Shareholders' Equity (Tables)

3 Months Ended

Jul. 02, 2022

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 three months ended July 2, 2022 and June 26, 2021, respectively (in millions):

	Foreign Currency Adjustments (1)		Net Gains (Losses) on Derivatives (2)		Other Comprehensive Income (Loss) Attributable to Capri
Balance at April 2, 2022	$	184	$	10	$	194
Other comprehensive (loss) income before reclassifications	(107)		6		(101)
Less: amounts reclassified from AOCI to earnings	—		4		4
Other comprehensive (loss) income, net of tax	(107)		2		(105)
Balance at July 2, 2022	$	77	$	12	$	89
Balance at March 27, 2021	$	57	$	(1)	$	56
Other comprehensive income (loss) before reclassifications	91		(1)		90
Less: amounts reclassified from AOCI to earnings	—		(1)		(1)
Other comprehensive income, net of tax	91		—		91
Balance at June 26, 2021	$	148	$	(1)	$	147

(1)Foreign currency translation adjustments for the three months ended July 2, 2022 primarily include a $151 million gain, net of taxes of $62 million, relating to the Company’s net investment hedges, and a net $253 million translation loss. Foreign currency translation adjustments for the three months ended June 26, 2021 primarily include a $64 million gain, net of taxes of $19 million, relating to the Company’s net investment hedges, in addition to a net $27 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.