Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 26, 2021

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash as of June 26, 2021 and March 27, 2021 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):

	June 26, 2021		March 27, 2021
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	356	$	232
Restricted cash included within prepaid expenses and other current assets	2		2
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	358	$	234

Restrictions on Cash and Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash as of June 26, 2021 and March 27, 2021 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):

	June 26, 2021		March 27, 2021
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	356	$	232
Restricted cash included within prepaid expenses and other current assets	2		2
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	358	$	234

Schedule of Net Lease Costs and Supplemental Cash Flow Information

The following table presents the Company’s supplemental cash flow information related to leases (in millions):

	Three Months Ended		Three Months Ended
	June 26, 2021		June 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases (1)	$	149	$	40

(1)Operating cash flows used in operating leases for the three months ended June 26, 2021 and June 27, 2020 excluded $4 million and $85 million, respectively, of rent payments that have been deferred due to the COVID-19 pandemic.

Schedule of Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share

The components of the calculation of basic net income (loss) per ordinary share and diluted net income (loss) per ordinary share are as follows (in millions, except share and per share data):

	Three Months Ended
	June 26, 2021		June 27, 2020
Numerator:
Net income (loss) attributable to Capri	$	219	$	(180)
Denominator:
Basic weighted average shares	151,312,103		149,556,310
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units	3,578,380		—
Diluted weighted average shares	154,890,483		149,556,310
Basic net income (loss) per share (1)	$	1.45	$	(1.21)
Diluted net income (loss) per share (1)	$	1.41	$	(1.21)

(1)Basic and diluted net income (loss) per share are calculated using unrounded numbers.