Current Assets and Current Liabilities

6 Months Ended

Sep. 25, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Current Assets and Current Liabilities

Current Assets and Current LiabilitiesPrepaid expenses and other current assets consist of the following (in millions):

	September 25, 2021		March 27, 2021
Prepaid taxes	$	116	$	133
Interest receivable related to net investment hedges	21		12
Prepaid contracts	17		11
Other accounts receivables	16		13
Other	44		36
	$	214	$	205

Accrued expenses and other current liabilities consist of the following (in millions):

	September 25, 2021		March 27, 2021
Other taxes payable	$	65	$	46
Return liabilities	48		46
Accrued advertising and marketing	18		11
Accrued rent (1)	17		20
Accrued capital expenditures	17		17
Professional services	14		13
Accrued litigation	14		12
Accrued purchases and samples	13		8
Gift cards and retail store credits	13		12
Accrued interest	9		10
Restructuring liability	4		9
Charitable donations (2)	—		20
Other	67		73
	$	299	$	297

(1)The accrued rent balance relates to variable lease payments.

(2)Relates to a $20 million unconditional pledge to The Capri Holdings Foundation for the Advancement of Diversity in Fashion as of March 27, 2021 which was funded during the quarter ended September 25, 2021.