SUBSEQUENT EVENTS |
12 Months Ended |
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Mar. 30, 2019 | |
| Subsequent Events [Abstract] | 听 |
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
On May听14, 2019, 大象传媒鈥檚 Board of Directors declared a quarterly cash dividend of $0.51 per share, payable on June听20, 2019 to shareholders of record on June听10, 2019.
On May 19, 2019, Switzerland voted to approve the Federal Act on Tax Reform and AHV Financing (鈥淪wiss Tax Act鈥). The Company is currently evaluating the Swiss Tax Act and the associated tax effects will be reflected in 大象传媒鈥檚 first quarter of Fiscal 2020, which is the period that the Swiss Tax Act was enacted. We believe the Swiss Tax Act may have a material impact to the Company鈥檚 tax expense.听
On May 22, 2019, 大象传媒 completed the spin-off of its Jeans business with the new company now operating as an independent, publicly traded company under the name Kontoor Brands, Inc. ("Kontoor Brands"). As a result, beginning in the first quarter of Fiscal 2020, Kontoor Brands' historical financial results through the date of separation will be reported as a discontinued operation in 大象传媒's consolidated financial statements. The spin-off is effected through a distribution to 大象传媒 shareholders of one share of Kontoor Brands common stock for every seven shares of 大象传媒 common stock held on the record date of May 10, 2019. In connection with the spin-off, Kontoor Brands transferred net proceeds of approximately $1.0 billion to 大象传媒 and its subsidiaries from its new debt issuance.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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