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Leases
 12 Months Ended
Apr. 02, 2022
Leases [Abstract]  
Leases Leases
The following table presents the Company’s supplemental balance sheets information related to leases (in millions):
Balance Sheet LocationApril 2,
2022		March 27,
2021
Assets
Operating leasesOperating lease right-of-use assets$1,358 $1,504 
Liabilities
Current:
Operating leasesShort-term portion of operating lease liabilities$414 $447 
Non-current:
Operating leasesLong-term portion of operating lease liabilities$1,467 $1,657 
The components of net lease costs for the fiscal year ended April 2, 2022 and March 27, 2021 were as follows (in millions):
Consolidated Statement of Operations and
Comprehensive Income (Loss) Location		April 2,
2022		March 27,
2021
Operating lease costSelling, general and administrative expenses$410 $432 
Variable lease cost (1)
Selling, general and administrative expenses135 69 
Short-term lease costSelling, general and administrative expenses16 15 
Sublease income (2)
Restructuring and other charges(5)(4)
Sublease incomeSelling, general and administrative expenses(3)(2)
Total lease cost, net$553 $510 
(1)The Company elected to account for rent concessions negotiated in connection with COVID-19 as if it were contemplated as part of the existing contract and these concessions are recorded as variable lease expense. As of the fiscal year ended April 2, 2022 and March 27, 2021, rent concessions due to COVID-19 were $15 million and $52 million, respectively.
(2)The Company recorded sublease income related to certain leases in connection with the Capri Retail Store Optimization plan.

The following table presents the Company’s supplemental cash flow information related to leases (in millions):
April 2,
2022		March 27,
2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$543 $488 
Non-cash transactions:
Lease assets obtained in exchange for new lease liabilities332 348 
Rent concessions due to COVID-1915 52 
The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheets as of April 2, 2022 and March 27, 2021:
April 2,
2022		March 27,
2021
Operating leases:
Weighted average remaining lease term (years)6.06.2
Weighted average discount rate3.1 %3.1 %
At April 2, 2022, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):
April 2,
2022
Fiscal 2023$482 
Fiscal 2024409 
Fiscal 2025325 
Fiscal 2026248 
Fiscal 2027174 
Thereafter426 
Total lease payments2,064 
Less: interest(183)
Total lease liabilities$1,881 
At April 2, 2022, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):
April 2,
2022
Fiscal 2023$7 
Fiscal 20246 
Fiscal 20256 
Fiscal 20264 
Fiscal 20274 
Thereafter10 
Total sublease income$37 
Additionally, the Company had approximately $49 million and $23 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of April 2, 2022 and March 27, 2021, respectively.
See Note 2 for additional information on the Company’s accounting policies related to leases.