Shareholders' Equity (Tables)

3 Months Ended

Jun. 26, 2021

Changes in Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes

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.