Shareholders' Equity (Tables)

9 Months Ended

Dec. 25, 2021

Equity [Abstract]

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 (“AOCI”), net of taxes, for the nine months ended December 25, 2021 and December 26, 2020, respectively (in millions):

	Foreign Currency Adjustments (1)		Net (Losses) Gains on Derivatives (2)		Other Comprehensive Income Attributable to Capri
Balance at March 27, 2021	$	57	$	(1)	$	56
Other comprehensive income before reclassifications	148		7		155
Less: amounts reclassified from AOCI to earnings	—		(2)		(2)
Other comprehensive income, net of tax	148		9		157
Balance at December 25, 2021	$	205	$	8	$	213
Balance at March 28, 2020	$	72	$	3	$	75
Other comprehensive income (loss) before reclassifications	26		(7)		19
Less: amounts reclassified from AOCI to earnings	—		3		3
Other comprehensive income (loss), net of tax	26		(10)		16
Balance at December 26, 2020	$	98	$	(7)	$	91

(1)Foreign currency translation adjustments for the nine months ended December 25, 2021 primarily include a $249 million gain, net of taxes of $78 million, relating to the Company’s net investment hedges, and a net $102 million translation loss. Foreign currency translation adjustments for the nine months ended December 26, 2020 primarily include a $198 million translation loss, net of taxes of $64 million, relating to the Company’s net investment hedges, which was offset by a net $227 million translation gain.

(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. All tax effects were not material for the periods presented.