basic net income per share (in dollars per share)	$ 1.25	$ 0.81
Diluted net income per share (in dollars per share)	$ 1.22	$ 0.80

- 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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- Definition

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.

+ References

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+ Details

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Impact on Financial Position from Adoption of ASC 606 (Details) - USD ($) $ in Millions	Jun. 30, 2018	Apr. 01, 2018	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net	$ 262.5	$ 294.3	$ 290.5
Accrued expenses and other current liabilities	298.5	291.0	295.6
Deferred tax liabilities	182.5	188.0	186.3
Retained earnings	$ 4,350.1	4,158.7	4,152.0
As Reported under ASC 605
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net			290.5
Accrued expenses and other current liabilities			295.6
Deferred tax liabilities			186.3
Retained earnings			$ 4,152.0
ASU 2014-09 \| ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net		3.8
Accrued expenses and other current liabilities		(4.6)
Deferred tax liabilities		1.7
Retained earnings		6.7
ASU 2014-09 \| Product licensing revenue \| ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net		3.5
ASU 2014-09 \| Guaranteed advertising minimums \| ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net		$ 0.3

Revenue Recognition - Narrative (Details) - USD ($)		3 Months Ended
Revenue Recognition - Narrative (Details) - USD ($)	Apr. 01, 2018	Jun. 30, 2018	Mar. 31, 2018
Contract With Customer, Asset And Liability [Line Items]
Return liabilities		$ 28,500,000	$ 12,100,000
Right to recover returned product		5,300,000
Contract with customer liability		19,000,000	23,300,000
Gift card breakage recognized to revenue	$ 4,600,000
Revenue recognized during period		8,100,000
Contract assets	$ 0	0
Gift Cards
Contract With Customer, Asset And Liability [Line Items]
Contract with customer liability		11,200,000
Loyalty Program
Contract With Customer, Asset And Liability [Line Items]
Contract with customer liability		$ 4,700,000	$ 2,200,000

Revenue Recognition - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,202.5	$ 952.4
The Americas
Disaggregation of Revenue [Line Items]
Total revenue	718.2	634.1
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	301.8	201.2
Asia
Disaggregation of Revenue [Line Items]
Total revenue	182.5	117.1
MK Retail
Disaggregation of Revenue [Line Items]
Total revenue	639.5	619.9
MK Retail \| The Americas
Disaggregation of Revenue [Line Items]
Total revenue	402.2	392.1
MK Retail \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	119.5	122.1
MK Retail \| Asia
Disaggregation of Revenue [Line Items]
Total revenue	117.8	105.7
MK Wholesale
Disaggregation of Revenue [Line Items]
Total revenue	362.8	303.6
MK Wholesale \| The Americas
Disaggregation of Revenue [Line Items]
Total revenue	275.1	227.2
MK Wholesale \| EMEA
Disaggregation of Revenue [Line Items]
Total revenue	68.4	65.0
MK Wholesale \| Asia
Disaggregation of Revenue [Line Items]
Total revenue	19.3	11.4
MK Licensing
Disaggregation of Revenue [Line Items]
Total revenue	27.5	28.9
MK Licensing \| The Americas
Disaggregation of Revenue [Line Items]
Total revenue	15.3	14.8
MK Licensing \| EMEA
Disaggregation of Revenue [Line Items]
Total revenue	12.2	14.1
Michael Kors
Disaggregation of Revenue [Line Items]
Total revenue	1,029.8	952.4
Jimmy Choo
Disaggregation of Revenue [Line Items]
Total revenue	172.7	0.0
Jimmy Choo \| The Americas
Disaggregation of Revenue [Line Items]
Total revenue	25.6	0.0
Jimmy Choo \| EMEA
Disaggregation of Revenue [Line Items]
Total revenue	101.7	0.0
Jimmy Choo \| Asia
Disaggregation of Revenue [Line Items]
Total revenue	$ 45.4	$ 0.0

Acquisitions - Additional Information (Details)			3 Months Ended
Acquisitions - Additional Information (Details)	Nov. 01, 2017 USD ($)	Jul. 01, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jul. 01, 2017 USD ($)	Nov. 01, 2017 £ / shares
Business Acquisition [Line Items]
Total revenue			$ 1,202,500,000	$ 952,400,000
Net income			$ 186,400,000	125,500,000
MK Panama
Business Acquisition [Line Items]
Total transaction value in a business acquisition		$ 500,000
Percentage of ownership interest after acquisition			75.00%
Michael Kors Bidco \| Subsidiaries \| Jimmy Cho PLC
Business Acquisition [Line Items]
Purchase price per share (in gbp per share) \| £ / shares					£ 2.30
Total transaction value in a business acquisition	$ 1,447,000,000
Jimmy Choo
Business Acquisition [Line Items]
Total revenue			$ 172,700,000	$ 0
Net income			$ 13,200,000
Term Loan Facility \| Unsecured debt
Business Acquisition [Line Items]
Aggregate principal amount	$ 1,000,000,000.000

Receivables, net - Schedule of Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2018	Apr. 01, 2018	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 329.3		$ 383.3
Receivables due from licensees	16.2		15.8
Receivables, gross	345.5		399.1
Less: allowances	(83.0)		(108.6)
Receivables, net	262.5	$ 294.3	290.5
Credit risk assumed by insured
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 226.9		$ 296.2

Receivables, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
Receivables [Abstract]
Allowance for doubtful accounts	$ 5.2		$ 5.1
Bad debt expense	$ 0.6	$ 0.6

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Leasehold improvements	$ 546.6	$ 551.0
Furniture and fixtures	266.4	270.9
In-store shops	265.4	273.9
Computer equipment and software	264.1	266.3
Equipment	117.3	116.7
Building	50.4	51.6
Land	15.4	16.2
Property and equipment, gross	1,525.6	1,546.6
Less: accumulated depreciation and amortization	(1,007.6)	(1,001.6)
Property and equipment, net (excluding construction-in-progress)	518.0	545.0
Construction-in-progress	42.7	38.2
Property and equipment, net	$ 560.7	$ 583.2

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 47.4	$ 42.5
MK Retail
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 3.7

Intangible Assets and Goodwill - Carrying Values of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 712.9	$ 734.8
Accumulated Amortization	(114.0)	(113.2)
Net	598.9	621.6
Indefinite-lived intangible assets	579.2	614.1
Total intangible assets, excluding goodwill	1,178.1	1,235.7
Reacquired rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	400.4	400.4
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	23.0	23.0
Lease rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	71.2	80.1
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 218.3	$ 231.3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 8,500,000	$ 5,100,000
Impairment of intangible assets	600,000
Goodwill	806,200,000		$ 847,700,000
Goodwill impairment charges	$ 0	$ 0

Current Assets and Current Liabilities - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid taxes	$ 80.0	$ 78.5
Prepaid rent	22.8	22.7
Leasehold incentive receivable	11.1	9.4
Prepaid insurance	5.8	1.5
Unrealized gains on forward foreign exchange contracts	3.8	0.0
Prepaid duties	7.0	7.0
Other	34.3	28.7
Prepaid expenses and other current assets	$ 164.8	$ 147.8

Current Assets and Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Apr. 01, 2018	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other taxes payable	$ 64.0		$ 54.3
Restructuring liability	38.8		44.8
Accrued rent	35.7		34.5
Return liabilities	28.5		12.1
Accrued capital expenditures	27.9		26.4
Accrued advertising and marketing	20.5		22.6
Professional services	12.5		14.1
Contract With Customer, Asset And Liability [Line Items]
Contract with customer liability	19.0		23.3
Accrued interest	3.8		8.7
Deferred income	3.2		4.3
Advance royalties	3.1		4.1
Unrealized loss on forward foreign currency exchange contracts	0.1		7.7
Other	44.5		43.8
Accrued expenses and other current liabilities	298.5	$ 291.0	295.6
Gift cards and retail store credits
Contract With Customer, Asset And Liability [Line Items]
Contract with customer liability	11.2		16.0
Loyalty Program
Contract With Customer, Asset And Liability [Line Items]
Contract with customer liability	$ 4.7		$ 2.2

Restructuring and Other Charges - Narrative (Details)
$ in Millions

3 Months Ended

13 Months Ended

May 31, 2017

USD ($)

Store

Jun. 30, 2018

USD ($)

Store

Jul. 01, 2017

USD ($)

Jun. 30, 2018

Store

Restructuring Cost and Reserve [Line Items]

Restructuring charges

^[1]

$ 11.3

$ 0.0

Retail Fleet Optimization Plan

Restructuring Cost and Reserve [Line Items]

Duration of restructuring plan

2 years

Anticipated annual savings

$ 60.0

Number of store closed | Store

12

59

Restructuring charges

$ 4.2

Retail Fleet Optimization Plan | Minimum

Restructuring Cost and Reserve [Line Items]

Number of stores expected to close | Store

100

Expected restructuring charges

$ 100.0

Retail Fleet Optimization Plan | Maximum

Restructuring Cost and Reserve [Line Items]

Number of stores expected to close | Store

125

Expected restructuring charges

$ 125.0

Jimmy Cho PLC

Restructuring Cost and Reserve [Line Items]

Transaction costs

$ 7.1

[1]	Restructuring and other charges includes store closure costs recorded in connection with the Retail Fleet Optimization Plan and integration costs recorded in connection with the acquisition of Jimmy Choo Group Limited (see Note 4 and Note 9).

Restructuring and Other Charges - Schedule of Restructuring and Related Costs (Details) - USD ($)
$ in Millions

3 Months Ended

Jun. 30, 2018

Jul. 01, 2017

Restructuring Cost and Reserve [Line Items]

Balance at March 31, 2018

$ 44.8

Additions charged to expense

^[1]

11.3

$ 0.0

Balance at June 30, 2018

38.8

Retail Fleet Optimization Plan

Restructuring Cost and Reserve [Line Items]

Balance at March 31, 2018

44.8

Additions charged to expense

4.2

Balance sheet reclassifications

0.4

Payments

(10.6)

Balance at June 30, 2018

38.8

Severance and benefit costs | Retail Fleet Optimization Plan

Restructuring Cost and Reserve [Line Items]

Balance at March 31, 2018

0.2

Additions charged to expense

0.1

Balance sheet reclassifications

0.0

Payments

0.0

Balance at June 30, 2018

0.3

Restructuring Cost and Reserve [Line Items]

Balance at March 31, 2018

44.6

Additions charged to expense

4.1

Balance sheet reclassifications

0.4

Payments

(10.6)

Balance at June 30, 2018

$ 38.5

[1]	Restructuring and other charges includes store closure costs recorded in connection with the Retail Fleet Optimization Plan and integration costs recorded in connection with the acquisition of Jimmy Choo Group Limited (see Note 4 and Note 9).

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 826.8	$ 880.7
Less: Unamortized debt issuance costs	3.7	4.2
Less: Unamortized discount on long-term debt	2.0	2.1
Total carrying value of debt	821.1	874.4
Less: Short-term debt	266.9	200.0
Long-term debt	554.2	674.4
Term Loan
Debt Instrument [Line Items]
Total debt	109.0	229.8
4.000% Senior Notes
Debt Instrument [Line Items]
Total debt	$ 450.0	450.0
Stated interest rate percentage	4.00%
Other
Debt Instrument [Line Items]
Total debt	$ 0.9	$ 0.9

Debt Obligations - Senior Unsecured Revolving Credit Facility (Details)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Aug. 22, 2017
Debt Instrument [Line Items]
Total debt	$ 826,800,000	$ 880,700,000
Short-term debt	266,900,000	200,000,000
Senior Unsecured Revolving Credit Facility \| Revolving Credit Facilities \| 2017 Credit Facility
Debt Instrument [Line Items]
Adjusted leverage ratio (no greater than)			3.5
Total debt	266,900,000	$ 200,000,000
Letter of credit outstanding	16,300,000
Amount available for future borrowings	$ 716,800,000.0

Fair Value Measurements - Schedule of Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 8.6	$ 0.0
Derivative liabilities	0.1	7.7
Fair value, measurements, recurring \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Fair value, measurements, recurring \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	8.6	0.0
Fair value, measurements, recurring \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Forward foreign currency exchange contracts \| Fair value, measurements, recurring \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Forward foreign currency exchange contracts \| Fair value, measurements, recurring \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	3.8	0.0
Derivative liabilities	0.1	7.7
Forward foreign currency exchange contracts \| Fair value, measurements, recurring \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Net investment hedges \| Fair value, measurements, recurring \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0.0	0.0
Net investment hedges \| Fair value, measurements, recurring \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	4.8	0.0
Net investment hedges \| Fair value, measurements, recurring \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 0.0	$ 0.0

Fair Value Measurements - Schedule of Fair Value Measurement of Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
4.000% Senior Notes \| Carrying Value Prior to Impairment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	$ 444.7	$ 444.5
4.000% Senior Notes \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	437.4	448.1
Term Loan \| Carrying Value Prior to Impairment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	108.6	229.0
Term Loan \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	109.7	231.2
Revolving Credit Facilities \| Carrying Value Prior to Impairment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	266.9	200.0
Revolving Credit Facilities \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	$ 266.9	$ 200.0

Fair Value Measurements - Schedule of Impaired Long-lived Assets Carrying Value and Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Assets, Fair Value Disclosure [Abstract]
Impairment Charge	$ 4.3	$ 0.0
MK Retail
Assets, Fair Value Disclosure [Abstract]
Impairment Charge	4.3
Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member]
Assets, Fair Value Disclosure [Abstract]
Impairment Charge	4.3
Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member] \| Carrying Value Prior to Impairment
Assets, Fair Value Disclosure [Abstract]
Total	6.8
Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member] \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Total	2.5
Fixed Assets \| Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member]
Assets, Fair Value Disclosure [Abstract]
Impairment Charge	3.7
Fixed Assets \| Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member] \| Carrying Value Prior to Impairment
Assets, Fair Value Disclosure [Abstract]
Fixed Assets	5.4
Fixed Assets \| Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member] \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed Assets	1.7
Lease Rights \| Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member]
Assets, Fair Value Disclosure [Abstract]
Impairment Charge	0.6
Lease Rights \| Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member] \| Carrying Value Prior to Impairment
Assets, Fair Value Disclosure [Abstract]
Finite-lived Intangible Assets	1.4
Lease Rights \| Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Nonrecurring [Member] \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Finite-lived Intangible Assets	$ 0.8

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
Derivative [Line Items]
Notional Amounts	$ 487.4		$ 161.7
Designated as Hedging Instrument
Derivative [Line Items]
Notional Amounts	466.1		161.7
Forward foreign currency exchange contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amounts	21.3		0.0
Forward foreign currency exchange contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amounts	132.1		161.7
Net investment hedges \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amounts	334.0		$ 0.0
Reduction in interest expense	1.4
Foreign Currency Gain (Loss) \| Forward foreign currency exchange contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Net gains (losses) on undesignated derivative contracts	1.1	$ (1.4)
Euro \| Net investment hedges \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amounts	$ 290.0
Derivative fixed interest rate	1.585%
Japan, Yen \| Net investment hedges \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amounts	$ 44.0
Derivative fixed interest rate	0.89%

Derivative Financial Instruments - Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Derivatives, Fair Value [Line Items]
Notional Amounts	$ 487.4	$ 161.7
Forward foreign currency exchange contracts	8.6	0.0
Forward foreign currency exchange contracts - liabilities	0.1	7.7
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amounts	466.1	161.7
Forward foreign currency exchange contracts	8.3	0.0
Forward foreign currency exchange contracts - liabilities	0.1	7.7
Designated as Hedging Instrument \| Forward foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amounts	132.1	161.7
Forward foreign currency exchange contracts	3.5	0.0
Forward foreign currency exchange contracts - liabilities	0.1	7.7
Designated as Hedging Instrument \| Net investment hedges
Derivatives, Fair Value [Line Items]
Notional Amounts	334.0	0.0
Forward foreign currency exchange contracts	4.8	0.0
Forward foreign currency exchange contracts - liabilities	0.0	0.0
Not Designated as Hedging Instrument \| Forward foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amounts	21.3	0.0
Forward foreign currency exchange contracts	0.3	0.0
Forward foreign currency exchange contracts - liabilities	$ 0.0	$ 0.0

Derivative Financial Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Forward foreign currency exchange contracts
Derivative [Line Items]
Assets subject to master netting arrangements	$ 3.8	$ 0.0
Liabilities subject to master netting arrangements	0.1	7.7
Derivative assets, net	3.7	0.0
Derivative liabilities, net	0.0	7.7
Net investment hedges
Derivative [Line Items]
Assets subject to master netting arrangements	4.8	0.0
Liabilities subject to master netting arrangements	0.0	0.0
Derivative assets, net	4.8	0.0
Derivative liabilities, net	$ 0.0	$ 0.0

Derivative Financial Instruments - Summary of Pre-tax Impact of Gains (Losses) on Derivative (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Forward foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Gain (Loss) Recognized in OCI (Effective Portion)	$ 8.7	$ (9.3)
Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Gain (Loss) Recognized in OCI (Effective Portion)	$ 4.8	$ 0.0

Derivative Financial Instruments - Summary of Pretax Impact of Gain (Loss) Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Cost of goods sold	$ 451.7	$ 377.7
Forward foreign currency exchange contracts \| Cost of sales \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax (Gain) Loss Reclassified from Accumulated OCI	$ 4.9	$ (1.9)

Shareholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	May 25, 2017
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased, value	$ 105,900,000
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased (in shares)	1,659,941	4,543,500
Ordinary shares repurchased, value	$ 100,000,000	$ 157,800,000
Share repurchase program, authorized amount			$ 1,000,000,000
Ordinary shares repurchased, remaining availability	$ 542,200,000
Withhold to Cover Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased (in shares)	88,325	77,155
Ordinary shares repurchased, value	$ 5,900,000	$ 2,500,000

Accumulated Other Comprehensive Income (Loss) - Changes in Components of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,021.5
Other comprehensive (loss) income, net of tax	(91.0)
Ending balance	2,041.5
Foreign currency translation gain	(103.0)	$ 22.1
Foreign Currency Translation (Losses) Gains (1)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	61.2	(86.1)
Other comprehensive loss before reclassifications	(103.0)	22.1
Less: amounts reclassified from AOCI to earnings	0.0	0.0
Other comprehensive (loss) income, net of tax	(103.0)	22.1
Ending balance	(41.8)	(64.0)
Net gain (loss) on long-term transactions	5.2	(1.4)
Gain related to net investment hedges	4.0
Taxes related to the gain on net investment hedges	0.8
Net (Losses) Gains on Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(10.7)	5.5
Other comprehensive loss before reclassifications	7.8	(8.0)
Less: amounts reclassified from AOCI to earnings	(4.2)	1.7
Other comprehensive (loss) income, net of tax	12.0	(9.7)
Ending balance	1.3	(4.2)
Accumulated other comprehensive income, tax benefit			$ 1.4
Other comprehensive income (loss) before reclassifications, tax provision	0.9	(1.3)
Other Comprehensive (Loss) Income Attributable to MKHL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	50.5	(80.6)
Other comprehensive loss before reclassifications	(95.2)	14.1
Less: amounts reclassified from AOCI to earnings	(4.2)	1.7
Other comprehensive (loss) income, net of tax	(91.0)	12.4
Ending balance	(40.5)	(68.2)
Other Comprehensive (Loss) Income Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(0.2)	(0.3)
Other comprehensive loss before reclassifications	0.0	0.0
Less: amounts reclassified from AOCI to earnings	0.0	0.0
Other comprehensive (loss) income, net of tax	0.0	0.0
Ending balance	(0.2)	(0.3)
Total Accumulated Other Comprehensive (Loss) Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	50.3	(80.9)
Other comprehensive loss before reclassifications	(95.2)	14.1
Less: amounts reclassified from AOCI to earnings	(4.2)	1.7
Other comprehensive (loss) income, net of tax	(91.0)	12.4
Ending balance	(40.7)	$ (68.5)
Jimmy Cho PLC \| Foreign Currency Translation (Losses) Gains (1)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Foreign currency translation gain	$ 85.7

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2018 USD ($) equity_plan $ / shares shares	Jul. 01, 2017 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans \| equity_plan	2
Weighted average grant date fair value of option (in dollars per share) \| $ / shares	$ 24.49	$ 11.62
Estimated value of future forfeitures \| $	$ 15.4
Service-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of RSUs (in dollar per share) \| $ / shares	$ 67.47	34.84
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of RSUs (in dollar per share) \| $ / shares	$ 67.52	$ 34.68
2008 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans adopted \| equity_plan	1
Shares authorized for issuance (up to) (in shares)	23,980,823
Shares available for grant (in shares)	0
Option expiration period (years)	10 years
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (up to) (in shares)	15,246,000
Shares available for grant (in shares)	6,200,855
Option expiration period (years)	7 years

Share-Based Compensation - Summary of Share-based Compensation Activity (Details)	3 Months Ended
	Jun. 30, 2018 shares
Options
Number of Options
Outstanding at beginning of period (in shares)	3,796,620
Granted (in shares)	224,582
Exercised (in shares)	(619,465)
Canceled/forfeited (in shares)	(4,600)
Outstanding at end of period (in shares)	3,397,137
Restricted Shares
Number of Unvested Restricted Shares
Unvested at beginning of period (in shares)	64,148
Granted (in shares)	0
Vested (in shares)	(52,786)
Decrease due to performance condition (in shares)	0
Canceled/forfeited (in shares)	(344)
Unvested at end of period (in shares)	11,018
Service-Based RSUs
Number of Unvested Restricted Shares
Unvested at beginning of period (in shares)	2,127,517
Granted (in shares)	757,231
Vested (in shares)	(493,541)
Decrease due to performance condition (in shares)	0
Canceled/forfeited (in shares)	(45,437)
Unvested at end of period (in shares)	2,345,770
Performance-Based RSUs
Number of Unvested Restricted Shares
Unvested at beginning of period (in shares)	657,532
Granted (in shares)	166,617
Vested (in shares)	(105,900)
Decrease due to performance condition (in shares)	(101,744)
Canceled/forfeited (in shares)	(3,397)
Unvested at end of period (in shares)	613,108

Share-Based Compensation - Assumptions Used to Estimate Fair Value of Options (Details) - Options	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Volatility factor	36.90%	36.30%
Weighted average risk-free interest rate	2.80%	1.80%
Expected life of option	4 years 10 months 7 days	4 years 8 months 8 days

Share-Based Compensation - Summary of Compensation Expense Attributable to Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense	$ 12.8	$ 10.8
Tax benefit related to share-based compensation expense	$ 2.2	$ 3.6

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
Operating Loss Carryforwards [Line Items]
Effective tax rate	9.40%	16.40%
Unrecognized tax benefits	$ 123.2		$ 107.4
Decrease in unrecognized tax benefits is possible in the next twelve months	$ 34.4
United Kingdom \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Provision for incomes taxes at the U.K. statutory tax rate	19.00%

Segment Information - Additional Information (Details)
$ in Millions

3 Months Ended

Jun. 30, 2018

USD ($)

Segment

segment

Jul. 01, 2017

USD ($)

Segment Reporting Information [Line Items]

Number of operating segments | segment

4

Number of reportable segments | Segment

4

Impairment Charge

$ 4.3

$ 0.0

Additions charged to expense

^[1]

$ 11.3

$ 0.0

[1]	Restructuring and other charges includes store closure costs recorded in connection with the Retail Fleet Optimization Plan and integration costs recorded in connection with the acquisition of Jimmy Choo Group Limited (see Note 4 and Note 9).

Segment Information - Key Performance Information of Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Segment Reporting Information [Line Items]
Total revenue	$ 1,202.5	$ 952.4
Income from operations	215.2	149.4
MK Retail
Segment Reporting Information [Line Items]
Total revenue	639.5	619.9
Income from operations	92.5	92.2
MK Wholesale
Segment Reporting Information [Line Items]
Total revenue	362.8	303.6
Income from operations	97.5	43.5
MK Licensing
Segment Reporting Information [Line Items]
Total revenue	27.5	28.9
Income from operations	9.1	13.7
Michael Kors
Segment Reporting Information [Line Items]
Total revenue	1,029.8	952.4
Income from operations	199.1	149.4
Jimmy Choo
Segment Reporting Information [Line Items]
Total revenue	172.7	0.0
Income from operations	$ 16.1	$ 0.0

Segment Information - Depreciation and Amortization Expense for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 55.9	$ 47.6
MK Retail
Segment Reporting Information [Line Items]
Depreciation and amortization	33.3	32.0
MK Wholesale
Segment Reporting Information [Line Items]
Depreciation and amortization	13.8	15.0
MK Licensing
Segment Reporting Information [Line Items]
Depreciation and amortization	0.6	0.6
Michael Kors
Segment Reporting Information [Line Items]
Depreciation and amortization	47.7	47.6
Jimmy Choo
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 8.2	$ 0.0

Segment Information - Total Revenue (as Recognized Based on Country of Origin), and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Mar. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,202.5	$ 952.4
Long-lived assets, excluding goodwill	1,738.8		$ 1,818.9
The Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	718.2	634.1
Long-lived assets, excluding goodwill	319.5		327.3
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	301.8	201.2
Long-lived assets, excluding goodwill	984.8		1,050.3
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	182.5	117.1
Long-lived assets, excluding goodwill	434.5		441.3
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	668.3	$ 587.1
Long-lived assets, excluding goodwill	$ 295.2		$ 303.3

Segment Information - Schedule of Goodwill by Segment (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total goodwill	$ 806.2	$ 847.7
MK Retail
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total goodwill	91.9	91.9
MK Wholesale
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total goodwill	25.9	25.9
MK Licensing
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total goodwill	1.9	1.9
Jimmy Choo
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total goodwill	$ 686.5	$ 728.0