Ralph Lauren Corporation is a global leader in the design, marketing, and distribution of premium lifestyle products, including men’s, women’s and children’s apparel. Below are selected financial statements taken from a recent 10-K filing.

Required:
Use the information in the financial statements to answer the following questions.
1. Does the company use the single-step or multiple-step format to present its income statements?
2. Does the company report restructuring costs (yes/no)? If so, how much?
3. Does the company report asset impairments (yes/no)? If so, how much?
4. What amount does the company report for nonoperating income?
5. Does the company chose to report comprehensive income in two consecutive statements or a combined statement?
6. What “other comprehensive items (OCI)” did the company report?
7. What is the amount of comprehensive income?

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RALPH LAUREN CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS Net revenues Cost of goods sold Gross profit Selling, general, and administrative expenses Impairment of assets Restructuring and other charges Total other operating expenses, net Operating income Interest expense Interest income Other income (expense), net Income before income taxes Income tax benefit (provision) Net income Net income per common share: Basic Diluted Fiscal Year Ended March 28, 2020 (millions, except per share data) $ 6,159.8 $ $ $ (2,506.5) 3,653.3 (3,237.5) (31.6) (67.2) (3,336.3) 317.0 (17.6) 34.4 (7.4) 326.4 57.9 384.3 5.07 4.98