ֱ

Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

v3.19.1
SUBSEQUENT EVENTS
 12 Months Ended
Mar. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

On May14, 2019, ֱ’s Board of Directors declared a quarterly cash dividend of $0.51 per share, payable on June20, 2019 to shareholders of record on June10, 2019.
On May 19, 2019, Switzerland voted to approve the Federal Act on Tax Reform and AHV Financing (“Swiss Tax Act”). The Company is currently evaluating the Swiss Tax Act and the associated tax effects will be reflected in ֱ’s first quarter of Fiscal 2020, which is the period that the Swiss Tax Act was enacted. We believe the Swiss Tax Act may have a material impact to the Company’s tax expense.
On May 22, 2019, ֱ completed the spin-off of its Jeans business with the new company now operating as an independent, publicly traded company under the name Kontoor Brands, Inc. ("Kontoor Brands"). As a result, beginning in the first quarter of Fiscal 2020, Kontoor Brands' historical financial results through the date of separation will be reported as a discontinued operation in ֱ's consolidated financial statements. The spin-off is effected through a distribution to ֱ shareholders of one share of Kontoor Brands common stock for every seven shares of ֱ common stock held on the record date of May 10, 2019. In connection with the spin-off, Kontoor Brands transferred net proceeds of approximately $1.0 billion to ֱ and its subsidiaries from its new debt issuance.