|
|
|
|
|
|
|
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Numerator: | |||||||
Net income attributable to MKHL | $ | 147.1 | $ | 174.4 | |||
Denominator: | |||||||
Basic weighted average shares | 174,158,571 | 196,977,021 | |||||
Weighted average dilutive share equivalents: | |||||||
Share options, restricted shares/units, and performance restricted share units | 2,455,180 | 3,077,473 | |||||
Diluted weighted average shares | 176,613,751 | 200,054,494 | |||||
Basic net income per share | $ | 0.84 | $ | 0.89 | |||
Diluted net income per share | $ | 0.83 | $ | 0.87 |
|
May 31, 2016 | |||
Cash and cash equivalents | $ | 19.4 | |
Accounts receivable | 22.3 | ||
Inventory | 36.1 | ||
Other current assets | 3.0 | ||
Current assets | 80.8 | ||
Property and equipment | 46.6 | ||
Goodwill | 99.0 | ||
Reacquired rights | 400.4 | ||
Favorable lease assets | 1.8 | ||
Customer relationships | 0.7 | ||
Deferred tax assets | 7.8 | ||
Other assets | 6.6 | ||
Total assets acquired | $ | 643.7 | |
Accounts payable | $ | 8.9 | |
Short-term debt | 5.8 | ||
Other current liabilities | 27.8 | ||
Current liabilities | 42.5 | ||
Unfavorable lease liabilities | 4.8 | ||
Deferred tax liabilities | 92.3 | ||
Other liabilities | 4.1 | ||
Total liabilities assumed | $ | 143.7 | |
Fair value of net assets acquired | $ | 500.0 | |
Fair value of acquisition consideration | $ | 500.0 |
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Pro-forma net sales | $ | 1,014.3 | $ | 1,015.4 | |||
Pro-forma net income | 155.2 | 173.6 | |||||
Pro-forma net income per ordinary share attributable to MKHL: | |||||||
Basic | $ | 0.89 | $ | 0.88 | |||
Diluted | $ | 0.88 | $ | 0.87 |
|
July 2, 2016 | April 2, 2016 | ||||||
Trade receivables: | |||||||
Credit risk insured | $ | 240.5 | $ | 353.7 | |||
Credit risk retained by Company | 51.0 | 61.8 | |||||
Receivables due from licensees | 7.6 | 9.5 | |||||
299.1 | 425.0 | ||||||
Less allowances: | (96.3 | ) | (117.1 | ) | |||
$ | 202.8 | $ | 307.9 |
|
July 2, 2016 | April 2, 2016 | ||||||
Leasehold improvements | $ | 469.3 | $ | 414.6 | |||
In-store shops | 246.3 | 242.9 | |||||
Furniture and fixtures | 225.2 | 212.7 | |||||
Computer equipment and software | 179.4 | 167.9 | |||||
Equipment | 87.7 | 79.1 | |||||
Land | 14.6 | 15.1 | |||||
1,222.5 | 1,132.3 | ||||||
Less: accumulated depreciation and amortization | (535.6 | ) | (490.9 | ) | |||
686.9 | 641.4 | ||||||
Construction-in-progress | 111.8 | 116.8 | |||||
$ | 798.7 | $ | 758.2 |
|
July 2, 2016 | April 2, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Reacquired rights | $ | 400.4 | $ | 1.4 | $ | 399.0 | $ | — | $ | — | $ | — | |||||||||||
Lease rights | 72.4 | 19.2 | 53.2 | 73.3 | 17.8 | 55.5 | |||||||||||||||||
Trademarks | 23.0 | 15.4 | 7.6 | 23.0 | 15.1 | 7.9 | |||||||||||||||||
Customer relationships | 4.9 | 0.4 | 4.5 | 4.2 | 0.2 | 4.0 | |||||||||||||||||
$ | 500.7 | $ | 36.4 | $ | 464.3 | $ | 100.5 | $ | 33.1 | $ | 67.4 |
Remainder of Fiscal 2017 | $ | 18.5 | |
Fiscal 2018 | 24.7 | ||
Fiscal 2019 | 24.6 | ||
Fiscal 2020 | 24.6 | ||
Fiscal 2021 | 24.4 | ||
Thereafter | 347.5 | ||
$ | 464.3 |
Retail | Wholesale | Licensing | Total | ||||||||||||
Balance at April 2, 2016 | $ | 8.0 | $ | 13.3 | $ | 1.9 | $ | 23.2 | |||||||
Acquisition of MKHKL | 86.2 | 12.8 | — | 99.0 | |||||||||||
Balance at July 2, 2016 | $ | 94.2 | $ | 26.1 | $ | 1.9 | $ | 122.2 |
|
July 2, 2016 | April 2, 2016 | ||||||
Accrued capital expenditures | $ | 27.6 | $ | 33.6 | |||
Other taxes payable | 46.9 | 38.2 | |||||
Accrued rent | 32.0 | 30.5 | |||||
Advance royalties | 21.5 | 30.2 | |||||
Gift cards and retail store credits | 12.6 | 13.1 | |||||
Professional services | 14.1 | 7.0 | |||||
Unrealized loss on forward foreign currency exchange contracts | 1.6 | 5.5 | |||||
Accrued advertising | 4.8 | 5.2 | |||||
Accrued litigation | 2.6 | 1.8 | |||||
Other | 34.1 | 27.7 | |||||
$ | 197.8 | $ | 192.8 |
|
|
|
Fair value at July 2, 2016 using: | Fair value at April 2, 2016 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) | ||||||||||||||||||
Forward foreign currency exchange contracts - Euro | $ | — | $ | (0.2 | ) | $ | — | $ | — | $ | (5.5 | ) | $ | — | |||||||||
Forward foreign currency exchange contracts - U.S. Dollar | — | — | — | — | 0.1 | — | |||||||||||||||||
Total | $ | — | $ | (0.2 | ) | $ | — | $ | — | $ | (5.4 | ) | $ | — |
|
Fair Values | |||||||||||||||||||||||
Notional Amounts | Current Assets (1) | Current Liabilities (2) | |||||||||||||||||||||
July 2, 2016 | April 2, 2016 | July 2, 2016 | April 2, 2016 | July 2, 2016 | April 2, 2016 | ||||||||||||||||||
Designated forward foreign currency exchange contracts | $ | 183.9 | $ | 174.1 | $ | 1.1 | $ | 0.1 | $ | 1.6 | $ | 5.1 | |||||||||||
Undesignated forward foreign currency exchange contracts | 26.8 | 30.0 | 0.3 | — | — | 0.4 | |||||||||||||||||
Total | $ | 210.7 | $ | 204.1 | $ | 1.4 | $ | 0.1 | $ | 1.6 | $ | 5.5 |
(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. |
Three Months Ended | |||||||||||||||
July 2, 2016 | June 27, 2015 | ||||||||||||||
Pre-Tax Gain Recognized in OCI (Effective Portion) | Pre-Tax Gain Reclassified from Accumulated OCI into Earnings (Effective Portion) | Pre-Tax Loss Recognized in OCI (Effective Portion) | Pre-Tax Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) | ||||||||||||
Forward foreign currency exchange contracts | $ | 3.3 | $ | (0.1 | ) | $ | (11.7 | ) | $ | — |
|
Foreign Currency Translation (Losses) Gains | Net Gains (Losses) on Derivatives (1) | Total Accumulated Other Comprehensive (Loss) Income | |||||||||
Balance at March 28, 2015 | $ | (96.1 | ) | $ | 29.3 | $ | (66.8 | ) | |||
Other comprehensive (loss) income before reclassifications | 9.8 | (10.6 | ) | (0.8 | ) | ||||||
Less: net gains reclassified from AOCI to earnings | — | — | — | ||||||||
Other comprehensive (loss) income, net of tax | 9.8 | (10.6 | ) | (0.8 | ) | ||||||
Balance at June 27, 2015 | $ | (86.3 | ) | $ | 18.7 | $ | (67.6 | ) | |||
Balance at April 2, 2016 | $ | (77.6 | ) | $ | (3.2 | ) | $ | (80.8 | ) | ||
Other comprehensive loss before reclassifications | (0.4 | ) | 3.0 | 2.6 | |||||||
Less: net gains reclassified from AOCI to earnings | — | (0.1 | ) | (0.1 | ) | ||||||
Other comprehensive (loss) income, net of tax | (0.4 | ) | 3.1 | 2.7 | |||||||
Balance at July 2, 2016 | $ | (78.0 | ) | $ | (0.1 | ) | $ | (78.1 | ) | ||
Less: other comprehensive income attributable to noncontrolling interest | 0.2 | — | 0.2 | ||||||||
Other comprehensive (loss) income attributable to MKHL | $ | (78.2 | ) | $ | (0.1 | ) | $ | (78.3 | ) |
(1) | 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. Other comprehensive income (loss) before reclassifications related to derivative financial instruments for the three months ended June 27, 2015 is net of tax benefits $1.0 million. All other tax effects were not material for the periods presented. |
|
Three Months Ended | |||||
July 2, 2016 | June 27, 2015 | ||||
U.K. statutory tax rate | 20.0 | % | 21.0 | % | |
Effect of operations in non-U.K. jurisdictions | 7.3 | % | 7.4 | % | |
Global financing activities | (9.3 | )% | (2.1 | )% | |
State and local income taxes, net of federal benefit | 1.2 | % | 2.3 | % | |
Other | 2.0 | % | 0.8 | % | |
Effective tax rate | 21.2 | % | 29.4 | % |
|
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Revenue: | |||||||
Net sales: Retail | $ | 562.9 | $ | 523.3 | |||
Wholesale | 394.4 | 424.0 | |||||
Licensing | 30.6 | 38.7 | |||||
Total revenue | $ | 987.9 | $ | 986.0 | |||
Income from operations: | |||||||
Retail | $ | 66.6 | $ | 120.9 | |||
Wholesale | 105.0 | 106.3 | |||||
Licensing | 15.3 | 21.4 | |||||
Income from operations | $ | 186.9 | $ | 248.6 |
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Depreciation and amortization: | |||||||
Retail | $ | 34.0 | $ | 25.1 | |||
Wholesale | 15.9 | 16.1 | |||||
Licensing | 0.5 | 0.4 | |||||
Total depreciation and amortization | $ | 50.4 | $ | 41.6 |
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Revenue: | |||||||
The Americas (U.S., Canada and L. America)(1) | $ | 690.8 | $ | 727.3 | |||
Europe | 224.0 | 216.8 | |||||
Asia | 73.1 | 41.9 | |||||
Total revenue | $ | 987.9 | $ | 986.0 |
As of | |||||||
July 2, 2016 | April 2, 2016 | ||||||
Long-lived assets: | |||||||
The Americas (U.S., Canada and Latin America)(1) | $ | 498.0 | $ | 507.7 | |||
Europe | 284.1 | 284.2 | |||||
Asia | 480.9 | 33.7 | |||||
Total Long-lived assets | $ | 1,263.0 | $ | 825.6 |
(1) | Net revenues earned in the U.S. were $641.4 million and $684.8 million during the three months ended July 2, 2016 and June 27, 2015. Long-lived assets located in the U.S. as of July 2, 2016 and April 2, 2016 were $462.8 million and $472.2 million, respectively. |
|
|
|
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Numerator: | |||||||
Net income attributable to MKHL | $ | 147.1 | $ | 174.4 | |||
Denominator: | |||||||
Basic weighted average shares | 174,158,571 | 196,977,021 | |||||
Weighted average dilutive share equivalents: | |||||||
Share options, restricted shares/units, and performance restricted share units | 2,455,180 | 3,077,473 | |||||
Diluted weighted average shares | 176,613,751 | 200,054,494 | |||||
Basic net income per share | $ | 0.84 | $ | 0.89 | |||
Diluted net income per share | $ | 0.83 | $ | 0.87 |
|
May 31, 2016 | |||
Cash and cash equivalents | $ | 19.4 | |
Accounts receivable | 22.3 | ||
Inventory | 36.1 | ||
Other current assets | 3.0 | ||
Current assets | 80.8 | ||
Property and equipment | 46.6 | ||
Goodwill | 99.0 | ||
Reacquired rights | 400.4 | ||
Favorable lease assets | 1.8 | ||
Customer relationships | 0.7 | ||
Deferred tax assets | 7.8 | ||
Other assets | 6.6 | ||
Total assets acquired | $ | 643.7 | |
Accounts payable | $ | 8.9 | |
Short-term debt | 5.8 | ||
Other current liabilities | 27.8 | ||
Current liabilities | 42.5 | ||
Unfavorable lease liabilities | 4.8 | ||
Deferred tax liabilities | 92.3 | ||
Other liabilities | 4.1 | ||
Total liabilities assumed | $ | 143.7 | |
Fair value of net assets acquired | $ | 500.0 | |
Fair value of acquisition consideration | $ | 500.0 |
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Pro-forma net sales | $ | 1,014.3 | $ | 1,015.4 | |||
Pro-forma net income | 155.2 | 173.6 | |||||
Pro-forma net income per ordinary share attributable to MKHL: | |||||||
Basic | $ | 0.89 | $ | 0.88 | |||
Diluted | $ | 0.88 | $ | 0.87 |
|
July 2, 2016 | April 2, 2016 | ||||||
Trade receivables: | |||||||
Credit risk insured | $ | 240.5 | $ | 353.7 | |||
Credit risk retained by Company | 51.0 | 61.8 | |||||
Receivables due from licensees | 7.6 | 9.5 | |||||
299.1 | 425.0 | ||||||
Less allowances: | (96.3 | ) | (117.1 | ) | |||
$ | 202.8 | $ | 307.9 |
|
July 2, 2016 | April 2, 2016 | ||||||
Leasehold improvements | $ | 469.3 | $ | 414.6 | |||
In-store shops | 246.3 | 242.9 | |||||
Furniture and fixtures | 225.2 | 212.7 | |||||
Computer equipment and software | 179.4 | 167.9 | |||||
Equipment | 87.7 | 79.1 | |||||
Land | 14.6 | 15.1 | |||||
1,222.5 | 1,132.3 | ||||||
Less: accumulated depreciation and amortization | (535.6 | ) | (490.9 | ) | |||
686.9 | 641.4 | ||||||
Construction-in-progress | 111.8 | 116.8 | |||||
$ | 798.7 | $ | 758.2 |
|
July 2, 2016 | April 2, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Reacquired rights | $ | 400.4 | $ | 1.4 | $ | 399.0 | $ | — | $ | — | $ | — | |||||||||||
Lease rights | 72.4 | 19.2 | 53.2 | 73.3 | 17.8 | 55.5 | |||||||||||||||||
Trademarks | 23.0 | 15.4 | 7.6 | 23.0 | 15.1 | 7.9 | |||||||||||||||||
Customer relationships | 4.9 | 0.4 | 4.5 | 4.2 | 0.2 | 4.0 | |||||||||||||||||
$ | 500.7 | $ | 36.4 | $ | 464.3 | $ | 100.5 | $ | 33.1 | $ | 67.4 |
Remainder of Fiscal 2017 | $ | 18.5 | |
Fiscal 2018 | 24.7 | ||
Fiscal 2019 | 24.6 | ||
Fiscal 2020 | 24.6 | ||
Fiscal 2021 | 24.4 | ||
Thereafter | 347.5 | ||
$ | 464.3 |
Retail | Wholesale | Licensing | Total | ||||||||||||
Balance at April 2, 2016 | $ | 8.0 | $ | 13.3 | $ | 1.9 | $ | 23.2 | |||||||
Acquisition of MKHKL | 86.2 | 12.8 | — | 99.0 | |||||||||||
Balance at July 2, 2016 | $ | 94.2 | $ | 26.1 | $ | 1.9 | $ | 122.2 |
|
July 2, 2016 | April 2, 2016 | ||||||
Accrued capital expenditures | $ | 27.6 | $ | 33.6 | |||
Other taxes payable | 46.9 | 38.2 | |||||
Accrued rent | 32.0 | 30.5 | |||||
Advance royalties | 21.5 | 30.2 | |||||
Gift cards and retail store credits | 12.6 | 13.1 | |||||
Professional services | 14.1 | 7.0 | |||||
Unrealized loss on forward foreign currency exchange contracts | 1.6 | 5.5 | |||||
Accrued advertising | 4.8 | 5.2 | |||||
Accrued litigation | 2.6 | 1.8 | |||||
Other | 34.1 | 27.7 | |||||
$ | 197.8 | $ | 192.8 |
|
Fair value at July 2, 2016 using: | Fair value at April 2, 2016 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) | ||||||||||||||||||
Forward foreign currency exchange contracts - Euro | $ | — | $ | (0.2 | ) | $ | — | $ | — | $ | (5.5 | ) | $ | — | |||||||||
Forward foreign currency exchange contracts - U.S. Dollar | — | — | — | — | 0.1 | — | |||||||||||||||||
Total | $ | — | $ | (0.2 | ) | $ | — | $ | — | $ | (5.4 | ) | $ | — |
|
Fair Values | |||||||||||||||||||||||
Notional Amounts | Current Assets (1) | Current Liabilities (2) | |||||||||||||||||||||
July 2, 2016 | April 2, 2016 | July 2, 2016 | April 2, 2016 | July 2, 2016 | April 2, 2016 | ||||||||||||||||||
Designated forward foreign currency exchange contracts | $ | 183.9 | $ | 174.1 | $ | 1.1 | $ | 0.1 | $ | 1.6 | $ | 5.1 | |||||||||||
Undesignated forward foreign currency exchange contracts | 26.8 | 30.0 | 0.3 | — | — | 0.4 | |||||||||||||||||
Total | $ | 210.7 | $ | 204.1 | $ | 1.4 | $ | 0.1 | $ | 1.6 | $ | 5.5 |
(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. |
Three Months Ended | |||||||||||||||
July 2, 2016 | June 27, 2015 | ||||||||||||||
Pre-Tax Gain Recognized in OCI (Effective Portion) | Pre-Tax Gain Reclassified from Accumulated OCI into Earnings (Effective Portion) | Pre-Tax Loss Recognized in OCI (Effective Portion) | Pre-Tax Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) | ||||||||||||
Forward foreign currency exchange contracts | $ | 3.3 | $ | (0.1 | ) | $ | (11.7 | ) | $ | — |
|
Foreign Currency Translation (Losses) Gains | Net Gains (Losses) on Derivatives (1) | Total Accumulated Other Comprehensive (Loss) Income | |||||||||
Balance at March 28, 2015 | $ | (96.1 | ) | $ | 29.3 | $ | (66.8 | ) | |||
Other comprehensive (loss) income before reclassifications | 9.8 | (10.6 | ) | (0.8 | ) | ||||||
Less: net gains reclassified from AOCI to earnings | — | — | — | ||||||||
Other comprehensive (loss) income, net of tax | 9.8 | (10.6 | ) | (0.8 | ) | ||||||
Balance at June 27, 2015 | $ | (86.3 | ) | $ | 18.7 | $ | (67.6 | ) | |||
Balance at April 2, 2016 | $ | (77.6 | ) | $ | (3.2 | ) | $ | (80.8 | ) | ||
Other comprehensive loss before reclassifications | (0.4 | ) | 3.0 | 2.6 | |||||||
Less: net gains reclassified from AOCI to earnings | — | (0.1 | ) | (0.1 | ) | ||||||
Other comprehensive (loss) income, net of tax | (0.4 | ) | 3.1 | 2.7 | |||||||
Balance at July 2, 2016 | $ | (78.0 | ) | $ | (0.1 | ) | $ | (78.1 | ) | ||
Less: other comprehensive income attributable to noncontrolling interest | 0.2 | — | 0.2 | ||||||||
Other comprehensive (loss) income attributable to MKHL | $ | (78.2 | ) | $ | (0.1 | ) | $ | (78.3 | ) |
(1) | 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. Other comprehensive income (loss) before reclassifications related to derivative financial instruments for the three months ended June 27, 2015 is net of tax benefits $1.0 million. All other tax effects were not material for the periods presented. |
|
Three Months Ended | |||||
July 2, 2016 | June 27, 2015 | ||||
U.K. statutory tax rate | 20.0 | % | 21.0 | % | |
Effect of operations in non-U.K. jurisdictions | 7.3 | % | 7.4 | % | |
Global financing activities | (9.3 | )% | (2.1 | )% | |
State and local income taxes, net of federal benefit | 1.2 | % | 2.3 | % | |
Other | 2.0 | % | 0.8 | % | |
Effective tax rate | 21.2 | % | 29.4 | % |
|
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Revenue: | |||||||
Net sales: Retail | $ | 562.9 | $ | 523.3 | |||
Wholesale | 394.4 | 424.0 | |||||
Licensing | 30.6 | 38.7 | |||||
Total revenue | $ | 987.9 | $ | 986.0 | |||
Income from operations: | |||||||
Retail | $ | 66.6 | $ | 120.9 | |||
Wholesale | 105.0 | 106.3 | |||||
Licensing | 15.3 | 21.4 | |||||
Income from operations | $ | 186.9 | $ | 248.6 |
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Depreciation and amortization: | |||||||
Retail | $ | 34.0 | $ | 25.1 | |||
Wholesale | 15.9 | 16.1 | |||||
Licensing | 0.5 | 0.4 | |||||
Total depreciation and amortization | $ | 50.4 | $ | 41.6 |
(1) | Net revenues earned in the U.S. were $641.4 million and $684.8 million during the three months ended July 2, 2016 and June 27, 2015. Long-lived assets located in the U.S. as of July 2, 2016 and April 2, 2016 were $462.8 million and $472.2 million, respectively. |
Three Months Ended | |||||||
July 2, 2016 | June 27, 2015 | ||||||
Revenue: | |||||||
The Americas (U.S., Canada and L. America)(1) | $ | 690.8 | $ | 727.3 | |||
Europe | 224.0 | 216.8 | |||||
Asia | 73.1 | 41.9 | |||||
Total revenue | $ | 987.9 | $ | 986.0 |
As of | |||||||
July 2, 2016 | April 2, 2016 | ||||||
Long-lived assets: | |||||||
The Americas (U.S., Canada and Latin America)(1) | $ | 498.0 | $ | 507.7 | |||
Europe | 284.1 | 284.2 | |||||
Asia | 480.9 | 33.7 | |||||
Total Long-lived assets | $ | 1,263.0 | $ | 825.6 |
(1) | Net revenues earned in the U.S. were $641.4 million and $684.8 million during the three months ended July 2, 2016 and June 27, 2015. Long-lived assets located in the U.S. as of July 2, 2016 and April 2, 2016 were $462.8 million and $472.2 million, respectively. |
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