Fair Value Measurements (Tables)

12 Months Ended

Mar. 27, 2021

Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy

All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):


	Fair value at March 27, 2021, using:						Fair value at March 28, 2020, using:
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivative assets:
Forward foreign currency exchange contracts	$	—	$	2	$	—	$	—	$	1	$	—
Net investment hedges	—		3		—		—		3		—

Total derivative assets	$	—	$	5	$	—	$	—	$	4	$	—

Derivative liabilities:
Forward foreign currency exchange contracts	$	—	$	1	$	—	$	—	$	—	$	—
Net investment hedges	—		263		—		—		—		—
Designated interest rate swaps	—		1		—		—		—		—
Total derivative liabilities	$	—	$	265	$	—	$	—	$	—	$	—

Fair Value Measurement of Long-term Debt

The following table summarizes the carrying values and estimated fair values of the Company’s short- and long-term debt, based on Level 2 measurements (in millions):


	March 27, 2021				March 28, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior Notes due 2024	$	447	$	470	$	446	$	443
Term Loan	$	865	$	866	$	1,010	$	957
Revolving Credit Facilities	$	—	$	—	$	720	$	720

Carrying Value and Fair Values of Impaired Long-Lived Assets

The following table details the carrying values and fair values of the Company’s assets that have been impaired (in millions):


	Carrying Value Prior to Impairment		Fair Value		Impairment Charge (1)
Fiscal 2021:
Operating Lease Right-of-Use Assets	$	326	$	191	$	135
Goodwill	319		225		94
Brands	407		338		69
Property and Equipment	30		7		23
Total	$	1,082	$	761	$	321

Fiscal 2020:
Operating Lease Right-of-Use Assets	$	717	$	437	$	280
Brands	547		367		180
Goodwill	474		303		171
Property and Equipment	105		28		77
Total	$	1,843	$	1,135	$	708

Fiscal 2019:
Property and Equipment	26		7		19
Lease Rights	3		1		2

Total	$	29	$	8	$	21

(1)Includes $5 million of impairment charges that were recorded within restructuring and other charges related to the Capri Retail Store Optimization Program during the Fiscal 2021.