Shareholders' Equity

9 Months Ended

Dec. 28, 2019

Shareholders’ Equity

Share Repurchase Program

During the nine months ended December 28, 2019, the Company repurchased 2,711,807 shares through open market transactions at a cost of $100 million under its new $500 million share-repurchase program, which was authorized by the Company’s Board of Directors on August 1, 2019 and which expires on August 1, 2021. During the nine months ended December 29, 2018, the Company repurchased 3,718,237 shares through open market transactions at a cost of $200 million under its previous $1.0 billion share-repurchase program, which expired on May 25, 2019. As of December 28, 2019, the remaining availability under the Company’s share repurchase program was $400 million. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading under the Company’s insider trading policy and other relevant factors. The program may be suspended or discontinued at any time.

The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain executive officers and directors to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards. During the nine month periods ended December 28, 2019 and December 29, 2018, the Company withheld 63,958 shares and 107,712 shares, respectively, with a fair value of $2 million and $7 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards.

Accumulated Other Comprehensive Income (Loss)

The following table details changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes for the nine months ended December 28, 2019 and December 29, 2018, respectively (in millions):


	Foreign Currency Translation Gains (Losses) ⁽¹⁾		Net (Losses) Gains on Derivatives ⁽²⁾		Other Comprehensive Income (Loss) Attributable to Capri
Balance at March 31, 2018	$	61	$	(10)	$	51
Other comprehensive (loss) income before reclassifications	(160)		11		(149)
Less: amounts reclassified from AOCI to earnings	—		(5)		(5)
Other comprehensive (loss) income, net of tax	(160)		16		(144)
Balance at December 29, 2018	$	(99)	$	6	$	(93)

Balance at March 30, 2019	$	(73)	$	7	$	(66)
Other comprehensive income before reclassifications	40		4		44
Less: amounts reclassified from AOCI to earnings	—		7		7
Other comprehensive income (loss), net of tax	40		(3)		37
Balance at December 28, 2019	$	(33)	$	4	$	(29)

⁽¹⁾Foreign currency translation gains and losses for the nine months ended December 28, 2019 include net gains of $3 million on intra-entity transactions that are of a long-term investment nature, a $4 million translation loss relating to the inclusion of the Versace business and a $44 million gain, net of taxes of $9 million, relating to the Company’s net investment hedges. Foreign currency translation gains and losses for the nine months ended December 29, 2018 include net gains of $10 million on intra-entity transactions that are of a long-term investment nature, a $139 million translation loss relating to the inclusion of the Jimmy Choo business and a $13 million gain, net of taxes of $3 million, relating to the Company’s net investment hedges.

⁽²⁾Reclassified amounts relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive income. All tax effects were not material for the periods presented.