Current Assets and Current Liabilities (Tables)

9 Months Ended

Dec. 25, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in millions):

	December 25, 2021		March 27, 2021
Prepaid taxes	$	281	$	133
Other accounts receivables	18		13
Prepaid contracts	16		11
Interest receivable related to net investment hedges	7		12
Other	62		36
Total prepaid expenses and other current assets	$	384	$	205

Schedule of Accrued Expenses and Other Current Liabilities

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

	December 25, 2021		March 27, 2021
Other taxes payable	$	88	$	46
Return liabilities	65		46
Accrued capital expenditures	24		17
Accrued rent (1)	22		20
Accrued advertising and marketing	20		11
Professional services	16		13
Gift cards and retail store credits	16		12
Accrued litigation	14		12
Accrued purchases and samples	9		8
Accrued interest	4		10
Restructuring liability	4		9
Charitable donations (2)	—		20
Other	99		73
Total accrued expenses and other current liabilities	$	381	$	297

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

(2)The charitable donations balance 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 second quarter ended September 25, 2021.