{"url_path":"/sec/rl/10-k/2026/item-16","section_key":"item-16","section_title":"Item 16 Form 10-K Summary.","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-05-21","source_url":"https://www.sec.gov/Archives/edgar/data/1037038/0001628280-26-037074-index.html","accession_number":"0001628280-26-037074","cik":"0001037038","ticker":"RL","issuer_name":"RALPH LAUREN CORP","edgar_url":"https://www.sec.gov/Archives/edgar/data/1037038/0001628280-26-037074-index.html","primary_entity_key":"0001037038","primary_entity_name":"RALPH LAUREN CORP"},"word_count":24211,"has_tables":true,"body_markdown":"Item 16.    Form 10-K Summary.\n\nNone.\n\n70\n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.\n\n  \nRALPH LAUREN CORPORATION\n\nBy:\n/S/    JUSTIN M. PICICCI     \n\nJustin M. Picicci\n\nChief Financial Officer\n\n(Principal Financial and Accounting Officer)\n\nDate: May 21, 2026\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:\n\nSignatureTitleDate\n\n/S/    RALPH LAUREN\nExecutive Chairman, Chief Creative Officer, and DirectorMay 21, 2026\n\nRalph Lauren\n\n/S/    PATRICE LOUVET\nPresident, Chief Executive Officer, and Director (Principal Executive Officer)May 21, 2026\n\nPatrice Louvet\n\n/S/    JUSTIN M. PICICCI     \nChief Financial Officer (Principal Financial and Accounting Officer)May 21, 2026\n\nJustin M. Picicci\n\n/s/    DAVID LAURENVice Chairman, Chief Branding and Innovation Officer, Strategic Advisor to the CEO, and DirectorMay 21, 2026\n\nDavid Lauren\n\n/S/    ANGELA AHRENDTS\nDirectorMay 21, 2026\n\nAngela Ahrendts\n\n/S/    FRANK A. BENNACK, JR.\nDirectorMay 21, 2026\n\nFrank A. Bennack, Jr.\n\n/S/    CESAR CONDE\nDirectorMay 21, 2026\n\nCesar Conde\n\n/s/    DEBRA CUPPDirectorMay 21, 2026\n\nDebra Cupp\n\n/s/    LINDA FINDLEYDirectorMay 21, 2026\n\nLinda Findley\n\n/s/    MICHAEL A. GEORGEDirectorMay 21, 2026\n\nMichael A. George\n\n71\n\nSignatureTitleDate\n\n/S/    VALERIE JARRETT\nDirectorMay 21, 2026\n\nValerie Jarrett\n\n/S/    DARREN WALKER\nDirectorMay 21, 2026\n\nDarren Walker\n\n/S/    WEI ZHANG\nDirectorMay 21, 2026\n\nWei Zhang\n\n72\n\nRALPH LAUREN CORPORATION\n\nINDEX TO CONSOLIDATED FINANCIAL STATEMENTS\n\n \n\n Page\n\nConsolidated Financial Statements:\n\n[Consolidated Balance Sheets](#i9605aec452904d17a70c83c7dfcc2d5f_187)\n\nF-[2](#i9605aec452904d17a70c83c7dfcc2d5f_187)\n\n[Consolidated Statements of Operations](#i9605aec452904d17a70c83c7dfcc2d5f_190)\n\nF-[3](#i9605aec452904d17a70c83c7dfcc2d5f_190)\n\n[Consolidated Statements of Comprehensive Income](#i9605aec452904d17a70c83c7dfcc2d5f_196)\n\nF-[4](#i9605aec452904d17a70c83c7dfcc2d5f_196)\n\n[Consolidated Statements of Cash Flows](#i9605aec452904d17a70c83c7dfcc2d5f_199)\n\nF-[5](#i9605aec452904d17a70c83c7dfcc2d5f_199)\n\n[Consolidated Statements of Equity](#i9605aec452904d17a70c83c7dfcc2d5f_202)\n\nF-[6](#i9605aec452904d17a70c83c7dfcc2d5f_202)\n\n[Notes to Consolidated Financial Statements](#i9605aec452904d17a70c83c7dfcc2d5f_208)\n\nF-[7](#i9605aec452904d17a70c83c7dfcc2d5f_208)\n\n[Management's Report on Responsibility For Financial Statements](#i9605aec452904d17a70c83c7dfcc2d5f_277)\n\nF-[52](#i9605aec452904d17a70c83c7dfcc2d5f_277)\n\n[Reports of Independent Registered Public Accounting Firm](#i9605aec452904d17a70c83c7dfcc2d5f_280)(PCAOB ID: 42)\n\nF-[53](#i9605aec452904d17a70c83c7dfcc2d5f_280)\n\nF-1\n\nRALPH LAUREN CORPORATION\n\nCONSOLIDATED BALANCE SHEETS\n\n \n\nMarch 28,\n2026March 29,\n2025\n\n(millions)\n\nASSETS\n\nCurrent assets:\n\nCash and cash equivalents$1,988.0 $1,922.5 \n\nShort-term investments77.0 160.5 \n\nAccounts receivable, net of allowances of $228.7 million and $186.3 million\n491.7 459.5 \n\nInventories1,014.3 949.6 \n\nIncome tax receivable77.8 55.4 \n\nPrepaid expenses and other current assets238.4 242.4 \n\nTotal current assets\n3,887.2 3,789.9 \n\nProperty and equipment, net1,070.6 846.4 \n\nOperating lease right-of-use assets1,299.6 1,013.1 \n\nDeferred tax assets345.1 335.4 \n\nGoodwill904.2 888.5 \n\nIntangible assets, net93.3 62.8 \n\nOther non-current assets139.5 111.2 \n\nTotal assets\n$7,739.5 $7,047.3 \n\nLIABILITIES AND EQUITY\n\nCurrent liabilities:\n\nCurrent portion of long-term debt$— $399.7 \n\nAccounts payable431.0 436.0 \n\nCurrent income tax payable80.0 146.5 \n\nCurrent operating lease liabilities211.7 225.4 \n\nAccrued expenses and other current liabilities1,103.8 926.1 \n\nTotal current liabilities\n1,826.5 2,133.7 \n\nLong-term debt1,238.9 742.9 \n\nLong-term finance lease liabilities212.3 234.8 \n\nLong-term operating lease liabilities1,325.8 1,044.7 \n\nNon-current liability for unrecognized tax benefits168.7 193.3 \n\nOther non-current liabilities125.9 109.4 \n\nCommitments and contingencies (Note 14)\n\nTotal liabilities\n4,898.1 4,458.8 \n\nEquity:\n\nClass A common stock, par value $.01 per share; 113.5 million and 112.5 million shares issued; 38.2 million and 39.6 million shares outstanding\n1.1 1.1 \n\nClass B common stock, par value $.01 per share; 21.9 million shares issued and outstanding\n0.2 0.2 \n\nAdditional paid-in-capital3,142.7 3,031.7 \n\nRetained earnings8,310.6 7,590.1 \n\nTreasury stock, Class A, at cost; 75.3 million and 72.9 million shares\n(8,361.9)(7,734.7)\n\nAccumulated other comprehensive loss(251.3)(299.9)\n\nTotal equity\n2,841.4 2,588.5 \n\nTotal liabilities and equity\n$7,739.5 $7,047.3 \n\nSee accompanying notes.\n\nF-2\n\nRALPH LAUREN CORPORATION\n\nCONSOLIDATED STATEMENTS OF OPERATIONS\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n(millions, except per share data)\n\nNet revenues\n$8,114.5 $7,079.0 $6,631.4 \n\nCost of goods sold (2,445.3)(2,226.1)(2,199.6)\n\nGross profit\n5,669.2 4,852.9 4,431.8 \n\nSelling, general, and administrative expenses (4,371.9)(3,863.0)(3,600.5)\n\nRestructuring and other charges, net(118.1)(57.8)(74.9)\n\nTotal other operating expenses, net\n(4,490.0)(3,920.8)(3,675.4)\n\nOperating income\n1,179.2 932.1 756.4 \n\nInterest expense(54.2)(44.1)(42.2)\n\nInterest income53.7 74.0 73.0 \n\nOther expense, net(1.0)(11.3)(9.8)\n\nIncome before income taxes\n1,177.7 950.7 777.4 \n\nIncome tax provision(236.6)(207.8)(131.1)\n\nNet income\n$941.1 $742.9 $646.3 \n\nNet income per common share:\n\nBasic$15.42 $11.86 $9.91 \n\nDiluted$15.11 $11.61 $9.71 \n\nWeighted-average common shares outstanding:\n\nBasic61.0 62.6 65.2 \n\nDiluted62.3 64.0 66.5 \n\nDividends declared per share$3.65 $3.30 $3.00 \n\nSee accompanying notes.\n\nF-3\n\nRALPH LAUREN CORPORATION\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n(millions)\n\nNet income\n$941.1 $742.9 $646.3 \n\nOther comprehensive income (loss), net of tax:\n\nForeign currency translation gains (losses)43.9 (18.7)(76.2)\n\nNet gains (losses) on cash flow hedges4.8 (4.4)3.1 \n\nNet gains (losses) on defined benefit plans(0.1)(0.7)(7.0)\n\nOther comprehensive income (loss), net of tax\n48.6 (23.8)(80.1)\n\nTotal comprehensive income\n$989.7 $719.1 $566.2 \n\nSee accompanying notes.\n\nF-4\n\nRALPH LAUREN CORPORATION\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n(millions)\n\nCash flows from operating activities:\n\nNet income$941.1 $742.9 $646.3 \n\nAdjustments to reconcile net income to net cash provided by operating activities:\n\nDepreciation and amortization expense233.0 219.6 229.0 \n\nDeferred income tax expense (benefit)8.4 (50.0)(41.1)\n\nStock-based compensation expense111.0 107.9 99.5 \n\nBad debt expense13.6 9.2 7.3 \n\nOther non-cash charges5.4 3.6 13.7 \n\nChanges in operating assets and liabilities:\n\nAccounts receivable(35.6)(27.6)(15.3)\n\nInventories(44.2)(52.6)149.1 \n\nPrepaid expenses and other current assets(20.0)(47.4)16.1 \n\nAccounts payable and accrued liabilities142.2 226.2 15.6 \n\nIncome tax receivables and payables(94.1)27.9 (18.5)\n\nOperating lease right-of-use assets and liabilities, net(22.3)11.7 (36.3)\n\nOther balance sheet changes(84.3)63.7 4.3 \n\nNet cash provided by operating activities\n1,154.2 1,235.1 1,069.7 \n\nCash flows from investing activities:\n\nCapital expenditures(408.1)(216.2)(164.8)\n\nPurchases of investments(634.0)(781.8)(392.8)\n\nProceeds from sales and maturities of investments723.6 734.3 304.3 \n\nAcquisitions of intangible assets(41.2)— — \n\nOther investing activities3.1 (0.4)(3.5)\n\nNet cash used in investing activities\n(356.6)(264.1)(256.8)\n\nCash flows from financing activities:\n\nProceeds from the issuance of long-term debt498.2 — — \n\nRepayments of long-term debt(400.0)— — \n\nPayments of finance lease obligations(23.2)(22.0)(21.3)\n\nPayments of dividends(216.5)(201.1)(194.6)\n\nRepurchases of common stock, including shares surrendered for tax withholdings\n(623.8)(480.9)(449.7)\n\nOther financing activities(4.4)— — \n\nNet cash used in financing activities\n(769.7)(704.0)(665.6)\n\nEffect of exchange rate changes on cash, cash equivalents, and restricted cash37.4 (8.2)(13.6)\n\nNet increase in cash, cash equivalents, and restricted cash65.3 258.8 133.7 \n\nCash, cash equivalents, and restricted cash at beginning of period1,929.4 1,670.6 1,536.9 \n\nCash, cash equivalents, and restricted cash at end of period$1,994.7 $1,929.4 $1,670.6 \n\n    \n\nSee accompanying notes.\n\nF-5\n\nRALPH LAUREN CORPORATION\n\nCONSOLIDATED STATEMENTS OF EQUITY\n\nAdditionalTreasury Stock\n\nCommon Stock(a)\nPaid-inRetainedat CostTotal\n\nSharesAmountCapitalEarningsSharesAmount\nAOCI(b)\nEquity\n\n(millions)\n\nBalance at April 1, 2023132.6 $1.3 $2,824.3 $6,598.2 67.0 $(6,797.3)$(196.0)$2,430.5 \n\nComprehensive income:\n\nNet income646.3 \n\nOther comprehensive loss(80.1)\n\nTotal comprehensive income566.2 \n\nDividends declared(192.9)(192.9)\n\nRepurchases of common stock, including excise tax3.3 (453.0)(453.0)\n\nStock-based compensation99.5 99.5 \n\nShares issued pursuant to stock-based\n\ncompensation plans\n1.0 — — — \n\nBalance at March 30, 2024133.6 $1.3 $2,923.8 $7,051.6 70.3 $(7,250.3)$(276.1)$2,450.3 \n\nComprehensive income:\n\nNet income 742.9 \n\nOther comprehensive loss(23.8)\n\nTotal comprehensive income 719.1 \n\nDividends declared(204.4)(204.4)\n\nRepurchases of common stock, including excise tax2.6 (484.4)(484.4)\n\nStock-based compensation107.9 107.9 \n\nShares issued pursuant to stock-based\n\ncompensation plans\n0.8 — — — \n\nBalance at March 29, 2025134.4 $1.3 $3,031.7 $7,590.1 72.9 $(7,734.7)$(299.9)$2,588.5 \n\nComprehensive income:\n\nNet income941.1 \n\nOther comprehensive income48.6 \n\n     Total comprehensive income 989.7 \n\nDividends declared(220.6)(220.6)\n\nRepurchases of common stock, including excise tax2.4 (627.2)(627.2)\n\nStock-based compensation111.0 111.0 \n\nShares issued pursuant to stock-based\n\ncompensation plans\n1.0 — — — \n\nBalance at March 28, 2026135.4 $1.3 $3,142.7 $8,310.6 75.3 $(8,361.9)$(251.3)$2,841.4 \n\n(a)Includes Class A and Class B common stock. In Fiscal 2024, 3.0 million shares of Class B common stock were converted into an equal number of shares of Class A common stock pursuant to the terms of the Class B common stock (see Note 15).\n\n(b)Accumulated other comprehensive income (loss).\n\nSee accompanying notes.\n\nF-6\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\n1.    Description of Business\n\nRalph Lauren Corporation (\"RLC\") is a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, handbags, footwear & accessories, fragrances, home, and hospitality. RLC's long-standing reputation and distinctive image have been developed across a wide range of products, brands, distribution channels, and international markets. RLC's brand names include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, Polo Ralph Lauren Children, and Chaps, among others. RLC and its subsidiaries are collectively referred to herein as the \"Company,\" \"we,\" \"us,\" \"our,\" and \"ourselves,\" unless the context indicates otherwise.\n\nThe Company diversifies its business by geography (North America, Europe, and Asia, among other regions) and channel of distribution (retail, wholesale, and licensing). This allows the Company to maintain a dynamic balance as its operating results do not depend solely on the performance of any single geographic area or channel of distribution. The Company sells directly to consumers through its integrated retail channel, which includes its retail stores, concession-based shop-within-shops, and digital commerce operations around the world. The Company's wholesale sales are made principally to major department stores, specialty stores, and third-party digital partners around the world, as well as to certain third-party-owned stores to which the Company has licensed the right to operate in defined geographic territories using its trademarks. In addition, the Company licenses to third parties for specified periods and geographies the right to access its various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, eyewear, fragrances, and home furnishings.\n\nThe Company organizes its business into the following three reportable segments: North America, Europe, and Asia. In addition to these reportable segments, the Company also has other non-reportable segments. See Note 19 for further discussion of the Company's segment reporting structure.\n\n2.    Basis of Presentation\n\nBasis of Consolidation\n\nThese consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (\"U.S. GAAP\") and present the consolidated financial position, income (loss), comprehensive income (loss), and cash flows of the Company, including all entities in which the Company has a controlling financial interest and is determined to be the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.\n\nFiscal Year\n\nThe Company utilizes a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2026 ended on March 28, 2026 and was a 52-week period (\"Fiscal 2026\"); fiscal year 2025 ended on March 29, 2025 and was a 52-week period (\"Fiscal 2025\"); fiscal year 2024 ended on March 30, 2024 and was a 52-week period (\"Fiscal 2024\"); and fiscal year 2027 will end on April 3, 2027 and will be a 53-week period (\"Fiscal 2027\").\n\nUse of Estimates\n\nThe preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Actual results could differ materially from those estimates.\n\nSignificant estimates inherent in the preparation of the consolidated financial statements include reserves for customer bad debt, customer returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances; the realizability of inventory; reserves for litigation and other contingencies; useful lives and impairments of long-lived tangible and intangible assets; fair value measurements; accounting for income taxes and related uncertain tax positions; valuation of stock-based compensation awards and related forfeiture rates; and reserves for restructuring activity, among others.\n\nF-7\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nReclassifications\n\nCertain reclassifications have been made to the prior periods' financial information in order to conform to the current period's presentation.\n\n3.    Summary of Significant Accounting Policies\n\nRevenue Recognition\n\nThe Company recognizes revenue across all channels of the business when it satisfies its performance obligations by transferring control of promised products or services to its customers, which occurs either at a point in time or over time, depending on when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized considers terms of sale that create variability in the amount of consideration that the Company ultimately expects to be entitled to receive in exchange for the products or services, and is subject to an overall constraint that a significant revenue reversal will not occur in future periods. Sales and other related taxes collected from customers and remitted to government authorities are excluded from revenue.\n\nRevenue from the Company's retail business is recognized when the customer takes physical possession of the products, which occurs either at the point of sale for merchandise purchased at the Company's own retail stores and shop-within-shop locations, or upon receipt of shipment for merchandise ordered through its direct-to-consumer digital commerce sites. Such revenues are recorded net of estimated returns based on historical trends. Payment is due at the point of sale.\n\nGift cards purchased by customers are recorded as a liability until they are redeemed for products sold by the Company's retail business, at which point revenue is recognized. The Company estimates and recognizes revenue for gift card balances not expected to ever be redeemed (referred to as \"breakage\") to the extent that it does not have a legal obligation to remit the value of such unredeemed gift cards to the relevant jurisdiction as unclaimed or abandoned property. Such estimates are based upon historical redemption trends, with breakage income recognized in proportion to the pattern of actual customer redemptions.\n\nRevenue from the Company's wholesale business is generally recognized upon shipment of products, at which point title passes and risk of loss is transferred to the customer. In certain arrangements where the Company retains the risk of loss during shipment, revenue is recognized upon receipt of products by the customer. Wholesale revenue is recorded net of estimates of returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances. Returns and allowances require pre-approval from management and discounts are based on trade terms. Estimates for end-of-season markdowns are based on historical trends, actual and forecasted seasonal results, an evaluation of current economic and market conditions, retailer performance, and, in certain cases, contractual terms. Estimates for operational chargebacks are based on actual customer notifications of order fulfillment discrepancies and historical trends. The Company reviews and refines these estimates on at least a quarterly basis. The Company's historical estimates of these amounts have not differed materially from actual results.\n\nRevenue from the Company's licensing arrangements is recognized over time during the period that licensees are provided access to the Company's trademarks (i.e., symbolic intellectual property) and benefit from such access through their own sales of licensed products. These arrangements require licensees to pay a sales-based royalty which, for most arrangements, may be subject to a contractually-guaranteed minimum royalty amount. Payments are generally due quarterly and, depending on time of receipt, may be recorded as a deferred income liability until recognized as revenue. The Company recognizes revenue for sales-based royalty arrangements (including those for which the royalty exceeds any contractually-guaranteed minimum royalty amount) as licensed products are sold by the licensee. If a sales-based royalty is not ultimately expected to exceed a contractually-guaranteed minimum royalty amount, the minimum is generally recognized as revenue ratably over the respective contractual period. This sales-based output measure of progress and pattern of recognition best represents the value transferred to the licensee over the term of the arrangement, as well as the amount of consideration that the Company is entitled to receive in exchange for providing access to its trademarks.\n\nF-8\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nAs of March 28, 2026, contractually-guaranteed minimum royalty amounts expected to be recognized as revenue during future periods were as follows:\n\nContractually-Guaranteed\n\nMinimum Royalties(a)\n\n(millions)\n\nFiscal 2027$100.5 \n\nFiscal 202874.0 \n\nFiscal 202951.4 \n\nFiscal 203038.3 \n\nFiscal 2031 and thereafter2.3 \n\nTotal$266.5 \n\n(a)Amounts presented do not contemplate potential contract renewals or royalties earned in excess of contractually-guaranteed minimums.\n\nDisaggregated Net Revenues\n\nThe following tables disaggregate the Company's net revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors for the fiscal years presented:\n\nFiscal Year Ended\n\nMarch 28, 2026\n\nNorth AmericaEuropeAsiaOtherTotal\n\n(millions)\n\nSales Channel(a):\n\nRetail$2,245.9 $1,262.5 $2,024.2 $— $5,532.6 \n\nWholesale1,083.7 1,276.4 79.3 — 2,439.4 \n\nLicensing— — — 142.5 142.5 \n\nTotal$3,329.6 $2,538.9 $2,103.5 $142.5 $8,114.5 \n\nFiscal Year Ended\n\nMarch 29, 2025\n\nNorth AmericaEuropeAsiaOtherTotal\n\n(millions)\n\nSales Channel(a):\n\nRetail$2,034.4 $1,104.1 $1,631.6 $— $4,770.1 \n\nWholesale1,015.7 1,070.8 77.8 — 2,164.3 \n\nLicensing— — — 144.6 144.6 \n\nTotal$3,050.1 $2,174.9 $1,709.4 $144.6 $7,079.0 \n\nFiscal Year Ended\n\nMarch 30, 2024\n\nNorth AmericaEuropeAsiaOtherTotal\n\n(millions)\n\nSales Channel(a):\n\nRetail$1,915.9 $971.3 $1,463.8 $— $4,351.0 \n\nWholesale1,034.6 996.7 102.8 — 2,134.1 \n\nLicensing— — — 146.3 146.3 \n\nTotal$2,950.5 $1,968.0 $1,566.6 $146.3 $6,631.4 \n\nF-9\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n(a)Net revenues from the Company's retail and wholesale businesses are recognized at a point in time. Net revenues from the Company's licensing business are recognized over time.\n\nDeferred Income\n\nDeferred income represents cash payments received in advance of the Company's transfer of control of products or services to its customers and generally consists of unredeemed gift cards (net of estimated breakage) and advance royalty payments received from its licensees. The Company's deferred income balances were $22.1 million and $16.7 million as of March 28, 2026 and March 29, 2025, respectively, and were primarily recorded within accrued expenses and other current liabilities within the consolidated balance sheets. The majority of the deferred income balance as of March 28, 2026 is expected to be recognized as revenue within the next twelve months.\n\nCost of Goods Sold and Selling Expenses\n\nCost of goods sold includes amounts incurred to acquire and produce inventory for sale to the Company's customers, including product costs, freight-in, and import costs, as well as changes in reserves for shrinkage and inventory net realizability. Gains and losses associated with forward foreign currency exchange contracts that are designated and qualifying as cash flow hedges of inventory transactions are also recognized within cost of goods sold when the hedged inventory is sold. Costs of selling merchandise, including those associated with preparing merchandise for sale, such as picking, packing, warehousing, and order charges (\"handling costs\"), are included in selling, general, and administrative (\"SG&A\") expenses in the consolidated statements of operations.\n\nShipping and Handling Costs\n\nCosts associated with shipping goods to the Company's customers are accounted for as fulfillment activities and reflected as SG&A expenses in the consolidated statements of operations. Shipping and handling costs (described above) billed to customers are included in revenue. A summary of shipping and handling costs recognized during the fiscal years presented is as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nShipping costs$101.8 $92.2 $81.7 \n\nHandling costs\n184.1 167.9 171.2 \n\nMarketing and Advertising Costs\n\nCosts associated with the marketing and promotion of the Company's products are included within SG&A expenses. Advertising costs, including the costs of producing advertising, are expensed when the advertisement is first exhibited. Advertising costs paid to wholesale customers under cooperative advertising programs are not included in advertising costs, but rather are reflected as a reduction of revenue since generally the benefits are not sufficiently separable from the purchases of the Company's products by its customers.\n\nMarketing and advertising expenses were $634.7 million, $516.3 million, and $467.0 million in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Deferred marketing and advertising costs, which principally relate to advertisements that have not yet been exhibited or payments made for services that have not yet been received, were $17.4 million and $21.7 million at the end of Fiscal 2026 and Fiscal 2025, respectively, and were recorded within prepaid expenses and other current assets in the consolidated balance sheets.\n\nF-10\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nForeign Currency Translation and Transactions\n\nThe financial position and operating results of the Company's foreign operations are accounted for in their respective functional currencies, which are generally consistent with the local currency. For purposes of consolidation, foreign operations' functional currency assets and liabilities are translated to U.S. Dollars at the spot rates of exchange as of the balance sheet date, and functional currency revenues and expenses are translated to U.S. Dollars at the average spot rates of exchange prevailing during the period. Resulting translation gains and losses are included in the consolidated statements of comprehensive income as a component of other comprehensive income (loss) (\"OCI\") and in the consolidated statements of equity within accumulated other comprehensive income (loss) (\"AOCI\"). Gains and losses on the translation of intercompany loans made to foreign subsidiaries that are of a long-term investment nature are also included within this component of equity.\n\nThe Company recognizes transactional gains and losses on third-party and intercompany balances that are denominated in a currency other than the respective entity's functional currency within other income (expense), net in the consolidated statements of operations, inclusive of the effects of any related hedging activities. Such foreign currency transactional activity reflected net losses of $1.5 million, $5.6 million, and $3.1 million in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.\n\nComprehensive Income\n\nComprehensive income, which is reported in the consolidated statements of comprehensive income and consolidated statements of equity, consists of net income and certain other gains and losses affecting equity that, in accordance with U.S. GAAP, are excluded from net income and referred to as OCI. Components of OCI consist of foreign currency translation gains (losses); net realized and unrealized gains (losses) on cash flow hedges, such as forward foreign currency exchange contracts; net realized and unrealized gains (losses) on available-for-sale investments; and net realized and unrealized gains (losses) related to the Company's defined benefit plans.\n\nNet Income per Common Share\n\nBasic net income per common share is computed by dividing net income attributable to common shares by the weighted-average number of common shares outstanding during the period. Weighted-average common shares outstanding include shares of the Company's Class A and Class B common stock. Diluted net income per common share adjusts basic net income per common share for the dilutive effects of outstanding restricted stock units (\"RSUs\") and any other potentially dilutive instruments and stock-based compensation awards using the treasury stock method, only for periods in which such effects are dilutive.\n\nThe weighted-average number of common shares outstanding used to calculate basic net income per common share is reconciled to shares used to calculate diluted net income per common share as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nBasic shares61.0 62.6 65.2 \n\nDilutive effect of RSUs1.3 1.4 1.3 \n\nDiluted shares62.3 64.0 66.5 \n\nAll earnings per share amounts are calculated using unrounded numbers. The Company has outstanding performance-based RSUs, which are included in the computation of diluted shares only to the extent that the respective underlying performance condition (i) has been satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period was the end of the related contingency period and the result would be dilutive. As of the end of Fiscal 2026, Fiscal 2025, and Fiscal 2024, there were 0.1 million, 0.2 million, and 0.3 million, respectively, of additional shares issuable contingent upon vesting of performance-based RSUs that were excluded from the diluted shares calculations.\n\nF-11\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nStock-Based Compensation\n\nThe Company recognizes expense for all stock-based compensation awards granted to employees and non-employee directors based on the grant date fair value of the awards over the requisite service period, adjusted for forfeitures which are estimated based on an analysis of historical experience and expected future trends. The grant date fair values of service-based and performance-based RSUs are determined based on the fair value of the Company's Class A common stock on the grant date, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. The grant date fair value of the Company's market-based RSU awards, for which vesting is dependent upon total shareholder return (\"TSR\") of its Class A common stock over a three-year performance period relative to that of a pre-established peer group, is estimated using a Monte Carlo simulation model.\n\nCompensation expense for performance-based RSUs is recognized over the recipient's requisite service period when attainment of the specified performance goal is deemed probable, net of estimated forfeitures. Compensation expense for market-based RSUs, net of estimated forfeitures, is recognized over the requisite service period regardless of whether, and the extent to which, the market condition is ultimately satisfied. The Company recognizes compensation expense on a front-loaded basis for all awards with graded vesting terms. For RSU awards with cliff vesting terms, compensation expense is recognized on a straight-line basis. For RSU awards granted to retirement-eligible employees, or employees who will become retirement-eligible prior to the end of the awards' respective stated vesting periods, the related compensation expense is recognized on an accelerated basis over a term commensurate with the period that the employee is required to provide service in order to vest in the award. See Note 17 for further discussion of the Company's stock-based compensation plans.\n\nCash and Cash Equivalents\n\nCash and cash equivalents include all highly liquid investments with original maturities of 90 days or less and may include investments in time deposits and debt securities. Such investments are diversified across high-credit quality counterparties and issuers in accordance with the Company's risk-management policies.\n\nRestricted Cash\n\nThe Company is periodically required to place cash in escrow with various banks as collateral, primarily to secure guarantees of corresponding amounts made by the banks to international tax authorities on behalf of the Company, such as to secure refunds of value-added tax payments in certain international tax jurisdictions or in the case of certain international tax audits, as well as to secure guarantees related to certain real estate leases. Such cash is classified as restricted cash and reported as a component of either prepaid expenses and other current assets or other non-current assets in the consolidated balance sheets.\n\nInvestments\n\nThe Company's investment objectives include capital preservation, maintaining adequate liquidity, diversification to minimize liquidity and credit risk, and achievement of maximum returns within the guidelines set forth in the Company's investment policy.\n\nShort-term investments consist of investments that the Company expects to convert into cash within one year, including any time deposits or debt securities with original maturities greater than 90 days. See Note 12 for further information relating to the composition of the Company's short-term investments.\n\nThe Company classifies such investments as available-for-sale. Accordingly, they are recorded at fair value with any related unrealized gains or losses generally recognized as a component of AOCI in the consolidated balance sheets, and related realized gains or losses (or unrealized credit-related impairment losses, if any) recorded within other income (expense), net, in the consolidated statements of operations. Cash flows related to the purchase and sale of investments are classified as investing activities in the consolidated statements of cash flows.\n\nEquity-method and Other Investments\n\nOwnership interests that provide the Company with significant influence, but less than a controlling interest, over an investee are generally accounted for using the equity method of accounting. Significant influence is generally presumed to exist when the Company owns between 20% and 50% of the investee's common stock. Ownership interests that do not provide\n\nF-12\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nsignificant influence and for which the underlying equity security's fair value is not readily determinable are generally recorded at cost less impairment, if any, adjusted for observable price changes in orderly transactions for identical or similar investments of the same investee, with such adjustments recognized within other income (expense), net, in the consolidated statements of operations.\n\nUnder the equity method of accounting, the following amounts are generally recorded in the Company's consolidated financial statements: the Company's original investment, subsequently adjusted for its share of the investee's earnings (losses) and reduced by any dividends received and other-than-temporary impairments recorded, is included in the consolidated balance sheets; the Company's share of the investee's periodic earnings (losses) is included in the consolidated statements of operations; and dividends and other cash distributions received from the investee and additional cash investments made in or other cash paid to the investee are included in the consolidated statements of cash flows. The Company's share of equity-method investee earnings and losses is recognized within other income (expense), net, in the consolidated statements of operations and was not material in any of the fiscal years presented.\n\nThese investments are recorded within other non-current assets in the consolidated balance sheets.\n\nImpairment Assessment\n\nThe Company evaluates the need to recognize impairment charges for its investments that are in unrealized loss positions, if any, and its other equity investments on a quarterly basis (see Note 11). Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers or investees. Factors considered by the Company include (i) the financial condition, creditworthiness, and near-term prospects of the issuer or investee; (ii) future economic conditions and market forecasts; (iii) the length of time to maturity, if applicable, and an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value; and (iv) whether events or changes in circumstances indicate that the investment's carrying amount might not be recoverable.\n\nAccounts Receivable\n\nIn the normal course of business, the Company extends credit to wholesale customers that satisfy certain defined credit criteria. Payment is generally due within 30 to 120 days and does not involve a significant financing component. Accounts receivable are recorded at amortized cost, which approximates fair value, and are presented in the consolidated balance sheets net of certain reserves and allowances. These reserves and allowances consist of (i) reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances (see the \"Revenue Recognition\" section above for further discussion) and (ii) an allowance for doubtful accounts.\n\nA rollforward of activity in the Company's reserves for returns, discounts, end-of-season markdowns, operational chargebacks, and certain cooperative advertising allowances balance is presented as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nBeginning reserve balance$147.6 $143.1 $148.1 \n\nAmount charged against revenue to increase reserve506.4 454.3 450.7 \n\nAmount credited against customer accounts to decrease reserve\n(473.4)(449.9)(453.7)\n\nForeign currency translation3.8 0.1 (2.0)\n\nEnding reserve balance$184.4 $147.6 $143.1 \n\nF-13\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nAn allowance for doubtful accounts is determined through analysis of accounts receivable aging, assessments of collectability based on evaluation of historical trends, the financial condition of the Company's customers and their ability to withstand prolonged periods of adverse economic conditions, and evaluation of the impact of current and forecasted economic and market conditions over the related asset's contractual life, among other factors.\n\nA rollforward of activity in the Company's allowance for doubtful accounts balance is presented as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nBeginning reserve balance$38.7 $32.2 $27.2 \n\nAmount recorded to expense to increase reserve(a)\n13.6 9.2 7.3 \n\nAmount written-off against customer accounts to decrease reserve\n(9.0)(2.7)(2.0)\n\nForeign currency translation1.0 — (0.3)\n\nEnding reserve balance$44.3 $38.7 $32.2 \n\n(a)Amounts recorded as bad debt expense are included within SG&A expenses in the consolidated statements of operations.\n\nConcentration of Credit Risk\n\nThe Company sells its wholesale merchandise primarily to major department stores, specialty stores, and third-party digital partners around the world, and extends credit based on an evaluation of each customer's financial capacity and condition, usually without requiring collateral. For the Company's wholesale business, concentration of credit risk is relatively limited due to the large number of customers and their dispersion across many geographic areas. However, the Company has three key wholesale customers that generate significant sales volume. During Fiscal 2026, the Company's sales to these three customers accounted for approximately 11% of total net revenues. Approximately 70% of sales to the Company's three largest wholesale customers were related to its North America segment and approximately 30% were related to its Europe segment. As of March 28, 2026, these three customers accounted for approximately 29% of total gross accounts receivable.\n\nInventories\n\nThe Company holds inventory that is sold directly to consumers in its retail stores and through its direct-to-consumer digital commerce sites. The Company also holds inventory that is to be sold through its wholesale distribution channels to major department stores, specialty stores, and third-party digital partners. Substantially all of the Company's inventories consist of finished goods, which are reported at the lower of cost or estimated net realizable value, with cost determined on a weighted-average cost basis.\n\nThe estimated net realizable value of inventory is determined based on an analysis of historical sales trends of the Company's individual product lines, the impact of market trends and economic conditions (including those resulting from unforeseen catastrophic events of any nature), and forecasts of future demand, giving consideration to the value of current outstanding orders from wholesale customers, as well as plans to sell inventory through the Company's outlet stores, among other liquidation channels. Actual results may differ from the Company's estimates due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and actual economic and market conditions. Additionally, reserves for inventory shrinkage, representing the risk of physical loss, are estimated based on historical experience and are adjusted based upon physical inventory counts. The Company's historical estimates of the realizable value of its inventory and its reserves for inventory shrinkage have not differed materially from actual results. However, unforeseen adverse future economic and market conditions could result in actual results differing materially from its estimates.\n\nF-14\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nSupplier Finance Program\n\nThe Company supports a voluntary supplier finance program which provides certain of its inventory suppliers the opportunity, at their sole discretion, to sell their receivables due from the Company (which generally have 90-day payment terms) to a participating financial institution for a discounted payment amount made earlier than the payment terms stipulated between the Company and the supplier. The Company's vendor payment terms and amounts due are not impacted by a supplier's decision to participate in the program. The Company has not pledged any assets and does not provide guarantees under the supplier finance program. The Company's payment obligations outstanding under its supplier finance program were $172.1 million and $181.0 million as of March 28, 2026 and March 29, 2025, respectively, and were recorded within accounts payable in the consolidated balance sheets.\n\nA rollforward of obligations confirmed as valid under the Company's supplier finance program is presented as follows:\n\nFiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025\n\n(millions)\n\nBeginning obligations outstanding$181.0 $129.2 \n\nInvoices confirmed during the year1,021.0 935.3 \n\nConfirmed invoices paid during the year(1,030.3)(883.5)\n\nForeign currency translation0.4 — \n\nEnding obligations outstanding$172.1 $181.0 \n\nImplementation Costs Incurred in Cloud Computing Arrangements\n\nFor cloud computing arrangements that are service contracts, the Company capitalizes certain implementation costs incurred (depending on their nature) during the application development stage of the related project, and recognizes expense for costs during the preliminary project and post-implementation stages as they are incurred. Capitalized implementation costs are amortized to expense on a straight-line basis over the reasonably certain term of the hosting arrangement, beginning when the module is ready for its intended use. The Company's cloud computing arrangements relate to various areas, including certain retail store and digital commerce operations, and corporate and administrative functions. Capitalized amounts related to such arrangements are recorded within prepaid expenses and other current assets and within other non-current assets in the consolidated balance sheets (see Note 7). Amortization of capitalized implementation costs expensed was $11.7 million, $10.2 million, and $9.1 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, and was recorded in SG&A expenses in the consolidated statements of operations.\n\nProperty and Equipment, Net\n\nProperty and equipment, net is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis, based upon the estimated useful lives of depreciable assets, which range from 3 to 7 years for furniture and fixtures, machinery and equipment, and capitalized software; and from 10 to 40 years for buildings and improvements. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the respective assets and the remaining term of the related lease.\n\nProperty and equipment, along with other long-lived assets, are evaluated for impairment whenever events or changes in circumstances indicate that their related carrying amounts may not be fully recoverable (see Note 11). In evaluating long-lived assets for recoverability, including finite-lived intangibles as described below, the Company uses its best estimate of future cash flows expected to result from its use of the asset and its eventual disposition, where applicable. If such estimated future undiscounted net cash flows attributable to the asset are less than its carrying amount, an impairment loss is recognized to the extent that such asset's carrying amount exceeds its fair value, as estimated considering external market participant assumptions and discounted cash flows. Assets to be disposed of and for which there is a committed plan of disposal (referred to as assets held-for-sale) are reported at the lower of carrying amount or fair value, less costs to sell.\n\nF-15\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nLeases\n\nThe Company's lease arrangements primarily relate to real estate, including its retail stores, concession-based shop-within-shops, corporate offices, and warehouse facilities and, to a lesser extent, certain equipment and other assets. The Company's leases generally have initial terms ranging from 3 to 10 years and may include renewal or early-termination options, rent escalation clauses, and/or lease incentives in the form of construction allowances and rent abatements. The Company's leases typically require it to make fixed minimum rent payments, variable rent payments based on performance (e.g., percentage-of-sales-based payments), or a combination thereof, relating to its right to use an underlying leased asset. The Company is also often required to pay for certain other costs that do not relate specifically to its right to use an underlying leased asset, but that are associated with the asset, including real estate taxes, insurance, common area maintenance fees, and/or certain other costs (referred to collectively herein as \"non-lease components\"), which may be fixed or variable in amount, depending on the terms of the lease agreement. The Company's leases do not contain significantly restrictive covenants or residual value guarantees.\n\nThe Company determines whether an arrangement contains a lease at the arrangement's inception. If a lease is determined to exist, its related term is assessed at the lease commencement date, once the underlying asset is made available by the lessor for the Company's use. The Company's assessment of the lease term reflects the non-cancellable period of the lease, inclusive of any rent-free periods, plus any periods covered by early-termination options that the Company is not considered reasonably certain of exercising, as well as periods covered by renewal options that it is considered reasonably certain of exercising. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation thereof in the consolidated statements of operations over the lease term.\n\nFor leases with a lease term exceeding 12 months, a liability is recorded on the consolidated balance sheet at the lease commencement date reflecting the present value of its related fixed rent payment obligations over such term. A corresponding right-of-use (\"ROU\") asset equal to the initial lease liability is also recorded, increased by any prepaid rent and/or initial direct costs incurred in connection with execution of the lease, and reduced by any incentives provided by the lessor. The Company also includes fixed payment obligations related to non-lease components in the measurement of its ROU assets and lease liabilities, given its election to account for lease and non-lease components together as a single lease component. Variable lease payments are not included in the measurement of ROU assets and lease liabilities. ROU assets associated with finance leases are presented separately from those associated with operating leases, and are included within property and equipment, net on the consolidated balance sheet. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, given that rates implicit in its leasing arrangements are not readily determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis an amount equal to the lease payments and incorporates the term and economic environment of the lease.\n\nFor operating leases, fixed payment obligations are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the remaining lease liability, which is ultimately reduced by the related fixed payments as they are made. For leases with a lease term of 12 months or less (referred to as a \"short-term lease\"), any fixed lease payments are recognized on a straight-line basis over such term and are not recognized on the consolidated balance sheet. For all leases, variable lease cost, if any, is recognized as incurred.\n\nROU assets, along with any related long-lived assets, are evaluated for impairment whenever events or circumstances indicate that their carrying amounts may not be fully recoverable (see Note 11). To the extent that such assets are ultimately determined to be impaired, they are written down on a relative carrying amount basis, with the ROU asset written down to an amount no lower than its estimated fair value. After the recognition of any such impairment, total remaining lease cost is recognized on a front-loaded basis over the remaining lease term.\n\nUnder certain of its lease arrangements, the Company is contractually obligated to remove its leasehold improvements at the end of the lease term. For any such arrangements, at lease inception the Company records an asset retirement obligation (\"ARO\") liability at its estimated fair value, with a corresponding increase in the carrying amount of the related long-lived asset. The ARO liability is adjusted for any changes in estimates and the related long-lived asset is depreciated over its useful life. Activity related to these obligations was not material during any of the fiscal years presented. The Company's ARO liability balances are recorded within other non-current liabilities in the consolidated balance sheets (see Note 7).\n\nF-16\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nSee Note 13 for further discussion of the Company's leases.\n\nGoodwill and Other Intangible Assets\n\nFor transactions under which the Company acquires a business, the Company estimates and records the fair value of any intangible assets acquired, which typically consist of reacquired license agreements, customer relationships, and/or non-compete agreements. The fair values of such intangible assets are estimated based on management's assessment, considering independent third-party appraisals when necessary. The excess of the purchase consideration over the fair value of net assets acquired, both tangible and intangible, is recorded as goodwill. Alternatively, for asset acquisition transactions under which the Company does not acquire a business, goodwill is not recognized, and the identifiable assets acquired are measured based on the cost of the acquisition.\n\nGoodwill and certain other intangible assets determined to have indefinite useful lives are not amortized, but are assessed for impairment at least annually. The Company generally performs its annual goodwill and indefinite-lived intangible assets impairment analyses using a qualitative approach to determine whether it is more likely than not that the fair values of such assets are less than their respective carrying amounts. If, based on the results of the qualitative assessment, it is concluded that it is not more likely than not that the fair value of the asset exceeds its carrying amount, a quantitative test is performed. Under the quantitative test, if the carrying amount of the asset exceeds its fair value, an impairment loss is recognized in the amount of the excess. The Company also periodically performs a quantitative test to assess its goodwill for impairment in lieu of using the qualitative approach in order to reassess the fair values of its reporting units.\n\nFinite-lived intangible assets are amortized over their respective estimated useful lives and, consistent with other long-lived assets, are evaluated for impairment whenever events or changes in circumstances indicate that their related carrying amounts may not be fully recoverable. See discussion of the Company's accounting policy for long-lived asset impairment as previously described under the caption \"Property and Equipment, Net.\"\n\nIncome Taxes\n\nIncome taxes are provided using the asset and liability method. Under this method, income taxes (i.e., deferred tax assets and liabilities, current taxes payable/refunds receivable, and tax expense) are recorded based on amounts refundable or payable in the current year and include the results of any difference between U.S. GAAP and tax reporting. Deferred income taxes reflect the tax effect of certain net operating losses, capital losses, general business credit carryforwards, and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes, as determined under enacted tax laws and rates. The Company accounts for the financial effect of changes in tax laws or rates in the period of enactment.\n\nIn addition, valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. Tax valuation allowances are analyzed periodically and adjusted as events occur or circumstances change that warrant adjustments.\n\nIn determining the income tax benefit (provision) for financial reporting purposes, the Company establishes a reserve for uncertain tax positions. If the Company considers that a tax position is more likely than not of being sustained upon audit, based solely on the technical merits of the position, it recognizes the tax benefit. The Company measures the tax benefit by determining the largest amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position is examined by the appropriate taxing authority that has full knowledge of all relevant information. These assessments can be complex and the Company often obtains assistance from external advisors. To the extent that the Company's estimates change or the final tax outcome of these matters is different than the amounts recorded, such differences will impact the income tax benefit (provision) in the period in which such determinations are made. If the initial assessment fails to result in the recognition of a tax benefit, the Company regularly monitors its position and subsequently recognizes the tax benefit if (i) there are changes in tax law or analogous case law that sufficiently raise the likelihood of prevailing on the technical merits of the position to more likely than not; (ii) the statute of limitations expires; or (iii) there is a completion of an audit resulting in a settlement of that tax year with the appropriate agency. Uncertain tax positions are classified as current only when the Company expects to pay cash within the next twelve months. Interest and penalties are recorded within the income tax benefit (provision) in the consolidated statements of operations and are classified on the consolidated balance sheets together with the related liability for unrecognized tax benefits.\n\nF-17\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nThe Company accounts for the minimum tax on global intangible low-taxed income (\"GILTI\") in the period in which it is incurred.\n\nSee Note 9 for further discussion of the Company's income taxes.\n\nDerivative Financial Instruments\n\nThe Company records derivative financial instruments on its consolidated balance sheets at fair value. Changes in the fair value of derivative instruments that are designated and qualify for hedge accounting are either (i) offset through earnings against the changes in fair value of the related hedged assets, liabilities, or firm commitments or (ii) recognized in equity as a component of AOCI until the hedged item is recognized in earnings, depending on whether the instrument is hedging against changes in fair value or cash flows and net investments, respectively.\n\nEach derivative instrument that qualifies for hedge accounting is expected to be highly effective in offsetting the risk associated with the related exposure. For each instrument that is designated as a hedge, the Company documents the related risk management objective and strategy, including identification of the hedging instrument, the hedged item, and the risk exposure, as well as how hedge effectiveness will be assessed over the instrument's term. To assess hedge effectiveness at the inception of a hedging relationship, the Company generally uses regression analysis, a statistical method, to evaluate how changes in the fair value of the derivative instrument are expected to offset changes in the fair value or cash flows of the related hedged item. The extent to which a hedging instrument has been and is expected to remain highly effective in achieving offsetting changes in fair value or cash flows is assessed by the Company on at least a quarterly basis.\n\nGiven its use of derivative instruments, the Company is exposed to the risk that counterparties to such contracts will fail to meet their contractual obligations. To mitigate such counterparty credit risk, the Company's policy is to only enter into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other factors, adhering to established limits for credit exposure. The Company's established policies and procedures for mitigating credit risk include ongoing review and assessment of its counterparties' creditworthiness. The Company also enters into master netting arrangements with counterparties, when possible, to further mitigate credit risk. In the event of default or termination, these arrangements allow the Company to net-settle amounts payable and receivable related to multiple derivative transactions with the same counterparty. The master netting arrangements specify a number of events of default and termination, including the failure to make timely payments.\n\nThe fair values of the Company's derivative instruments are recorded on its consolidated balance sheets on a gross basis. For cash flow reporting purposes, proceeds received or amounts paid upon the settlement of a derivative instrument are classified in the same manner as the related item being hedged, primarily within cash flows from operating activities for its forward foreign exchange contracts and within cash flows from investing activities for its cross-currency swap contracts, both as discussed below.\n\nCash Flow Hedges\n\nThe Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency. To the extent designated as cash flow hedges, related gains or losses on such instruments are initially deferred in equity as a component of AOCI and are subsequently recognized within cost of goods sold in the consolidated statements of operations when the related inventory is sold.\n\nIf a derivative instrument is dedesignated or if hedge accounting is discontinued because the instrument is not expected to be highly effective in hedging the designated exposure, any further gains (losses) are recognized in earnings each period within other income (expense), net. Upon discontinuance of hedge accounting, the cumulative change in fair value of the derivative instrument recorded in AOCI is recognized in earnings when the related hedged item affects earnings, consistent with the hedging strategy, unless the related forecasted transaction is probable of not occurring, in which case the accumulated amount is immediately recognized within other income (expense), net.\n\nHedges of Net Investments in Foreign Operations\n\nThe Company periodically uses cross-currency swap contracts to reduce risk associated with exchange rate fluctuations on certain of its net investments in foreign subsidiaries. Changes in the fair values of such derivative instruments that are designated as hedges of net investments in foreign operations are recorded in equity as a component of AOCI in the same\n\nF-18\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nmanner as foreign currency translation adjustments. In assessing the effectiveness of such hedges, the Company uses a method based on changes in spot rates to measure the impact of foreign currency exchange rate fluctuations on both its foreign subsidiary net investment and the related hedging instrument. Under this method, changes in the fair value of the hedging instrument other than those due to changes in the spot rate are initially recorded in AOCI as a translation adjustment and are amortized into earnings as interest expense using a systematic and rational method over the instrument's term. Changes in fair value associated with the effective portion (i.e., those due to changes in the spot rate) are recorded in AOCI as a translation adjustment and are released and recognized in earnings only upon the sale or liquidation of the hedged net investment.\n\nUndesignated Hedges\n\nThe Company uses undesignated hedges primarily to hedge foreign currency exchange rate risk related to third-party and intercompany balances and exposures. Changes in the fair values of such instruments are recognized in earnings each period within other income (expense), net.\n\nSee Note 12 for further discussion of the Company's derivative financial instruments.\n\n4.    Recently Issued Accounting Standards\n\nAccounting for and Disclosure of Software Costs\n\nIn September 2025, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") No. 2025-06, \"Targeted Improvements to the Accounting for Internal-Use Software\" (\"ASU 2025-06\"). Among its provisions, ASU 2025-06 modernizes and clarifies the threshold for when an entity is required to start capitalizing internal-use software costs, which occurs when (i) management has authorized and committed to funding a software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance in ASU 2025-06, which can be applied prospectively, retrospectively, or via a modified transition approach, becomes effective for the Company beginning in its fiscal year ending March 31, 2029 (\"Fiscal 2029\"), with early adoption permitted. The Company is evaluating the impact that the guidance will have on its consolidated financial statements and related disclosures.\n\nDisaggregation of Income Statement Expenses\n\nIn November 2024, the FASB issued ASU No. 2024-03, \"Disaggregation of Income Statement Expenses\" (\"ASU 2024-03\"). ASU 2024-03 requires interim and annual tabular disclosure of disaggregated information for certain income statement expense captions. Specific expense categories required to be disclosed quantitatively include inventory purchases, employee compensation, depreciation, and intangible asset amortization, as well as other specified expense categories currently disclosed under existing disclosure requirements. Any remaining amounts that are not separately disaggregated are required to be described qualitatively. ASU 2024-03 also requires separate disclosure of total selling expenses incurred each reporting period, with annual disclosure of the entity's definition of selling expenses. The annual disclosures required by ASU 2024-03 are effective for the Company beginning in its fiscal year ending April 1, 2028 (\"Fiscal 2028\"), with interim disclosures effective beginning in Fiscal 2029. The provisions of ASU 2024-03 are to be applied prospectively, although retrospective application is permitted. Early adoption is also permitted. Other than the new disclosure requirements, ASU 2024-03 will not have an impact on the Company's consolidated financial statements.\n\nImprovements to Income Tax Disclosures\n\nIn December 2023, the FASB issued ASU No. 2023-09, \"Improvements to Income Tax Disclosures\" (\"ASU 2023-09\"). ASU 2023-09 is intended to enhance the transparency and usefulness of annual income tax disclosures. Among its provisions, ASU 2023-09 requires disclosure of a reconciliation between an entity's effective tax rate, which is calculated by dividing each fiscal period's income tax provision by pretax income, and its statutory rate utilizing eight specific categories, along with a separate disclosure for reconciling items that meet a 5% quantitative threshold. In addition, ASU 2023-09 requires disclosure of income taxes paid (net of refunds received), disaggregated by federal, state, and foreign taxes, as well as by individual jurisdictions if a 5% quantitative threshold is met. The Company adopted ASU 2023-09 in the fourth quarter of Fiscal 2026 and applied its provisions on a prospective basis. Other than the new disclosure requirements, ASU 2023-09 did not have an impact on the Company's consolidated financial statements. See Note 9 for further discussion of income taxes.\n\nF-19\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n5.    Property and Equipment\n\nProperty and equipment, net consists of the following:\n\nMarch 28,\n2026March 29,\n2025\n\n (millions)\n\nLand and improvements$56.7 $15.3 \n\nBuildings and improvements543.5 416.9 \n\nFurniture and fixtures686.6 643.7 \n\nMachinery and equipment438.4 405.8 \n\nCapitalized software561.2 556.8 \n\nLeasehold improvements1,445.4 1,308.6 \n\nConstruction in progress88.5 91.1 \n\n3,820.3 3,438.2 \n\nLess: accumulated depreciation(2,749.7)(2,591.8)\n\nProperty and equipment, net$1,070.6 $846.4 \n\nProperty and equipment, net includes finance lease ROU assets, which are reflected in the table above based on their nature.\n\nDepreciation expense was $222.3 million, $206.7 million, and $215.9 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, and was recorded primarily within SG&A expenses in the consolidated statements of operations.\n\n6.    Goodwill and Other Intangible Assets\n\nGoodwill\n\nThe following table details the changes in goodwill for each of the Company's segments during Fiscal 2026 and Fiscal 2025:\n\nNorth AmericaEuropeAsiaOther Non-reportable SegmentsTotal\n\n(millions)\n\nBalance at March 30, 2024$421.8 $278.8 $55.5 $132.0 $888.1 \n\nForeign currency translation— 0.3 0.1 — 0.4 \n\nBalance at March 29, 2025421.8 279.1 55.6 132.0 888.5 \n\nForeign currency translation— 18.7 (3.0)— 15.7 \n\nBalance at March 28, 2026$421.8 $297.8 $52.6 $132.0 $904.2 \n\nBased on the results of the Company's goodwill impairment testing, no goodwill impairment charges were recorded in Fiscal 2026, Fiscal 2025, or Fiscal 2024. See Note 11 for further discussion of the Company's goodwill impairment testing.\n\nF-20\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nOther Intangible Assets\n\nOther intangible assets consist of the following:\n\nMarch 28, 2026March 29, 2025\n\nGross Carrying AmountAccum. Amort.NetGross Carrying AmountAccum. Amort.Net\n\n(millions)\n\nIntangible assets subject to amortization:\n\nRe-acquired licensed trademarks$222.1 $(193.8)$28.3 $223.3 $(188.2)$35.1 \n\nCustomer relationships228.4 (213.5)14.9 231.6 (213.0)18.6 \n\nOther10.3 (8.5)1.8 10.1 (8.3)1.8 \n\nTotal intangible assets subject to amortization\n460.8 (415.8)45.0 465.0 (409.5)55.5 \n\nIntangible assets not subject to amortization:\n\nTrademarks and brands48.3 N/A48.3 7.3 N/A7.3 \n\nTotal intangible assets\n$509.1 $(415.8)$93.3 $472.3 $(409.5)$62.8 \n\nAmortization Expense\n\nAmortization expense was $10.7 million, $12.9 million, and $13.1 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, and was recorded within SG&A expenses in the consolidated statements of operations.\n\nBased on the balance of the Company's finite-lived intangible assets subject to amortization as of March 28, 2026, the expected amortization expense for each of the next five fiscal years and thereafter is as follows:\n\nAmortization\nExpense\n\n(millions)\n\nFiscal 2027$10.0 \n\nFiscal 202810.0 \n\nFiscal 202910.0 \n\nFiscal 20308.9 \n\nFiscal 20315.3 \n\nFiscal 2032 and thereafter0.8 \n\nTotal$45.0 \n\nThe expected future amortization expense amounts above reflect weighted-average estimated remaining useful lives of 4.6 years for re-acquired licensed trademarks, 4.5 years for customer relationships, and 4.8 years for the Company's finite-lived intangible assets in total.\n\nF-21\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n7.    Other Assets and Liabilities\n\nPrepaid expenses and other current assets consist of the following:\n\nMarch 28,\n2026March 29,\n2025\n\n (millions)\n\nTenant allowances receivable$54.0 $46.7 \n\nOther taxes receivable30.0 26.7 \n\nNon-trade receivables24.2 24.0 \n\nPrepaid software maintenance24.2 19.3 \n\nPrepaid marketing and advertising17.4 21.7 \n\nInventory return asset14.3 13.4 \n\nDerivative financial instruments12.3 30.9 \n\nCloud computing arrangement implementation costs11.2 10.1 \n\nPrepaid occupancy expense7.7 11.5 \n\nPrepaid logistic services6.9 6.5 \n\nPrepaid insurance5.9 3.9 \n\nRestricted cash1.4 1.4 \n\nOther prepaid expenses and current assets28.9 26.3 \n\nTotal prepaid expenses and other current assets$238.4 $242.4 \n\nOther non-current assets consist of the following:\n\nMarch 28,\n2026March 29,\n2025\n\n (millions)\n\nSecurity deposits$50.1 $37.7 \n\nCloud computing arrangement implementation costs35.2 16.1 \n\nEquity method and other investments5.9 3.1 \n\nRestricted cash5.3 5.5 \n\nDeferred rent assets4.7 2.2 \n\nDeposit for purchase of real estate — 16.8 \n\nOther non-current assets38.3 29.8 \n\nTotal other non-current assets$139.5 $111.2 \n\nF-22\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nAccrued expenses and other current liabilities consist of the following:\n\nMarch 28,\n2026March 29,\n2025\n\n (millions)\n\nAccrued payroll and benefits$359.0 $307.4 \n\nAccrued operating expenses250.3 190.1 \n\nAccrued inventory liability142.0 122.2 \n\nAccrued marketing and advertising99.8 76.4 \n\nOther taxes payable67.0 78.5 \n\nDividends payable54.8 50.7 \n\nAccrued capital expenditures43.0 31.0 \n\nDeferred income22.0 16.6 \n\nRestructuring liability21.1 15.5 \n\nAccrued interest21.0 9.3 \n\nFinance lease obligations20.7 20.6 \n\nOther accrued expenses and current liabilities3.1 7.8 \n\nTotal accrued expenses and other current liabilities$1,103.8 $926.1 \n\nOther non-current liabilities consist of the following:\n\nMarch 28,\n2026March 29,\n2025\n\n (millions)\n\nAsset retirement obligations$42.4 $38.5 \n\nAccrued benefits and deferred compensation27.5 22.5 \n\nDeferred lease incentives and obligations26.7 33.5 \n\nDerivative financial instruments13.7 2.4 \n\nDeferred tax liabilities8.1 5.9 \n\nOther non-current liabilities7.5 6.6 \n\nTotal other non-current liabilities$125.9 $109.4 \n\n8.    Restructuring and Other Charges, Net\n\nA description of significant restructuring and other activities and their related costs is provided below.\n\nFiscal 2026 Restructuring Activities\n\nDuring Fiscal 2026, the Company recorded $25.9 million of cash-related restructuring charges, primarily associated with severance and benefit costs. As of March 28, 2026, the remaining liability related to the cash-related charges was $20.4 million, reflecting cash payments of $5.5 million made during Fiscal 2026.\n\nFiscal 2025 Restructuring Activities\n\nDuring Fiscal 2025, the Company recorded restructuring-related charges of $20.4 million, comprised of cash-related restructuring charges of $15.5 million, primarily associated with severance and benefit costs, and non-cash-related charges of $4.9 million, primarily related to stock-based compensation expense recorded in connection with an employment separation agreement. As of March 28, 2026 and March 29, 2025, the remaining liability related to the cash-related charges was $3.3 million and $10.9 million, respectively, reflecting cash payments of $7.6 million and $4.6 million made during Fiscal 2026 and Fiscal 2025, respectively.\n\nF-23\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nFiscal 2024 Restructuring Activities\n\nDuring Fiscal 2024, the Company recorded restructuring-related charges of $55.8 million, comprised of cash-related charges of $54.5 million, primarily associated with severance and benefit costs, and non-cash-related charges of $1.3 million. As of March 28, 2026, March 29, 2025, and March 30, 2024, the remaining liability related to the cash-related charges was $1.8 million, $8.0 million, and $30.2 million, respectively, reflecting reductions of $6.2 million, $22.2 million, and $24.3 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, primarily related to cash payments.\n\nOther Restructuring Activities\n\nIn connection with the Company's former Club Monaco business, which was sold as part of restructuring activities during the fiscal year ended April 2, 2022, the Company recognized income of $2.1 million, $2.8 million, and $7.0 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, within restructuring and other charges, net in the consolidated statements of operations related to cash consideration received from Regent, L.P. The Company donated this income each year to The Ralph Lauren Corporate Foundation, a non-profit charitable foundation, which resulted in related offsetting donation expenses of $2.1 million, $2.8 million, and $7.0 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. The income and related offsetting donation expense amounts during Fiscal 2026, Fiscal 2025, and Fiscal 2024 were all recorded within restructuring and other charges, net in the consolidated statements of operations. Refer to Note 9 of the Fiscal 2025 10-K for additional discussion regarding the Company's sale of its former Club Monaco business.\n\nOther Charges\n\nNext Generation Transformation Project\n\nThe Company began a multi-year global project in Fiscal 2024 that is expected to significantly transform the way in which it operates its business and further enable its long-term strategic pivot towards a global direct-to-consumer-oriented model (the \"Next Generation Transformation project\" or \"NGT project\"). The NGT project is expected to continue over the next several years, with implementation expected to occur in phases by region and/or capability, and involves the redesigning of certain end-to-end processes and the implementation of a suite of technology systems on a global scale. Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, as well as financial planning and reporting, better enabling the Company to optimize inventory levels and increase the speed with which it reacts to changes in consumer demand across markets, among other benefits. During Fiscal 2026, the Company continued to advance key workstreams under the NGT project including completion of global design templates that support its core enterprise resource planning platform and related processes, automating certain distribution center operations, and progressing the global roll-out of merchandise allocation and long-range demand planning tools.\n\nIn connection with the NGT project, the Company recorded other charges of $83.9 million, $25.2 million, and $5.1 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.\n\nPreviously Exited Real Estate\n\nThe Company recorded other charges of $8.3 million, $11.4 million, and $14.0 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, related to rent and occupancy costs associated with certain real estate locations previously exited in connection with the Company's past restructuring activities for which the related lease agreements have not yet expired. In addition, during Fiscal 2025, the Company recorded impairment charges of $0.8 million to write down long-lived assets in connection with certain North America wholesale shops that were expected to close earlier than the end of their original estimated useful lives due to the related wholesale customer declaring bankruptcy. No impairment charges were recorded during Fiscal 2026 or Fiscal 2024. See Note 11 for further discussion.\n\nF-24\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nInterchange Case Settlements\n\nDuring the fourth quarter of Fiscal 2026, the Company entered into settlement agreements with Visa, Inc., Mastercard Incorporated, and other named parties to resolve credit card interchange fee litigation matters in which the Company was a plaintiff. As a result of these settlements, the Company received $24.2 million of cash proceeds, net of legal fees, which were recognized as gains during the fourth quarter of Fiscal 2026. The Company donated these proceeds to The Ralph Lauren Corporate Foundation during the fourth quarter of Fiscal 2026 and recognized a related offsetting donation expense of $24.2 million. The settlement gains and related offsetting donation expense were recorded within restructuring and other charges, net in the consolidated statements of operations.\n\n9.    Income Taxes\n\nTaxes on Income\n\nDomestic and foreign pretax income are as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n(millions)\n\nDomestic$230.0 $117.7 $84.6 \n\nForeign947.7 833.0 692.8 \n\nTotal income before income taxes$1,177.7 $950.7 $777.4 \n\nProvisions for current and deferred income taxes are as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nCurrent:\n\nFederal$26.5 $54.4 $17.6 \n\nState and local26.3 5.2 15.9 \n\nForeign175.4 198.2 138.7 \n\n228.2 257.8 172.2 \n\nDeferred:\n\nFederal(31.2)(37.0)(2.8)\n\nState and local(7.5)1.3 (2.6)\n\nForeign47.1 (14.3)(35.7)\n\n8.4 (50.0)(41.1)\n\nTotal income tax provision$236.6 $207.8 $131.1 \n\nF-25\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nTax Rate Reconciliation\n\nIn accordance with the Company's prospective adoption of ASU 2023-09 (see Note 4), the differences between income taxes expected at the U.S. federal statutory income tax rate of 21% and income taxes provided are as follows:\n\nFiscal Year Ended\n\nMarch 28, 2026\n\nAmountRate\n\n(millions)\n\nProvision for income taxes at the U.S. federal statutory rate$247.3 21.0%\n\nState and local income taxes(a)\n13.51.2%\n\nForeign tax effects\n\nSwitzerland\n\nCantonal taxes22.5 1.9%\n\nEffect of rates different than U.S. federal statutory rate(44.4)(3.8%)\n\nOther(3.3)(0.3%)\n\nSouth Korea18.8 1.6%\n\nOther foreign jurisdictions32.0 2.7%\n\nEffect of cross-border tax laws\n\nForeign-derived intangible income(18.1)(1.5%)\n\nOther(9.0)(0.8%)\n\nTax Credits\n\nForeign tax credits(13.3)(1.1%)\n\nOther(1.3)(0.1%)\n\nNon-taxable or non-deductible items\n\nNon-deductible officers' compensation14.6 1.2%\n\nStock-based compensation(19.5)(1.7%)\n\nOther(3.8)(0.3%)\n\nOther adjustments0.6 0.1%\n\nTotal income tax provision and effective tax rate(b)\n$236.6 20.1%\n\n(a)State and local taxes primarily relate to New York, New Jersey, California, and Illinois.\n\n(b)Effective tax rate is calculated by dividing the income tax provision by income before income taxes.\n\nF-26\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nIn accordance with the disclosure requirements in effect prior to the adoption of ASU 2023-09, the differences between income taxes expected at the U.S. federal statutory income tax rate of 21% and income taxes provided are as follows:\n\n Fiscal Years Ended\n\n March 29,\n2025March 30,\n2024\n\n (millions)\n\nProvision for income taxes at the U.S. federal statutory rate$199.6 $163.2 \n\nChange due to:\n\nState and local income taxes, net of federal benefit5.6 8.4 \n\nForeign income taxed at different rates, net of U.S. foreign tax credits(11.9)(30.5)\n\nDeferred tax adjustments— (37.6)\n\nNon-creditable foreign taxes(7.2)4.5 \n\nChanges in valuation allowance on deferred tax assets(0.5)(0.2)\n\nUnrecognized tax benefits and settlements of tax examinations22.0 21.1 \n\nCompensation-related adjustments9.9 7.1 \n\nCharitable contributions(4.9)(1.7)\n\nOther(4.8)(3.2)\n\nTotal income tax provision$207.8 $131.1 \n\nEffective tax rate(a)\n21.9%16.9%\n\n(a)Effective tax rate is calculated by dividing the income tax provision by income before income taxes.\n\nThe Company's Fiscal 2026 effective tax rate was lower than the U.S. federal statutory income tax rate of 21% primarily due to the impact of compensation-related adjustments and foreign-derived intangible income deduction, partially offset by the unfavorable tax impact of state taxes, other permanent adjustments, and earnings generated in higher taxed foreign jurisdictions versus the U.S.\n\nThe Company's Fiscal 2025 effective tax rate was higher than the U.S. federal statutory income tax rate of 21% primarily due to uncertain tax positions and compensation-related adjustments, partially offset by a favorable tax adjustment related to the revaluation of a deferred tax liability on foreign earnings and the favorable tax impact of earnings generated in lower taxed foreign jurisdictions versus the U.S.\n\nThe Company's Fiscal 2024 effective tax rate was lower than the U.S. federal statutory income tax rate of 21% primarily due to deferred tax benefits recognized as a result of transactions entered into as part of a reorganization of the Company's legal entity structure, changes in tax legislation, and the favorable tax impact of earnings generated in lower taxed foreign jurisdictions versus the U.S., partially offset by an increase in income tax reserves. Additionally, the lower effective tax rate for Fiscal 2024 was also driven by favorable adjustments related to the revaluation of deferred tax assets arising from Swiss tax reform and favorable deferred tax adjustments related to the European Union's anti-tax avoidance directive.\n\nF-27\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nCash Paid for Taxes\n\nDisclosure of disaggregated cash paid for income taxes (net of refunds received), in accordance with the Company's prospective adoption of ASU 2023-09 in Fiscal 2026, is as follows:\n\n Fiscal Year Ended\n\n March 28,\n2026\n\n (millions)\n\nU.S. Federal$71.2 \n\nU.S. State and local20.1 \n\nForeign\n\nSouth Korea47.9 \n\nSwitzerland federal taxes43.5 \n\nUnited Kingdom37.4 \n\nSwitzerland cantonal taxes29.0 \n\nJapan19.6 \n\nHong Kong18.5 \n\nOther69.4 \n\nCash paid for income taxes, net of refunds$356.6 \n\nCash paid for income taxes (net of refunds received) was $151.6 million and $155.5 million in Fiscal 2025 and Fiscal 2024, respectively.\n\nDeferred Taxes\n\nSignificant components of the Company's deferred tax assets and liabilities are as follows:\n\n March 28,\n2026March 29,\n2025\n\n (millions)\n\nLease liabilities$310.2 $288.5 \n\nGoodwill and other intangible assets87.7 95.9 \n\nDeferred compensation79.1 65.1 \n\nDeferred income71.7 30.8 \n\nUnrecognized tax benefits64.2 91.7 \n\nInventory basis difference44.7 27.6 \n\nProperty and equipment39.9 52.5 \n\nReceivable allowances and reserves35.3 33.3 \n\nCapitalized software29.6 31.3 \n\nNet operating loss carryforwards8.8 8.8 \n\nLease ROU assets(255.6)(226.8)\n\nCumulative translation adjustment and hedges(15.4)(21.4)\n\nOther5.2 13.9 \n\nValuation allowance(168.4)(161.7)\n\nNet deferred tax assets(a)\n$337.0 $329.5 \n\n(a)Net deferred tax balances as of March 28, 2026 and March 29, 2025 were comprised of non-current deferred tax assets of $345.1 million and $335.4 million, respectively, recorded within deferred tax assets, and non-current deferred tax liabilities of $8.1 million and $5.9 million, respectively, recorded within other non-current liabilities in the consolidated balance sheets.\n\nF-28\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nThe Company has available state net operating loss carryforwards of $2.0 million (net of tax), for tax purposes to offset future taxable income. There are no federal or foreign net operating loss carryforwards available to the Company. The net operating loss carryforwards expire beginning in the Company's fiscal year ending April 3, 2032.\n\nThe Company also has available state and foreign net operating loss carryforwards of $5.1 million and $1.9 million (both net of tax), respectively, for which no net deferred tax asset has been recognized. A full valuation allowance has been recorded against these carryforwards since the Company does not believe that it will more likely than not be able to utilize these carryforwards to offset future taxable income. Subsequent recognition of these deferred tax assets would result in an income tax benefit in the year of such recognition. The valuation allowances relating to state and foreign net operating loss carryforwards remained relatively unchanged from the prior year for jurisdictions where the Company is no longer able to utilize the carryforwards in the future.\n\nIn January 2018, U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act (the \"TCJA\") became effective. The TCJA significantly revised U.S. tax law by, among other provisions, creating a territorial tax system that included a one-time mandatory transition tax on previously deferred foreign earnings. As a result of such taxation of undistributed foreign earnings, the Company reevaluated its permanent reinvestment assertion and determined that undistributed foreign earnings that were subject to the TCJA's one-time mandatory transition tax were no longer considered to be permanently reinvested, effective December 31, 2017. The mandatory transition tax did not apply to undistributed foreign earnings generated after December 31, 2017. Accordingly, provision has not been made for U.S. or additional foreign taxes on approximately $4.115 billion of undistributed earnings of foreign subsidiaries generated after December 31, 2017, as such earnings are expected to be permanently reinvested. These earnings could become subject to tax if they were remitted as dividends, if foreign earnings were lent to RLC, a subsidiary or a U.S. affiliate of RLC, or if the stock of the subsidiaries were sold. Determination of the amount of unrecognized deferred tax liability with respect to such earnings is not practicable.\n\nUncertain Income Tax Benefits\n\nFiscal 2026, Fiscal 2025, and Fiscal 2024 Activity\n\nReconciliations of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for Fiscal 2026, Fiscal 2025, and Fiscal 2024 are presented below:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nUnrecognized tax benefits beginning balance$169.1 $98.4 $77.1 \n\nAdditions related to current period tax positions3.9 32.5 21.7 \n\nAdditions related to prior period tax positions16.9 41.8 2.4 \n\nReductions related to prior period tax positions(59.8)(0.6)(0.9)\n\nReductions related to expiration of statutes of limitations(1.1)(2.6)(1.0)\n\nReductions related to settlements with taxing authorities(1.7)— (0.1)\n\nAdditions (reductions) related to foreign currency translation8.0 (0.4)(0.8)\n\nUnrecognized tax benefits ending balance$135.3 $169.1 $98.4 \n\nF-29\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nThe Company classifies interest and penalties related to unrecognized tax benefits as part of its provision for income taxes. Reconciliations of the beginning and ending amounts of accrued interest and penalties related to unrecognized tax benefits for Fiscal 2026, Fiscal 2025, and Fiscal 2024 are presented below:\n\n Fiscal Years Ended\n\n March 28,\n2026 March 29,\n2025March 30,\n2024\n\n (millions)\n\nAccrued interest and penalties beginning balance$24.2 $20.3 $16.7 \n\nNet additions charged to expense8.8 4.1 3.9 \n\nReductions related to prior period tax positions— (0.1)(0.2)\n\nReductions related to settlements with taxing authorities(0.1)— — \n\nAdditions (reductions) related to foreign currency translation0.5 (0.1)(0.1)\n\nAccrued interest and penalties ending balance$33.4 $24.2 $20.3 \n\nThe total amount of unrecognized tax benefits, including interest and penalties, was $168.7 million and $193.3 million as of March 28, 2026 and March 29, 2025, respectively, and was included within the non-current liability for unrecognized tax benefits in the consolidated balance sheets. The total amount of unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate was $104.4 million and $101.6 million as of March 28, 2026 and March 29, 2025, respectively.\n\nOn August 26, 2024, the U.S. Tax Court issued a decision in Varian Medical Systems, Inc. v. Commissioner related to the TCJA deduction for certain deemed foreign dividends otherwise subject to the transition tax on unrepatriated earnings of applicable foreign subsidiaries. Based on the Company's evaluation of the technical merits of this decision, during Fiscal 2025 it filed a protective refund claim with the Internal Revenue Service claiming a transition tax refund of $34.4 million for which the Company recorded a corresponding deferred tax asset. However, as the Company believes it is more likely than not that the intended refund claim will not be received, during Fiscal 2025 it also recorded an uncertain tax position reserve for the full refund claim of $34.4 million. Accordingly, on a net basis, this development had no resulting impact on the Company's effective tax rate or its consolidated statements of operations during Fiscal 2025.\n\nFuture Changes in Unrecognized Tax Benefits\n\nThe 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, settlements of ongoing tax audits and assessments and the expiration of applicable statutes of limitations. The Company files a consolidated U.S. federal income tax return, as well as tax returns in various state, local, and foreign jurisdictions. The Company is generally no longer subject to examinations by the relevant tax authorities for years prior to its fiscal year ended March 28, 2015.\n\n10.    Debt\n\nDebt consists of the following:\n\nMarch 28,\n2026March 29,\n2025\n\n(millions)\n\n$400 million 3.750% Senior Notes(a)\n$— $399.7 \n\n$750 million 2.950% Senior Notes(b)\n744.3 742.9 \n\n$500 million 5.000% Senior Notes(c)\n494.6 — \n\nTotal debt1,238.9 1,142.6 \n\nLess: current portion of long-term debt— 399.7 \n\nTotal long-term debt$1,238.9 $742.9 \n\n \n\n(a)The carrying amount of the 3.750% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $0.3 million as of March 29, 2025.\n\n(b)The carrying amount of the 2.950% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $5.7 million and $7.1 million as of March 28, 2026 and March 29, 2025, respectively.\n\nF-30\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n(c)The carrying amount of the 5.000% Senior Notes is presented net of unamortized debt issuance costs and original issue discount of $5.4 million as of March 28, 2026.\n\nSenior Notes\n\nIn August 2018, the Company completed a registered public debt offering and issued $400 million aggregate principal amount of unsecured senior notes that were due and repaid on September 15, 2025 with cash on hand, which bore interest at a fixed rate of 3.750%, payable semi-annually (the \"3.750% Senior Notes\"). The 3.750% Senior Notes were issued at a price equal to 99.521% of their principal amount. The proceeds from this offering were used for general corporate purposes, including repayment of the Company's previously outstanding $300 million principal amount of 2.125% unsecured senior notes that matured on September 26, 2018.\n\nIn June 2020, the Company completed another registered public debt offering and issued $500 million aggregate principal amount of unsecured senior notes that were due and repaid on June 15, 2022 with cash on hand, which bore interest at a fixed rate of 1.700%, payable semi-annually (the \"1.700% Senior Notes\"), and $750 million aggregate principal amount of unsecured senior notes due June 15, 2030, which bear interest at a fixed rate of 2.950%, payable semi-annually (the \"2.950% Senior Notes\"). The 1.700% Senior Notes and 2.950% Senior Notes were issued at prices equal to 99.880% and 98.995% of their principal amounts, respectively. The proceeds from these offerings were used for general corporate purposes, which included the repayment of $475 million previously outstanding under the Company's Global Credit Facility (as defined below) on June 3, 2020 and repayment of its previously outstanding $300 million principal amount of 2.625% unsecured senior notes that matured on August 18, 2020.\n\nIn June 2025, the Company completed another registered public debt offering and issued $500 million aggregate principal amount of unsecured senior notes due June 15, 2032, which bear interest at a fixed rate of 5.000%, payable semi-annually (the \"5.000% Senior Notes\"). The 5.000% Senior Notes were issued at a price equal to 99.647% of their principal amount, and were used for general corporate purposes, including repayment of the Company's previously outstanding $400 million principal amount of 3.750% Senior Notes that matured on September 15, 2025, as discussed above.\n\nThe Company has the option to redeem the 2.950% Senior Notes and 5.000% Senior Notes (collectively, the \"Senior Notes\"), in whole or in part, at any time at a price equal to accrued and unpaid interest on the redemption date plus the greater of (i) 100% of the principal amount of the series of Senior Notes to be redeemed or (ii) the sum of the present value of remaining scheduled payments of principal and interest as set forth in the supplemental indenture governing such Senior Notes (together with the indenture governing the Senior Notes, the \"Indenture\"). The Indenture contains certain covenants that restrict the Company's ability, subject to specified exceptions, to incur certain liens; enter into sale and leaseback transactions; consolidate or merge with another party; or sell, lease, or convey all or substantially all of the Company's property or assets to another party. However, the Indenture does not contain any financial covenants.\n\nCommercial Paper\n\nThe Company has a commercial paper borrowing program that allows it to issue up to $750 million of unsecured commercial paper notes through private placement using third-party broker-dealers (the \"Commercial Paper Program\").\n\nBorrowings under the Commercial Paper Program are supported by the Global Credit Facility (as defined below). Combined borrowings under the Commercial Paper Program and the Global Credit Facility are limited to $750 million. Commercial Paper Program borrowings may be used to support the Company's general working capital and corporate needs. Commercial paper notes have maturities of up to 397 days from the date of issuance and rank equally in seniority with the Company's other forms of unsecured indebtedness. As of both March 28, 2026 and March 29, 2025, there were no borrowings outstanding under the Commercial Paper Program.\n\nRevolving Credit Facilities\n\nGlobal Credit Facility\n\nIn June 2023, the Company terminated its then existing revolving credit facility and entered into a new credit facility that provides for a $750 million senior unsecured revolving line of credit through June 30, 2028 (the \"Global Credit Facility\") under terms and conditions substantially similar to those of the previous facility. The Global Credit Facility is available for working capital needs, capital expenditures, certain investments, general corporate purposes, and for funding acquisitions. The Global\n\nF-31\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nCredit Facility may also be used to support the issuance of letters of credit and maintenance of the Commercial Paper Program. Borrowings under the Global Credit Facility may be denominated in U.S. Dollars and certain other currencies, including Euros, Hong Kong Dollars, and Japanese Yen, and are guaranteed by some of the Company's domestic subsidiaries, including all of the Company's significant subsidiaries. The terms of the agreement governing the Global Credit Facility provide the Company the ability to expand its borrowing availability to $1.500 billion, subject to the agreement of one or more new or existing lenders under the facility to increase their commitments. There are no mandatory reductions in borrowing ability throughout the term of the Global Credit Facility.\n\nBorrowings under the Global Credit Facility bear interest at a rate per annum equal to, at the Company's option, either (a) an alternate base rate or (b) an adjusted term Secured Overnight Financing Rate (\"SOFR\") rate or the applicable currency in which the loans are made (the \"Term Benchmark Rate\") plus an applicable margin. The applicable margin for Term Benchmark Rate loans will be adjusted by reference to a grid (the \"Pricing Grid\"), which is included in the definition of \"Applicable Rate\" within the Global Credit Facility agreement and is based on ratings for the Company's senior, unsecured long-term indebtedness provided by established ratings agencies. In addition to paying interest on any outstanding borrowings under the Global Credit Facility, the Company is required to pay a commitment fee, calculated at a rate per annum determined in accordance with the Pricing Grid, on the average daily unused amount of the Facility, payable quarterly in arrears, and certain fees with respect to Letters of Credit that are issued. The current commitment fee rate of 8 basis points is subject to adjustment based on the Company's credit ratings. As of both March 28, 2026 and March 29, 2025, there were no borrowings outstanding under the Global Credit Facility. However, the Company was contingently liable for $10.4 million and $10.6 million of outstanding letters of credit as of March 28, 2026 and March 29, 2025, respectively.\n\nThe Global Credit Facility contains a number of covenants that, among other things, restrict the Company's ability, subject to specified exceptions, to incur additional indebtedness; incur liens; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve itself; engage in unrelated lines of business; make loans, advances, or guarantees; engage in transactions with affiliates; and make certain investments. The Global Credit Facility also requires the Company to maintain a maximum ratio of Adjusted Debt to Consolidated EBITDAR (the \"leverage ratio\") of no greater than 4.25 as of the date of measurement for the four most recent consecutive fiscal quarters. Adjusted Debt is defined generally as consolidated debt outstanding, including finance lease obligations, plus all operating lease obligations. Consolidated EBITDAR is defined generally as consolidated net income plus (i) income tax expense, (ii) net interest expense, (iii) depreciation and amortization expense, (iv) operating lease cost, (v) restructuring and other non-recurring expenses, and (vi) acquisition-related costs.\n\nUpon the occurrence of an Event of Default under the Global Credit Facility, the lenders may cease making loans, terminate the Global Credit Facility, and declare all amounts outstanding to be immediately due and payable. The Global Credit Facility specifies various events of default (many of which are subject to applicable grace periods), including, among others, the failure to make timely principal, interest, and fee payments or to satisfy the covenants, including the financial covenant described above. Additionally, the Global Credit Facility provides that an Event of Default will occur if Mr. Ralph Lauren, the Company's Executive Chairman and Chief Creative Officer, and entities controlled by the Lauren family fail to maintain a specified minimum percentage of the voting power of the Company's common stock. As of March 28, 2026, no Event of Default (as such term is defined pursuant to the Global Credit Facility) has occurred.\n\nPan-Asia Borrowing Facilities\n\nCertain of the Company's subsidiaries in Asia maintain uncommitted credit facilities with regional branches of JPMorgan Chase in China and South Korea (collectively, the \"Pan-Asia Credit Facilities\"). Additionally, the Company's Japan subsidiary maintained an uncommitted overdraft facility with Sumitomo Mitsui Banking Corporation (the \"Japan Overdraft Facility\"). The Pan-Asia Credit Facilities and the Japan Overdraft Facility (collectively, the \"Pan-Asia Borrowing Facilities\") are subject to annual renewal and may be used to fund general working capital needs of the Company's operations in their respective countries. Borrowings under the Pan-Asia Borrowing Facilities are guaranteed by the parent company and are granted at the sole discretion of the respective bank lenders, subject to availability of the banks' funds and satisfaction of certain regulatory requirements. The Pan-Asia Borrowing Facilities do not contain any financial covenants.\n\nA summary of the Company's Pan-Asia Borrowing Facilities by country is as follows:\n\n•China Credit Facility — provides Ralph Lauren Trading (Shanghai) Co., Ltd. with a revolving line of credit of up to 100 million Chinese Renminbi (approximately $14 million) through April 3, 2027, which also may be used to support bank guarantees.\n\nF-32\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n•South Korea Credit Facility — provides Ralph Lauren (Korea) Ltd. with a revolving line of credit of up to 30 billion South Korean Won (approximately $20 million) through October 24, 2026.\n\n•Japan Overdraft Facility — provided Ralph Lauren Corporation Japan with an overdraft amount of up to 5 billion Japanese Yen (approximately $31 million) through April 30, 2026.\n\nAs of both March 28, 2026 and March 29, 2025, there were no borrowings outstanding under the Pan-Asia Borrowing Facilities.\n\n11.    Fair Value Measurements\n\nU.S. GAAP prescribes a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy for a particular asset or liability depends on the inputs used in its valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally-derived (unobservable). A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:\n\n•Level 1 — inputs to the valuation methodology based on quoted prices (unadjusted) for identical assets or liabilities in active markets.\n\n•Level 2 — inputs to the valuation methodology based on quoted prices for similar assets or liabilities in active markets for substantially the full term of the financial instrument; quoted prices for identical or similar instruments in markets that are not active for substantially the full term of the financial instrument; and model-derived valuations whose inputs or significant value drivers are observable.\n\n•Level 3 — inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement.\n\nThe following table summarizes the Company's financial assets and liabilities that are measured and recorded at fair value on a recurring basis, excluding accrued interest components:\n\nMarch 28,\n2026March 29,\n2025\n\n (millions)\n\nDerivative assets(a)\n$14.0 $30.9 \n\nDerivative liabilities(a)\n13.7 10.1 \n\n(a)Based on Level 2 measurements.\n\nThe Company's derivative financial instruments are recorded at fair value in its consolidated balance sheets and are valued using pricing models that are primarily based on market observable external inputs, including spot and forward currency exchange rates, benchmark interest rates, and discount rates consistent with the instrument's tenor, and consider the impact of the Company's own credit risk, if any. Changes in counterparty credit risk are also considered in the valuation of derivative financial instruments.\n\nTo the extent the Company invests in commercial paper, such investments are classified as available-for-sale and recorded at fair value in its consolidated balance sheets using external pricing data, based on interest rates and credit ratings for similar issuances with the same remaining term as the Company's investments. To the extent the Company invests in bonds, such investments are also classified as available-for-sale and recorded at fair value in its consolidated balance sheets based on quoted prices in active markets.\n\nThe carrying amounts of the Company's cash and cash equivalents, restricted cash, and time deposits generally approximate fair value based on Level 1 measurements.\n\nThe Company's debt instruments are recorded at amortized cost in its consolidated balance sheets, which may differ from their respective fair values. The fair values of the Company's senior notes are estimated based on external pricing data, including available quoted market prices, and with reference to comparable debt instruments with similar interest rates, credit\n\nF-33\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nratings, and trading frequency, among other factors. The fair values of the Company's commercial paper notes and borrowings outstanding under its credit facilities, if any, are estimated using external pricing data, based on interest rates and credit ratings for similar issuances with the same remaining term as the Company's outstanding borrowings. Given their short-term nature, the fair values of the Company's commercial paper notes and borrowings outstanding under its credit facilities, if any, generally approximate their amortized cost carrying amounts.\n\nThe following table summarizes the carrying amounts and the estimated fair values of the Company's debt instruments:\n\n March 28, 2026March 29, 2025\n\n \nCarrying Amount(a)\n\nFair Value(b)\n\nCarrying Amount(a)\n\nFair Value(b)\n\n (millions)\n\n$400 million 3.750% Senior Notes$— $— $399.7 $398.4 \n\n$750 million 2.950% Senior Notes744.3 702.6 742.9 690.8 \n\n$500 million 5.000% Senior Notes494.6 503.4 — — \n\n \n\n(a)See Note 10 for discussion of the carrying amounts of the Company's senior notes.\n\n(b)Based on Level 2 measurements.\n\nUnrealized gains or losses resulting from changes in the fair value of the Company's debt instruments do not result in the realization or expenditure of cash unless the debt is retired prior to its maturity.\n\nNon-financial Assets and Liabilities\n\nThe Company's non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment, and lease-related ROU assets, are not required to be measured at fair value on a recurring basis, and instead are reported at their amortized or depreciated cost in its consolidated balance sheet. However, on a periodic basis or whenever events or changes in circumstances indicate that they may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), the respective carrying amount of non-financial assets are assessed for impairment and, if ultimately considered impaired, are adjusted and written down to their fair value, as estimated based on consideration of external market participant assumptions and discounted cash flows.\n\nDuring Fiscal 2025, the Company recorded impairment charges of $0.8 million within restructuring and other charges, net in the consolidated statements of operations to reduce the carrying amounts of certain long-lived assets to their estimated fair values of zero as of the assessment date. The fair values of these assets were determined based on Level 3 measurements, the related inputs of which included estimates of the amount and timing of the assets' net future discounted cash flows (including any potential sublease income for lease-related ROU assets), based on historical experience and consideration of then-current trends, market conditions, and comparable sales, as applicable. No impairment charges were recorded during Fiscal 2026 or Fiscal 2024. See Note 8 for additional discussion regarding impairment charges recorded by the Company within the consolidated statements of operations during the fiscal years presented.\n\nThe Company performed its annual assessments of goodwill and other indefinite-lived intangible assets using a qualitative approach as of the beginning of the second quarter and the fourth quarter of Fiscal 2026, respectively. In performing these assessments, the Company identified and considered the significance of relevant key factors, events, and circumstances that affected the fair values and/or carrying amounts of its reporting units with allocated goodwill and its other intangible assets. These factors included external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as the Company's actual and expected financial performance. Additionally, the Company also considered the results of its most recent quantitative goodwill impairment test, which was performed as of the beginning of the second quarter of Fiscal 2024, the results of which indicated that the fair values of these reporting units significantly exceeded their respective carrying amounts. Based on the results of the qualitative impairment assessments, the Company concluded that it is not more likely than not that the fair values of its reporting units are less than their respective carrying amounts and there were no reporting units at risk of impairment. No impairment charges associated with goodwill or other intangible assets were recorded during any of the three fiscal years presented.\n\nF-34\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n12.    Financial Instruments\n\nDerivative Financial Instruments\n\nThe Company is exposed to changes in foreign currency exchange rates, primarily relating to certain anticipated cash flows and the value of the reported net assets of its international operations, as well as changes in the fair value of its fixed-rate debt obligations attributed to changes in benchmark interest rates. Accordingly, based on its assessment thereof, the Company may use derivative financial instruments to manage and mitigate such risks. The Company does not use derivatives for speculative or trading purposes.\n\nThe following table summarizes the Company's outstanding derivative instruments recorded on its consolidated balance sheets as of March 28, 2026 and March 29, 2025:\n\n Notional AmountsDerivative AssetsDerivative Liabilities\n\nDerivative Instrument(a)\nMarch 28, 2026March 29, 2025March 28,\n2026March 29,\n2025March 28,\n2026March 29,\n2025\n\n   \nBalance\n\nSheet\n\nLine(b)\nFair\nValue\nBalance\n\nSheet\n\nLine(b)\nFair\nValue\nBalance\n\nSheet\n\nLine(b)\nFair\nValue\nBalance\n\nSheet\n\nLine(b)\nFair\nValue\n\n (millions)\n\nDesignated Hedges:\n\nFC — Cash flow hedges$364.4 $367.9 PP$10.7 PP$3.9 $— AE$6.2 \n\nNet investment hedges(c)\n800.0 700.0 ONCA1.7 PP26.6 ONCL13.7 ONCL2.4 \n\nTotal Designated Hedges1,164.4 1,067.9 12.4 30.5 13.7 8.6 \n\nUndesignated Hedges:\n\nFC — Undesignated hedges(d)\n265.1 247.5 PP1.6 PP0.4 — AE1.5 \n\nTotal Hedges$1,429.5 $1,315.4 $14.0 $30.9 $13.7 $10.1 \n\n(a)FC = Forward foreign currency exchange contracts.\n\n(b)PP = Prepaid expenses and other current assets; AE = Accrued expenses and other current liabilities; ONCA = Other non-current assets; ONCL = Other non-current liabilities.\n\n(c)Includes cross-currency swaps designated as hedges of the Company's net investment in certain foreign operations.\n\n(d)Relates to third-party and intercompany foreign currency-denominated exposures and balances.\n\nThe Company presents the fair values of its derivative assets and liabilities recorded on its consolidated balance sheets on a gross basis, even when they are subject to master netting arrangements. However, if the Company were to offset and record the asset and liability balances of all of its derivative instruments on a net basis in accordance with the terms of each of its master netting arrangements, spread across seven separate counterparties, the amounts presented in the consolidated balance sheets as of March 28, 2026 and March 29, 2025 would be adjusted from the current gross presentation as detailed in the following table:\n\nMarch 28, 2026March 29, 2025\n\nGross Amounts Presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting AgreementsNet\nAmountGross Amounts Presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting AgreementsNet\nAmount\n\n(millions)\n\nDerivative assets$14.0 $(1.7)$12.3 $30.9 $(5.4)$25.5 \n\nDerivative liabilities13.7 (1.7)12.0 10.1 (5.4)4.7 \n\nThe Company's master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties. See Note 3 for further discussion of the Company's master netting arrangements.\n\nF-35\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nThe following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the fiscal years presented:\n\n Gains (Losses)\nRecognized in OCI\n\n Fiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nDesignated Hedges:\n\nFC — Cash flow hedges$(8.6)$5.0 $14.5 \n\nNet investment hedges — effective portion (44.0)(1.7)4.2 \n\nNet investment hedges — portion excluded from assessment of hedge effectiveness13.8 0.6 (21.7)\n\nTotal Designated Hedges$(38.8)$3.9 $(3.0)\n\n Location and Amount of\nGains (Losses) from Cash Flow Hedges\nReclassified from AOCI to Earnings\n\n Fiscal Years Ended\n\nMarch 28, 2026March 29, 2025March 30, 2024\n\nCost of\ngoods soldCost of\ngoods soldCost of\ngoods sold\n\n (millions)\n\nTotal amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded\n$(2,445.3)$(2,226.1)$(2,199.6)\n\nEffects of cash flow hedging:\n\nFC — Cash flow hedges(14.2)9.6 10.8 \n\n Gains (Losses) from Net Investment Hedges Recognized in EarningsLocation of\nGains (Losses) Recognized in Earnings\n\n Fiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nNet Investment Hedges:\n\nNet investment hedges — portion excluded from assessment of hedge effectiveness(a)\n$9.2 $12.6 $12.5 Interest expense\n\nTotal Net Investment Hedges$9.2 $12.6 $12.5 \n\n(a)Amounts recognized in OCI relating to the effective portion of the Company's net investment hedges would be recognized in earnings only upon the sale or liquidation of the hedged net investment.\n\nAs of March 28, 2026, it is estimated that $8.9 million of pretax net gains on both outstanding and matured derivative instruments designated and qualifying as cash flow hedges deferred in AOCI will be recognized in earnings over the next twelve months. Amounts ultimately recognized in earnings will depend on exchange rates in effect when outstanding derivative instruments are settled.\n\nF-36\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nThe following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its consolidated financial statements for the fiscal years presented:\n\n Gains (Losses)\nRecognized in EarningsLocation of\nGains (Losses)\nRecognized\nin Earnings\n\n Fiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions) \n\nUndesignated Hedges:\n\nFC — Undesignated hedges$(8.6)$6.0 $9.8 Other income (expense), net\n\nTotal Undesignated Hedges$(8.6)$6.0 $9.8 \n\nRisk Management Strategies\n\nForward Foreign Currency Exchange Contracts\n\nThe Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency, the settlement of foreign currency-denominated balances, and the translation of certain foreign operations' net assets into U.S. Dollars. As part of its overall strategy for managing the level of exposure to such exchange rate risk, relating primarily to the Euro, the Japanese Yen, the Chinese Renminbi, the South Korean Won, the Australian Dollar, the British Pound Sterling, the Swiss Franc, and the Canadian Dollar, the Company generally hedges a portion of its related exposures anticipated over the next one year using forward foreign currency exchange contracts with maturities of two months to one year to provide continuing coverage over the period of the respective exposure.\n\nCross-Currency Swap Contracts\n\nThe Company periodically designates pay-fixed rate, receive fixed-rate cross-currency swap contracts as hedges of its net investment in certain of its European subsidiaries. These contracts swap U.S. Dollar-denominated fixed interest rate payments based on the contract's notional amount and the fixed rate of interest payable on certain of the Company's senior notes for Euro-denominated fixed interest rate payments, thereby economically converting a portion of its fixed-rate U.S. Dollar-denominated senior note obligations to fixed-rate Euro-denominated obligations.\n\nSee Note 3 for further discussion of the Company's accounting policies relating to its derivative financial instruments.\n\nInvestments\n\nThe Company's short-term investments as of March 28, 2026 and March 29, 2025 were $77.0 million and $160.5 million, respectively, and consisted of time deposits.\n\nNo significant realized or unrealized gains or losses on available-for-sale investments or impairment charges were recorded during any of the fiscal years presented.\n\nRefer to Note 3 for further discussion of the Company's accounting policies relating to its investments.\n\nF-37\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n13.    Leases\n\nThe following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheets:\n\nMarch 28,\n2026March 29,\n2025Location Recorded on Balance Sheet\n\n(millions)\n\nAssets:\n\nOperating leases$1,299.6 $1,013.1 Operating lease right-of-use assets\n\nFinance leases176.8 198.3 Property and equipment, net\n\nTotal lease assets$1,476.4 $1,211.4 \n\nLiabilities:\n\nOperating leases:\n\nCurrent portion$211.7 $225.4 Current operating lease liabilities\n\nNon-current portion1,325.8 1,044.7 \nLong-term operating lease liabilities\n\nTotal operating lease liabilities1,537.5 1,270.1 \n\nFinance leases:\n\nCurrent portion20.7 20.6 Accrued expenses and other current liabilities\n\nNon-current portion212.3 234.8 Long-term finance lease liabilities\n\nTotal finance lease liabilities233.0 255.4 \n\nTotal lease liabilities$1,770.5 $1,525.5 \n\nThe following table summarizes the composition of total lease cost during the fiscal years presented:\n\nFiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025March 30,\n2024Location Recorded in Earnings\n\n(millions)\n\nOperating lease cost$305.5 $292.5 $295.0 \n(a)\n\nFinance lease costs:\n\nDepreciation of leased assets23.9 23.1 24.0 \n(b)\n\nAccretion of lease liabilities7.0 7.7 9.1 Interest expense\n\nVariable lease cost438.7 371.4 340.7 \n(c)\n\nShort-term lease cost1.3 1.8 2.6 SG&A expenses\n\nSublease income(9.9)(7.4)(6.5)Restructuring and other charges, net\n\nTotal lease cost$766.5 $689.1 $664.9 \n\n \n\n(a)During Fiscal 2026, $4.3 million was included within cost of goods sold, $292.3 million was included within SG&A expenses, and $8.9 million was included within restructuring and other charges, net. During Fiscal 2025, $3.4 million was included within cost of goods sold, $279.2 million was included within SG&A expenses, and $9.9 million was included within restructuring and other charges, net. During Fiscal 2024, $3.1 million was included within cost of goods sold, $278.1 million was included within SG&A expenses, and $13.8 million was included within restructuring and other charges, net.\n\n(b)During Fiscal 2026, $20.7 million was included within SG&A expenses and $3.2 million was included within restructuring and other charges, net. During Fiscal 2025, $20.2 million was included within SG&A expenses and $2.9 million was included within restructuring and other charges, net. During Fiscal 2024, $20.9 million was included within SG&A expenses and $3.1 million was included within restructuring and other charges, net.\n\n(c)During Fiscal 2026, $4.6 million was included within cost of goods sold, $428.0 million was included within SG&A expenses, and $6.1 million was included within restructuring and other charges, net. During Fiscal 2025, $4.7 million was included within cost of goods sold, $360.6 million was included within SG&A expenses, and $6.1\n\nF-38\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nmillion was included within restructuring and other charges, net. During Fiscal 2024, $4.7 million was included within cost of goods sold, $332.7 million was included within SG&A expenses, and $3.3 million was included within restructuring and other charges, net.\n\nThe following table summarizes certain cash flow information related to the Company's leases:\n\nFiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025March 30,\n2024\n\n(millions)\n\nCash paid for amounts included in the measurement of lease liabilities:\n\nOperating cash flows from operating leases$344.5 $355.1 $368.3 \n\nOperating cash flows from finance leases7.1 7.7 9.1 \n\nFinancing cash flows from finance leases23.2 22.0 21.3 \n\nSee Note 20 for supplemental non-cash information related to ROU assets recorded in connection with the recognition of new lease liabilities.\n\nThe following table presents a maturity analysis summary of contractual cash payments for the Company's lease liabilities recorded on the consolidated balance sheet as of March 28, 2026:\n\nMarch 28, 2026\n\nOperating\nLeasesFinance\nLeases\n\n(millions)\n\nFiscal 2027$266.2 $27.5 \n\nFiscal 2028276.2 29.1 \n\nFiscal 2029247.5 22.4 \n\nFiscal 2030198.8 22.5 \n\nFiscal 2031160.3 22.8 \n\nFiscal 2032 and thereafter678.7 144.7 \n\nTotal lease payments1,827.7 269.0 \n\nLess: interest(290.2)(36.0)\n\nTotal lease liabilities$1,537.5 $233.0 \n\nAdditionally, the Company has $147.5 million of future payment obligations relating to executed lease agreements for which the related lease terms had not yet commenced as of the end of Fiscal 2026 and, therefore, are not recorded on the consolidated balance sheet as of March 28, 2026.\n\nThe following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating and finance leases recorded on the consolidated balance sheets:\n\nMarch 28, 2026March 29, 2025\n\nOperating\nLeasesFinance\nLeasesOperating\nLeasesFinance\nLeases\n\nWeighted-average remaining lease term (years)7.810.47.711.1\n\nWeighted-average discount rate3.9%2.8%3.6%2.8%\n\nSee Note 3 for discussion of the Company's accounting policies related to leases.\n\nF-39\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n14.    Commitments and Contingencies\n\nEmployee Agreements\n\nThe Company has employment agreements with certain executives in the normal course of business which provide for compensation and certain other benefits. These agreements also provide for severance payments under certain circumstances.\n\nOther Commitments\n\nOther off-balance sheet firm commitments amounted to $1.579 billion as of March 28, 2026, including inventory purchase commitments of $808.3 million, lease commitments related to lease agreements for which the related lease terms have not yet commenced of $147.5 million, outstanding letters of credit of $10.4 million, interest payments related to the Company's debt of $262.1 million, and various other commitments of $350.9 million, primarily comprised of the Company's legally-binding obligations related to sponsorship, licensing, and other marketing and advertising agreements, information technology-related service agreements, and pension-related obligations.\n\nOther Matters\n\nThe Company is involved, from time to time, in litigation, other legal claims, and proceedings involving matters associated with or incidental to its business, including, among other things, matters involving credit card fraud, trademark and other intellectual property, licensing, importation and exportation of its products, taxation, unclaimed property, leases, and employee relations. The Company believes at present that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on its consolidated financial statements. However, the Company's assessment of any current litigation or other legal claims could potentially change in light of the discovery of facts not presently known or determinations by judges, juries, or other finders of fact which are not in accord with management's evaluation of the possible liability or outcome of such litigation or claims.\n\nIn the normal course of business, the Company may enter into certain guarantees or other agreements that provide general indemnifications. The Company has not made any significant indemnification payments under such agreements in the past and does not currently anticipate incurring any material indemnification payments.\n\nInterchange Case Settlements\n\nDuring the fourth quarter of Fiscal 2026, the Company entered into settlement agreements with Visa, Inc., Mastercard Incorporated, and other named parties to resolve credit card interchange fee litigation matters in which the Company was a plaintiff. As a result of these settlements, the Company received $24.2 million of cash proceeds, net of legal fees, which were recognized as gains during the fourth quarter of Fiscal 2026. The Company donated these proceeds to The Ralph Lauren Corporate Foundation during the fourth quarter of Fiscal 2026. The settlement gains and related offsetting donation expense were recorded within restructuring and other charges, net in the consolidated statements of operations. See Note 8 for further discussion of the settlements.\n\n15.    Equity\n\nCapital Stock\n\nThe Company's capital stock consists of two classes of common stock. There are 500 million shares of Class A common stock and 100 million shares of Class B common stock authorized to be issued. Shares of Class A and Class B common stock have substantially identical rights, except with respect to voting rights. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. Holders of both stock classes vote together as a single class on all matters presented to the stockholders for their approval, except with respect to the election and removal of directors or as otherwise required by applicable law. All outstanding shares of Class B common stock are owned by Mr. Ralph Lauren, the Company's Executive Chairman and Chief Creative Officer, and entities controlled by the Lauren family, and are convertible at any time into shares of Class A common stock on a one-for-one basis.\n\nF-40\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nClass B Common Stock Conversions\n\nDuring Fiscal 2024, the Lauren Family, L.L.C., a limited liability company managed by the children of Mr. Ralph Lauren, converted 3.0 million shares of Class B common stock into an equal number of shares of Class A common stock pursuant to the security's terms. These conversions occurred in connection with a long-term strategy for estate planning and investment diversification. These transactions resulted in a reclassification within equity and had no other effect on the Company's consolidated financial statements.\n\nCommon Stock Repurchase Program\n\nA summary of the Company's repurchases of Class A common stock under its common stock repurchase program is as follows:\n\nFiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025March 30,\n2024\n\n(in millions)\n\nCost of shares repurchased(a)\n$500.2 $424.5 $398.2 \n\nNumber of shares repurchased1.9 2.3 2.9 \n\n(a)Excludes excise tax of $3.4 million, $3.5 million, and $3.3 million incurred during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.\n\nOn May 15, 2025, the Company's Board of Directors approved an expansion of the Company's existing common stock repurchase program that allows it to repurchase up to an additional $1.500 billion of its Class A common stock, excluding related excise taxes. As of March 28, 2026, the remaining availability under the Company's Class A common stock repurchase program was approximately $1.352 billion. Repurchases of shares of the Company's Class A common stock are subject to overall business and market conditions.\n\nIn addition, during Fiscal 2026, Fiscal 2025, and Fiscal 2024, 0.5 million, 0.3 million, and 0.4 million shares of the Company's Class A common stock, at a cost of $123.6 million, $56.4 million, and $51.5 million, respectively, were surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards under its long-term stock incentive plans.\n\nRepurchased and surrendered shares are accounted for as treasury stock at cost and held in treasury for future use.\n\nDividends\n\nThe Company has generally maintained a regular quarterly cash dividend program on its common stock since 2003.\n\nOn May 15, 2025, the Company's Board of Directors approved an increase to the Company's quarterly cash dividend paid on its common stock from $0.825 to $0.9125 per share. Dividends paid amounted to $216.5 million, $201.1 million, and $194.6 million for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.\n\nOn May 14, 2026, the Company's Board of Directors approved an additional increase to the Company's quarterly cash dividend on its common stock from $0.9125 to $1.00 per share. The first quarterly dividend to reflect this increase is expected to be payable to shareholders of record at close of business on June 26, 2026 and paid on July 10, 2026.\n\nThe Company intends to continue to pay regular dividends on outstanding shares of its common stock. However, any decision to declare and pay dividends in the future will ultimately be made at the discretion of the Company's Board of Directors and will depend on the Company's results of operations, cash requirements, financial condition, and other factors that the Board of Directors may deem relevant, including economic and market conditions.\n\nF-41\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n16.    Accumulated Other Comprehensive Income (Loss)\n\nThe following table presents OCI activity, net of tax, accumulated in equity:\n\nForeign Currency Translation Gains (Losses)(a)\n\nNet Unrealized Gains (Losses) on Cash Flow Hedges(b)\n\nNet Unrealized Gains (Losses) on Defined Benefit Plans(c)\n\nTotal Accumulated Other Comprehensive Income (Loss)(d)\n\n(millions)\n\nBalance at April 1, 2023$(203.8)$4.1 $3.7 $(196.0)\n\nOther comprehensive income (loss), net of tax:\n\nOCI before reclassifications\n(76.2)12.4 (7.9)(71.7)\n\nAmounts reclassified from AOCI to earnings\n— (9.3)0.9 (8.4)\n\nOther comprehensive income (loss), net of tax(76.2)3.1 (7.0)(80.1)\n\nBalance at March 30, 2024(280.0)7.2 (3.3)(276.1)\n\nOther comprehensive income (loss), net of tax:\n\nOCI before reclassifications\n(18.7)3.8 (0.8)(15.7)\n\nAmounts reclassified from AOCI to earnings\n— (8.2)0.1 (8.1)\n\nOther comprehensive income (loss), net of tax(18.7)(4.4)(0.7)(23.8)\n\nBalance at March 29, 2025(298.7)2.8 (4.0)(299.9)\n\nOther comprehensive income (loss), net of tax:\n\nOCI before reclassifications\n43.9 (7.3)(0.2)36.4 \n\nAmounts reclassified from AOCI to earnings\n— 12.1 0.1 12.2 \n\nOther comprehensive income (loss), net of tax43.9 4.8 (0.1)48.6 \n\nBalance at March 28, 2026$(254.8)$7.6 $(4.1)$(251.3)\n\n(a)OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes income tax benefits of $5.3 million and $1.5 million for Fiscal 2026 and Fiscal 2024, respectively, and an income tax provision of $0.1 million for Fiscal 2025. OCI before reclassifications to earnings includes losses of $22.8 million (net of a $7.4 million income tax benefit), $0.9 million (net of a $0.2 million income tax benefit) and $13.3 million (net of a $4.2 million income tax benefit) for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain of its foreign operations (see Note 12).\n\n(b)OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of an income tax benefit of $1.3 million for Fiscal 2026, and income tax provisions of $1.2 million and $2.1 million for Fiscal 2025 and Fiscal 2024, respectively. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below.\n\n(c)Activity is presented net of taxes, which were immaterial for all periods presented.\n\n(d)The Company generally releases income tax effects from AOCI when the corresponding pretax AOCI items are reclassified to earnings.\n\nThe following table presents reclassifications from AOCI to earnings for cash flow hedges, by component:\n\nFiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025March 30,\n2024\nLocation of Gains (Losses)\n\nReclassified from AOCI to Earnings\n\n(millions)\n\nGains (losses) on cash flow hedges(a):\n\n    FC — Cash flow hedges\n$(14.2)$9.6 $10.8 Cost of goods sold\n\n    Tax effect2.1 (1.4)(1.5)Income tax benefit (provision)\n\nNet of tax$(12.1)$8.2 $9.3 \n\n(a)FC = Forward foreign currency exchange contracts.\n\nF-42\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n17.    Stock-based Compensation\n\nLong-term Stock Incentive Plans\n\nOn August 1, 2019, the Company's shareholders approved the 2019 Long-Term Stock Incentive Plan (the \"2019 Incentive Plan\"), which replaced the Company's Amended and Restated 2010 Long-Term Stock Incentive Plan (the \"2010 Incentive Plan\"). The 2019 Incentive Plan provided for 1.2 million of new shares authorized for issuance to the participants, in addition to the approximately 3.0 million shares that remained available for issuance under the 2010 Incentive Plan as of August 1, 2019. In addition, any outstanding awards under the 2010 Incentive Plan or the Company's 1997 Long-Term Stock Incentive Plan (the \"1997 Incentive Plan\") that expire, are forfeited, or are surrendered to the Company in satisfaction of taxes, will become available for issuance under the 2019 Incentive Plan. The 2019 Incentive Plan became effective August 1, 2019 and no further grants will be made under the 2010 Incentive Plan. Outstanding awards issued prior to August 1, 2019 will continue to remain subject to the terms of the 2010 Incentive Plan or 1997 Incentive Plan, as applicable. As of March 28, 2026, 2.1 million shares remained available for future issuance under the Company's incentive plans.\n\nStock-based compensation awards that may be made under the 2019 Incentive Plan include, but are not limited to, (i) RSUs, (ii) restricted stock, and (iii) stock options. During the fiscal years presented, annual grants consisted entirely of RSUs. For RSUs granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, vesting continues post-retirement for all or a portion of the remaining unvested RSUs.\n\nImpact on Results\n\nA summary of total stock-based compensation expense and the related income tax benefits recognized is as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nCompensation expense(a)\n$111.0 $107.9 $99.5 \n\nIncome tax benefit(17.0)(14.9)(14.8)\n\n(a)Fiscal 2025 includes $5.3 million of stock-based compensation expense related to an employment separation agreement recorded within restructuring and other charges, net in the consolidated statements of operations (see Note 8). All other stock-based compensation expense was recorded within SG&A expenses.\n\nThe Company issues its annual grants of stock-based compensation awards in the second quarter of each fiscal year. Due to the timing of the annual grants and other factors, including the timing and magnitude of forfeiture and performance goal achievement adjustments, as well as changes to the size and composition of the eligible employee population, stock-based compensation expense recognized during any given fiscal period is not indicative of the level of compensation expense expected to be incurred in future periods.\n\nService-based RSUs\n\nService-based RSUs granted to certain of the Company's senior executives and other employees, as well as non-employee directors, generally vest over a three-year period, subject to the employee's continuing employment (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed). The fair values of service-based RSUs are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue to the holder while outstanding and unvested.\n\nF-43\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nA summary of service-based RSU activity during Fiscal 2026 is as follows:\n\nService-\nbased RSUs\n\n Number of\nSharesWeighted-Average Grant Date Fair Value\n\n (thousands)\n\nUnvested at March 29, 2025\n879 $130.75 \n\nGranted258 283.28 \n\nVested(464)119.93 \n\nForfeited(26)178.17 \n\nUnvested at March 28, 2026\n647 $197.43 \n\nService-\nbased RSUs\n\nTotal unrecognized compensation expense at March 28, 2026 (millions)\n$41.0 \n\nWeighted-average period expected to be recognized over (years)1.2\n\nAdditional information pertaining to service-based RSU activity is as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\nService-based RSUs:\n\nWeighted-average grant date fair value of awards granted$283.28 $160.54 $115.55 \n\nTotal fair value of awards vested (millions)$134.7 $94.0 $119.0 \n\nPerformance-based RSUs\n\nThe Company grants performance-based RSUs to its senior executives and other key employees. The fair values of performance-based RSUs are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. Performance-based RSUs generally vest (i) upon the completion of a three-year period of time (cliff vesting), subject to the employee's continuing employment (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed) and the Company's achievement of certain performance goals established at the beginning of the three-year performance period or (ii) ratably, over a three-year period of time (graded vesting), subject to the employee's continuing employment during the applicable vesting period (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed) and the achievement by the Company of certain performance goals in the initial year of the three-year vesting period.\n\nFor performance-based RSUs subject to cliff vesting, the number of shares that may be earned ranges between 0% (if the specified threshold performance level is not attained) and 200% (if performance meets or exceeds the maximum achievement level) of the awards originally granted. If actual performance exceeds the pre-established threshold, the number of shares earned is calculated based on the relative performance between specified levels of achievement.\n\nF-44\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nMarket-based RSUs\n\nThe Company grants cliff vesting RSU awards to its senior executives and other key employees, which, in addition to being subject to continuing employment requirements (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed), are also subject to a market condition based on a TSR performance metric. The number of shares that vest upon the completion of a three-year period of time is determined by comparing the Company's TSR relative to that of a pre-established peer group over the related three-year performance period. Depending on the Company's level of achievement against its TSR performance goals, the number of shares that ultimately vest may range from 0% to 200% of the awards originally granted.\n\nThe Company estimates the fair value of its TSR awards on the date of grant using a Monte Carlo simulation, which models multiple stock price paths of the Company's Class A common stock and that of its peer group to evaluate and determine its ultimate expected relative TSR performance ranking. Compensation expense, net of estimated forfeitures, is recorded regardless of whether, and the extent to which, the market condition is ultimately satisfied.\n\nThe assumptions used to estimate the fair value of TSR awards granted were as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\nExpected volatility(a)\n34.3%36.7%38.4%\n\nExpected dividend yield1.3%2.0%2.5%\n\nRisk-free interest rate3.7%3.9%4.6%\n\nWeighted-average grant date fair value$435.85$212.05$147.19\n\n(a)Expected volatility is based on term-matched historical volatility.\n\nA summary of performance-based RSU activity including TSR awards during Fiscal 2026 is as follows:\n\nPerformance-based\nRSUs\n\nNumber of\nSharesWeighted-Average Grant Date Fair Value\n\n (thousands)\n\nUnvested at March 29, 2025\n637 $134.69 \n\nGranted86 344.24 \n\nChange due to performance and/or market condition achievement244 105.31 \n\nVested(498)106.01 \n\nForfeited(4)148.14 \n\nUnvested at March 28, 2026\n465 $188.31 \n\nPerformance-based\nRSUs\n\nTotal unrecognized compensation expense at March 28, 2026 (millions)\n$31.0 \n\nWeighted-average period expected to be recognized over (years)1.4\n\nF-45\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nAdditional information pertaining to performance-based RSU activity including TSR awards is as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\nPerformance-based RSUs:\n\nWeighted-average grant date fair value of awards granted$344.24 $182.12 $129.38 \n\nTotal fair value of awards vested (millions)$136.6 $52.2 $— \n\n18.    Employee Benefit Plans\n\nDefined Contribution Plans\n\nThe Company sponsors defined contribution benefit plans covering substantially all eligible employees in the U.S. and Puerto Rico who are not covered by a collective bargaining agreement. The plans include a savings plan feature under Section 401(k) of the Internal Revenue Code. The Company makes matching contributions to the plans equal to 50% of the first 6% of salary contributed by an eligible employee. Additionally, the Company makes a supplemental matching contribution for plan years in which the Company achieves a \"target or above\" performance level based on certain goals established at the beginning of each fiscal year, increasing the matching contribution to between 67% and 100% depending on the performance level achieved, of the first 6% of salary contributed by eligible employees, not to exceed the maximum contribution permitted by the plan.\n\nUnder the terms of the plans, a participant becomes 100% vested in the Company's matching contributions after five years of credited service. Contributions made by the Company under these plans were $19.6 million, $15.6 million, and $10.0 million in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.\n\nInternational Defined Benefit Plans\n\nThe Company sponsors certain single-employer defined benefit plans and cash balance plans at international locations which are not considered to be material individually or in the aggregate to the Company's financial statements. Pension benefits under these plans are based on formulas that reflect the employees' years of service and compensation levels during their employment period.\n\nThe aggregate funded status of the single-employer defined benefit plans reflected net liabilities of $3.9 million and $5.7 million as of March 28, 2026 and March 29, 2025, respectively, and were primarily recorded within other non-current liabilities in the consolidated balance sheets. These single-employer defined benefit plans had aggregate fair values of plan assets of $67.0 million and aggregate projected benefit obligations of $70.9 million as of March 28, 2026, compared to aggregate fair values of plan assets of $53.9 million and aggregate projected benefit obligations of $59.6 million as of March 29, 2025. The asset portfolio of the single-employer defined benefit plans primarily consists of fixed income and equity securities, which have been measured at fair value largely using Level 2 inputs, as described in Note 11.\n\nNet pension expense for these plans was $5.9 million, $5.0 million, and $5.0 million in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. The service cost component of $6.4 million, $5.9 million, and $5.1 million in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, was recorded within SG&A expenses in the consolidated statements of operations. All other components of net pension expense during the fiscal years presented were recorded within other income (expense), net, in the consolidated statement of operations.\n\nF-46\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n19.    Segment Information\n\nThe Company has three reportable segments based on its business activities and organization:\n\n•North America — The North America segment primarily consists of sales of Ralph Lauren branded apparel, handbags, footwear & accessories, home, and related products made through the Company's retail and wholesale businesses primarily in the U.S. and Canada. In North America, the Company's retail business is primarily comprised of its Ralph Lauren stores, its outlet stores, and its digital commerce sites, www.RalphLauren.com and www.RalphLauren.ca. The Company's wholesale business in North America is comprised primarily of sales to department stores and, to a lesser extent, specialty stores.\n\n•Europe — The Europe segment primarily consists of sales of Ralph Lauren branded apparel, handbags, footwear & accessories, home, and related products made through the Company's retail and wholesale businesses in Europe and emerging markets. In Europe, the Company's retail business is primarily comprised of its Ralph Lauren stores, its outlet stores, its concession-based shop-within-shops, and its various digital commerce sites. The Company's wholesale business in Europe is comprised primarily of a varying mix of sales to both department stores and specialty stores, depending on the country, as well as to various third-party digital and licensee partners.\n\n•Asia — The Asia segment primarily consists of sales of Ralph Lauren branded apparel, handbags, footwear & accessories, home, and related products made through the Company's retail and wholesale businesses in Asia, Australia, and New Zealand. The Company's retail business in Asia is primarily comprised of its Ralph Lauren stores, its outlet stores, its concession-based shop-within-shops, and its various digital commerce sites. In addition, the Company sells its products online through various third-party digital partner commerce sites. The Company's wholesale business in Asia is comprised primarily of sales to department stores and various third-party digital and licensee partners.\n\nNo operating segments were aggregated to form the Company's reportable segments. In addition to these reportable segments, the Company also has other non-reportable segments, which primarily consist of Ralph Lauren and Chaps branded royalty revenues earned through its global licensing alliances.\n\nThe Company's segment reporting structure is consistent with how it establishes its overall business strategy, allocates resources, and assesses performance of its business. The accounting policies of the Company's segments are consistent with those described in Notes 2 and 3. Sales and transfers between segments are generally recorded at cost and treated as transfers of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company's CODM, who is its President and Chief Executive Officer, assesses segment performance and allocates resources based upon net revenues and operating income before restructuring-related charges, impairment of assets, and certain other non-routine items, if any. In addition, the Company's CODM is regularly provided each segment's gross profit and total SG&A expenses, as well as SG&A expense by category at the consolidated level. Certain corporate overhead expenses related to global functions, most notably the Company's executive office, information technology, finance and accounting, human resources, and legal departments, largely remain at corporate. Additionally, other costs that cannot be allocated to the segments based on specific usage are also maintained at corporate, including corporate marketing and advertising expenses, depreciation and amortization of corporate assets, and other general and administrative expenses resulting from corporate-level activities and projects. Asset information by segment is not utilized by the CODM for purposes of assessing performance or allocating resources, and therefore such information has not been presented.\n\nF-47\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nNet revenues, significant expenses, and segment operating income for each of the Company's segments are as follows:\n\n \nFiscal Year Ended March 28, 2026\n\n North AmericaEuropeAsiaOther non-reportable segmentsTotal\n\n (millions)\n\nNet revenues, significant expenses, and segment operating income:\n\nNet revenues$3,329.6 $2,538.9 $2,103.5 $142.5 $8,114.5 \n\nCost of goods sold(1,310.0)(801.5)(393.9)— (2,505.4)\n\nSelling, general, and administrative expenses(a)\n(1,295.4)(1,032.8)(1,132.4)(18.7)(3,479.3)\n\nTotal segment operating income$724.2 $704.6 $577.2 $123.8 $2,129.8 \n\nReconciliation of segment operating income to consolidated operating income and income before income taxes:\n\nCorporate expenses, net\n$(832.5)\n\nRestructuring and other charges, net(b)\n(118.1)\n\nOperating income1,179.2 \n\nNon-operating income (expense), net(1.5)\n\nIncome before income taxes$1,177.7 \n\n \nFiscal Year Ended March 29, 2025\n\n North AmericaEuropeAsiaOther non-reportable segmentsTotal\n\n (millions)\n\nNet revenues, significant expenses, and segment operating income:\n\nNet revenues$3,050.1 $2,174.9 $1,709.4 $144.6 $7,079.0 \n\nCost of goods sold(1,184.8)(733.1)(355.7)— (2,273.6)\n\nSelling, general, and administrative expenses(a)\n(1,225.2)(875.6)(940.5)(18.8)(3,060.1)\n\nTotal segment operating income$640.1 $566.2 $413.2 $125.8 $1,745.3 \n\nReconciliation of segment operating income to consolidated operating income and income before income taxes:\n\nCorporate expenses, net\n$(755.4)\n\nRestructuring and other charges, net(b)\n(57.8)\n\nOperating income932.1 \n\nNon-operating income (expense), net18.6 \n\nIncome before income taxes$950.7 \n\n \nFiscal Year Ended March 30, 2024\n\n North AmericaEuropeAsiaOther non-reportable segmentsTotal\n\n (millions)\n\nNet revenues, significant expenses, and segment operating income:\n\nNet revenues$2,950.5 $1,968.0 $1,566.6 $146.3 $6,631.4 \n\nCost of goods sold(1,211.8)(710.5)(338.6)— (2,260.9)\n\nSelling, general, and administrative expenses(a)\n(1,189.8)(792.9)(892.1)(17.4)(2,892.2)\n\nTotal segment operating income$548.9 $464.6 $335.9 $128.9 $1,478.3 \n\nReconciliation of segment operating income to consolidated operating income and income before income taxes:\n\nCorporate expenses, net\n$(647.0)\n\nRestructuring and other charges, net(b)\n(74.9)\n\nOperating income756.4 \n\nNon-operating income (expense), net21.0 \n\nIncome before income taxes$777.4 \n\nF-48\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\n(a)SG&A expenses include costs relating to compensation and benefits, marketing and advertising, rent and occupancy, distribution, depreciation and amortization, bad debt, and other selling and administrative costs.\n\n(b)The fiscal years presented included certain restructuring and other charges, net (see Note 8) that are excluded from the segment profitability measure utilized by the CODM, which are detailed below:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nRestructuring and other charges, net:\n\nNorth America-related$(7.6)$(0.6)$(6.6)\n\nEurope-related(1.2)(3.4)(3.9)\n\nAsia-related(3.5)(2.6)(7.6)\n\nOther non-reportable segment-related— (0.1)(0.6)\n\nCorporate operations-related (13.6)(13.7)(37.1)\n\nRestructuring charges, net(25.9)(20.4)(55.8)\n\nOther charges (see Note 8)\n(92.2)(37.4)(19.1)\n\nTotal restructuring and other charges, net$(118.1)$(57.8)$(74.9)\n\nThe following tables summarize depreciation and amortization expense and capital expenditures for each of the Company's segments:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nDepreciation and amortization expense:\n\nNorth America$81.0 $81.5 $81.1 \n\nEurope38.9 35.7 36.9 \n\nAsia57.7 52.6 52.4 \n\nCorporate55.4 49.8 58.6 \n\nTotal depreciation and amortization expense\n$233.0 $219.6 $229.0 \n\nFiscal Years Ended\n\nMarch 28,\n2026March 29,\n2025March 30,\n2024\n\n(millions)\n\nCapital expenditures:\n\nNorth America$209.2 $58.5 $55.5 \n\nEurope38.3 28.6 25.2 \n\nAsia61.1 59.0 49.0 \n\nCorporate99.5 70.1 35.1 \n\nTotal capital expenditures$408.1 $216.2 $164.8 \n\nF-49\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nNet revenues and long-lived assets by geographic location of the reporting subsidiary are as follows:\n\n Fiscal Years Ended\n\n March 28,\n2026March 29,\n2025March 30,\n2024\n\n (millions)\n\nNet revenues(a):\n\nThe Americas(b)\n$3,495.1 $3,215.1 $3,122.2 \n\nEurope(c)\n2,515.8 2,154.5 1,942.6 \n\nAsia(d)\n2,103.6 1,709.4 1,566.6 \n\nTotal net revenues$8,114.5 $7,079.0 $6,631.4 \n\n March 28,\n2026March 29,\n2025\n\n (millions)\n\nLong-lived assets(a):\n\nThe Americas(b)\n$1,335.7 $1,079.2 \n\nEurope(c)\n662.2 493.4 \n\nAsia(d)\n372.3 286.9 \n\nTotal long-lived assets$2,370.2 $1,859.5 \n\n(a)For certain of the Company's licensed operations, net revenues and long-lived assets, which is comprised of property and equipment and lease ROU assets, are included within the geographic location of the reporting subsidiary which holds the respective license.\n\n(b)Includes the U.S., Canada, and Latin America. Net revenues earned in the U.S. were $3.304 billion, $3.047 billion, and $2.971 billion in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Long-lived assets located in the U.S. were $1.314 billion and $1.056 billion as of March 28, 2026 and March 29, 2025, respectively.\n\n(c)Includes the Middle East.\n\n(d)Includes Australia and New Zealand.\n\n20.    Additional Financial Information\n\nReconciliation of Cash, Cash Equivalents, and Restricted Cash\n\nA reconciliation of cash, cash equivalents, and restricted cash as of March 28, 2026 and March 29, 2025 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:\n\n March 28,\n2026March 29,\n2025\n\n (millions)\n\nCash and cash equivalents$1,988.0 $1,922.5 \n\nRestricted cash included within prepaid expenses and other current assets1.4 1.4 \n\nRestricted cash included within other non-current assets5.3 5.5 \n\nTotal cash, cash equivalents, and restricted cash$1,994.7 $1,929.4 \n\nRestricted cash relates to cash held in escrow with certain banks as collateral, primarily to secure guarantees in connection with certain international tax matters and real estate leases.\n\nF-50\n\nRALPH LAUREN CORPORATION\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)\n\nCash Paid for Interest\n\nCash paid for interest was $46.5 million, $41.4 million, and $40.5 million in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.\n\nNon-cash Transactions\n\nOperating lease ROU assets recorded in connection with the recognition of new lease liabilities were $532.0 million, $270.3 million, and $126.5 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Finance lease ROU assets recorded in connection with the recognition of new lease liabilities were $1.6 million, $2.1 million, and $0.5 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Additionally, during Fiscal 2024, $27.1 million of finance lease ROU assets were reclassified and reflected as operating lease ROU assets as a result of certain executed lease amendments.\n\nNon-cash investing activities also included capital expenditures incurred but not yet paid of $43.0 million, $31.0 million, and $26.7 million as of the end of Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.\n\nNon-cash financing activities included the conversion of 3.0 million shares of Class B common stock into an equal number of shares of Class A common stock during Fiscal 2024, as discussed in Note 15.\n\nThere were no other significant non-cash investing or financing activities for any of the fiscal years presented.\n\nF-51\n\nMANAGEMENT'S REPORT ON RESPONSIBILITY FOR FINANCIAL STATEMENTS\n\nThe management of Ralph Lauren Corporation is responsible for the preparation, objectivity, and integrity of the consolidated financial statements and other information contained in this Annual Report. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and include some amounts that are based on management's informed judgments and best estimates.\n\nThese consolidated financial statements have been audited by Ernst & Young LLP in Fiscal 2026, Fiscal 2025, and Fiscal 2024, which is an independent registered public accounting firm. They conducted their audits in accordance with the standards of the Public Company Accounting Oversight Board (United States) and have expressed herein their unqualified opinions on those financial statements.\n\nThe Audit Committee of the Board of Directors, which oversees all of the Company's financial reporting process on behalf of the Board of Directors, consists solely of independent directors, meets with the independent registered accountants, internal auditors, and management periodically to review their respective activities and the discharge of their respective responsibilities. Both the independent registered public accountants and the internal auditors have unrestricted access to the Audit Committee, with or without management, to discuss the scope and results of their audits and any recommendations regarding the system of internal controls.\n\nMay 21, 2026\n\n \n\n/s/ PATRICE LOUVET\n/S/ JUSTIN M. PICICCI     \n\nPatrice LouvetJustin M. Picicci\n\nPresident and Chief Executive OfficerChief Financial Officer\n\n(Principal Executive Officer)(Principal Financial and Accounting Officer)\n\nF-52\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Shareholders and the Board of Directors of Ralph Lauren Corporation\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Ralph Lauren Corporation (the Company) as of March 28, 2026 and March 29, 2025, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended March 28, 2026, and the related notes (collectively referred to as the \"consolidated financial statements\"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at March 28, 2026 and March 29, 2025, and the results of its operations and its cash flows for each of the three years in the period ended March 28, 2026, in conformity with U.S. generally accepted accounting principles.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of March 28, 2026, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated May 21, 2026 expressed an unqualified opinion thereon.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nCritical Audit Matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\nEnd-of-season Markdowns\n\nDescription of the Matter\nAs disclosed in Note 3 of the consolidated financial statements, estimates for end-of-season markdowns are based on historical trends, actual and forecasted seasonal results, an evaluation of current economic and market conditions, retailer performance, and, in certain cases, contractual terms.\n\nAuditing management's estimates for end-of-season markdowns was complex and judgmental as reserve amounts are sensitive to changes in market or economic conditions and have a direct, material impact on the amount of net revenue recognized by the Company. There is also significant estimation required to establish markdown reserve rates by brand and customer, which are based on the Company's review of the seasonal negotiations with each customer and the expected performance of the products in the customers' stores.\n\nF-53\n\nHow We Addressed the Matter in Our Audit\nWe obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company's process to calculate the end-of-season markdowns, including the consideration of historical experience, actual and forecasted seasonal results, current economic and market conditions, retailer performance, and contractual terms as applicable.\n\n \n\nTo test the estimates for end-of-season markdowns, we performed audit procedures that included, among others, assessing methodologies and testing the assumptions regarding seasonal negotiations with each customer which include the application of market and economic conditions to individual customers and the expected performance of the products in the customers' stores that were used by the Company to calculate the projected markdown allowances to be issued upon settlement. We compared the significant assumptions used by management to current market and economic trends, historical results and other relevant factors. We assessed the historical accuracy of management's estimates and performed sensitivity analyses of significant assumptions to substantively test the changes in the estimates that would result from reasonable changes in the assumptions.\n\nEstimated Net Realizable Value of Inventory\n\nDescription of the Matter\nAs of March 28, 2026, the Company's net inventory balance was $1.014 billion. As described in Note 3 to the consolidated financial statements, the valuation of inventory requires management to make assumptions and judgments about the recoverability of inventory and its estimated net realizable value.\n\nThe estimated net realizable value of inventory is determined based on an analysis of historical sales trends, market trends and economic conditions, future sales forecasts, on-hand inventory quantities, and consideration of the value of existing customer orders for future sales of inventory. Given the importance of inventory to the Company's operations and the materiality of the balance, coupled with the judgment involved in estimating future sales, auditing management's estimated net realizable value involved a higher extent of testing and the involvement of more senior members of the engagement team in executing, supervising and reviewing the results of the procedures.\n\nHow We Addressed the Matter in Our Audit\nWe obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the process to determine the estimated net realizable value of inventory, including controls over the inputs and assumptions used in management's calculation as described above.\n\nOur audit procedures to test the estimated net realizable value of inventory included, among others, evaluating the appropriateness of management's inputs to the calculation, including testing the completeness and accuracy of the data used in management's calculation such as historical sales activity and loss rates for each class of inventory, write-off activity, on-hand inventory levels and inventory aging. To evaluate management's ability to accurately estimate future sales projections, which is also a key factor in the determination of the reserve, we retrospectively reviewed actual sales compared to projections. We also tested the mathematical accuracy of the Company's calculation.\n\n/s/ Ernst & Young LLP\n\nWe have served as the Company's auditor since 2008.\n\nNew York, New York\n\nMay 21, 2026\n\nF-54\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Shareholders and the Board of Directors of Ralph Lauren Corporation\n\nOpinion on Internal Control Over Financial Reporting\n\nWe have audited Ralph Lauren Corporation's internal control over financial reporting as of March 28, 2026, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Ralph Lauren Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of March 28, 2026, based on the COSO criteria.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of March 28, 2026 and March 29, 2025, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the three years in the period ended March 28, 2026, and the related notes and our report dated May 21, 2026 expressed an unqualified opinion thereon.\n\nBasis for Opinion\n\nThe Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.\n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.\n\nDefinition and Limitations of Internal Control Over Financial Reporting\n\nA company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\n\n/s/ Ernst & Young LLP\n\nNew York, New York\n\nMay 21, 2026\n\nF-55"}