Current Assets and Current Liabilities (Tables)

9 Months Ended

Dec. 31, 2022

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 31, 2022		April 2, 2022
Prepaid taxes	$	162	$	86
Prepaid contracts	24		15
Other accounts receivables	9		17
Interest receivable related to net investment hedges	3		13
Other	45		61
Total prepaid expenses and other current assets	$	243	$	192

Schedule of Accrued Expenses and Other Current Liabilities

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

	December 31, 2022		April 2, 2022
Other taxes payable	$	81	$	61
Return liabilities	64		52
Accrued capital expenditures	51		39
Accrued advertising and marketing	32		21
Accrued rent (1)	21		20
Professional services	19		15
Gift cards and retail store credits	15		17
Accrued litigation	11		13
Accrued interest	8		10
Accrued purchases and samples	7		11
Charitable donations (2)	—		10
Other	104		82
Total accrued expenses and other current liabilities	$	413	$	351

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

(2)The charitable donations balance relates to a $10 million unconditional pledge to The Versace Foundation as of April 2, 2022 which was paid during the third quarter ended December 31, 2022.