Answer the following questions, show step by step of how it was answered. Include needed calculations.
RALPH LAUREN CORPORATION CONSOLIDATED BALANCE SHEETS March 28, 2020 March 30, 2019 (millions) ASSETS Current assets: Cash and cash equivalents $ 1,620.4 $ 584.1 Short-term investments 495.9 1,403.4 Accounts receivable, net of allowances of $276.2 million and $192.2 million 277.1 398.1 Inventories 736.2 817.8 Income tax receivable 84.8 32.1 Prepaid expenses and other current assets 160.8 359.3 Total current assets 3,375.2 3,594.8 Property and equipment, net 979.5 1,039.2 Operating lease right-of-use assets 1,511.6 — Deferred tax assets 245.2 67.0 Goodwill 915.5 919.6 Intangible assets, net 141.0 163.7 Other non-current assets 111.9 158.5 Total assets $ 7,279.9 $ 5,942.8 LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 475.0 $ — Current portion of long-term debt 299.6 — Accounts payable 246.8 202.3 Income tax payable 65.1 29.4 Current operating lease liabilities 288.4 — Deferred income 14.6 14.8 Accrued expenses and other current liabilities 702.5 953.6 Total current liabilities 2,092.0 1,200.1 Long-term debt 396.4 689.1 Long-term operating lease liabilities 1,568.3 — Income tax payable 132.7 146.7 Non-current liability for unrecognized tax benefits 88.9 78.8 Other non-current liabilities 308.5 540.9 Commitments and contingencies (Note 15) Total liabilities 4,586.8 2,655.6 Equity: Class A common stock, par value $.01 per share; 104.9 million and 102.9 million shares issued 1.0 1.0 Additional paid-in-capital 2,594.7 2,494.1 Retained earnings 5,994.0 5,979.1 Treasury stock, Class A, at cost; 57.3 million and 50.7 million shares (5,778.4 ) (5,083.6 ) Accumulated other comprehensive loss (118.2 ) (103.4 ) Total equity 2,693.1 3,287.2 Total liabilities and equity $ 7,279.9 $ 5,942.8 RALPH LAUREN CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS Fiscal Years Ended March 28, 2020 March 30, 2019 March 31, 2018 (millions, except per share data) Net revenues $ 6,159.8 $ 6,313.0 $ 6,182.3 Cost of goods sold (2,506.5 ) (2,427.0 ) (2,430.6 ) Gross profit 3,653.3 3,886.0 3,751.7 Selling, general, and administrative expenses (3,237.5 ) (3,168.3 ) (3,095.5 ) Impairment of assets (31.6 ) (25.8 ) (50.0 ) Restructuring and other charges (67.2 ) (130.1 ) (108.0 ) Total other operating expenses, net (3,336.3 ) (3,324.2 ) (3,253.5 ) Operating income 317.0 561.8 498.2 Interest expense (17.6 ) (20.7 ) (18.2 ) Interest income 34.4 40.8 12.3 Other income (expense), net (7.4 ) 0.6 (3.1 ) Income before income taxes 326.4 582.5 489.2 Income tax benefit (provision) 57.9 (151.6 ) (326.4 ) Net income $ 384.3 $ 430.9 $ 162.8 Net income per common share: Basic $ 5.07 $ 5.35 $ 1.99 Diluted $ 4.98 $ 5.27 $ 1.97 Weighted-average common shares outstanding: Basic 75.8 80.6 81.7 Diluted 77.2 81.7 82.5 Dividends declared per share $ 2.75 $ 2.50 $ 2.00 RALPH LAUREN CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Fiscal Years Ended March 28, 2020 March 30, 2019 March 31, 2018 (millions) Net income $ 384.3 $ 430.9 $ 162.8 Other comprehensive income (loss), net of tax: Foreign currency translation gains (losses) (11.9 ) (39.2 ) 126.9 Net gains (losses) on cash flow hedges (2.2 ) 36.2 (30.6 ) Net gains (losses) on defined benefit plans (0.7 ) (1.9 ) 3.6 Other comprehensive income (loss), net of tax (14.8 ) (4.9 ) 99.9 Total comprehensive income $ 369.5 $ 426.0 $ 262.7 RALPH LAUREN CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Years Ended March 28, 2020 March 30, 2019 March 31, 2018 (millions) Cash flows from operating activities: Net income $ 384.3 $ 430.9 $ 162.8 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 269.5 281.3 295.2 Deferred income tax expense (benefit) (168.8 ) 8.5 84.1 Loss on sale of property — 11.6 — Non-cash stock-based compensation expense 100.6 88.6 74.5 Non-cash impairment of assets, including equity method investment 38.7 25.8 50.0 Other non-cash charges 56.4 6.9 11.9 Changes in operating assets and liabilities: Accounts receivable 57.6 10.1 34.5 Inventories 72.3 (83.6 ) 65.4 Prepaid expenses and other current assets 58.2 (40.5 ) (15.1 ) Accounts payable and accrued liabilities (64.3 ) (4.7 ) 64.6 Income tax receivables and payables (42.5 ) 13.9 166.5 Other balance sheet changes (7.4 ) 35.7 (19.3 ) Net cash provided by operating activities 754.6 783.8 975.1 Cash flows from investing activities: Capital expenditures (270.3 ) (197.7 ) (161.6 ) Purchases of investments (1,289.7 ) (3,030.8 ) (1,605.6 ) Proceeds from sales and maturities of investments 2,240.4 2,357.5 1,582.7 Acquisitions and ventures 0.9 (4.5 ) (4.6 ) Proceeds from sale of property 20.8 20.0 — Settlement of net investment hedges — (23.8 ) — Net cash provided by (used in) investing activities 702.1 (879.3 ) (189.1 ) Cash flows from financing activities: Proceeds from credit facilities 475.0 — 10.1 Repayments of borrowings on credit facilities — (9.9 ) — Proceeds from the issuance of long-term debt — 398.1 — Repayments of long-term debt — (300.0 ) — Payments of finance lease obligations (13.6 ) (19.6 ) (28.2 ) Payments of dividends (203.9 ) (190.7 ) (162.4 ) Repurchases of common stock, including shares surrendered for tax withholdings (694.8 ) (502.6 ) (17.1 ) Proceeds from exercise of stock options — 21.8 0.1 Other financing activities (0.9 ) (2.8 ) — Net cash used in financing activities (438.2 ) (605.7 ) (197.5 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (15.2 ) (27.8 ) 55.2 Net increase (decrease) in cash, cash equivalents, and restricted cash 1,003.3 (729.0 ) 643.7 Cash, cash equivalents, and restricted cash at beginning of period 626.5 1,355.5 711.8 Cash, cash equivalents, and restricted cash at end of period $ 1,629.8 $ 626.5 $ 1,355.5 RALPH LAUREN CORPORATION (PARTIAL) CONSOLIDATED STATEMENTS OF EQUITY Additional Treasury Stock Common Stock Paid-in Retained at Cost Total Shares Amount Capital Earnings Shares Amount AOCI Equity (amounts in millions) Balance at March 30, 2019 128.8 $ 1.3 $ 2,493.8 $ 5,979.1 50.7 $ (5,083.6 ) $ (103.4 ) $ 3,287.2 Comprehensive income: Net income 384.3 Other comprehensive loss