Fair Value Measurements (Tables)

6 Months Ended

Sep. 25, 2021

Fair Value Disclosures [Abstract]

Schedule of 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 September 25, 2021 using:						Fair value at March 27, 2021 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	$	—	$	4	$	—	$	—	$	2	$	—
Net investment hedges	—		33		—		—		3		—
Total derivative assets	$	—	$	37	$	—	$	—	$	5	$	—
Derivative liabilities:
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	—	$	1	$	—
Net investment hedges	—		118		—		—		263		—
Interest rate swap	—		—		—		—		1		—
Undesignated forward currency exchange contracts	—		—		—		—		—		—
Total derivative liabilities	$	—	$	118	$	—	$	—	$	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):

	September 25, 2021				March 27, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior Notes due 2024	$	447	$	476	$	447	$	470
Term Loan	$	644	$	641	$	865	$	866
Revolving Credit Facilities	$	—	$	—	$	—	$	—

Schedule of Long-lived Assets, Nonrecurring

The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and six months ended September 25, 2021 and three and six months ended September 26, 2020 (in millions):

	Three and Six Months Ended September 25, 2021						Three and Six Months Ended September 26, 2020
	Carrying Value Prior to Impairment		Fair Value		Impairment Charge		Carrying Value Prior to Impairment		Fair Value		Impairment Charge (1)
Operating Lease Right-of-Use Assets	$	83	$	53	$	30	$	46	$	26	$	20
Property and Equipment	4		1		3		5		3		2
Total	$	87	$	54	$	33	$	51	$	29	$	22

(1)     Includes $2 million of impairment charges that were recorded within restructuring and other charges related to the Capri Retail Store Optimization Program for both the three and six months ended September 26, 2020.