Shareholders' Equity

3 Months Ended

Jun. 26, 2021

Shareholders’ Equity

Share Repurchase Program

During the first quarter of Fiscal 2022, the Company reinstated its $500 million share-repurchase program, which was previously suspended during the first quarter of Fiscal 2021 in response to the impact of the COVID-19 pandemic and the provisions of the Second Amendment of the 2018 Credit Facility. During the three months ended June 26, 2021, the Company purchased 921,080 shares for a total cost of approximately $50 million including commission, through open market transactions under the current plan. As of June 26, 2021, the remaining availability under the Company’s share repurchase program was $350 million. During the three months ended June 27, 2020, the Company did not purchase any shares through open market transactions under the current plan, as the Company's share-repurchase plan was suspended at that time. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading transactions 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 three month periods ended June 26, 2021 and June 27, 2020, the Company

withheld 167,070 shares and 38,119 shares, respectively, with a fair value of $9 million and $1 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 three months ended June 26, 2021 and June 27, 2020, 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 27, 2021	$	57	$	(1)	$	56
Other comprehensive income (loss) before reclassifications	91		(1)		90
Less: amounts reclassified from AOCI to earnings	—		(1)		(1)
Other comprehensive income, net of tax	91		—		91
Balance at June 26, 2021	$	148	$	(1)	$	147

Balance at March 28, 2020	$	72	$	3	$	75
Other comprehensive loss before reclassifications	(3)		—		(3)
Less: amounts reclassified from AOCI to earnings	—		1		1
Other comprehensive loss, net of tax	(3)		(1)		(4)
Balance at June 27, 2020	$	69	$	2	$	71

(1)Foreign currency translation gains and losses for the three months ended June 26, 2021 primarily include a net loss of $1 million on intra-entity transactions that are of a long-term investment nature, and a $64 million gain, net of taxes of $19 million, relating to the Company's net investment hedges, in addition to a net $27 million translation gain. Foreign currency translation gains and losses for the three months ended June 27, 2020 primarily include net gains of $1 million on intra-entity transactions that are of a long-term investment nature.

(2)Reclassified amounts primarily 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 (loss). All tax effects were not material for the periods presented.