Shareholders' Equity (Tables)

9 Months Ended

Dec. 31, 2022

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 31, 2022 and December 25, 2021, respectively (in millions):


	Foreign Currency Adjustments (1)		Net Gain (Loss) on Derivatives (2)		Other Comprehensive Income (Loss) Attributable to Capri
Balance at April 2, 2022	$	184	$	10	$	194
Other comprehensive (loss) income before reclassifications	(87)		8		(79)
Less: amounts reclassified from AOCI to earnings	—		10		10
Other comprehensive (loss) income, net of tax	(87)		(2)		(89)
Balance at December 31, 2022	$	97	$	8	$	105

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

(1)Foreign currency translation adjustments for the nine months ended December 31, 2022 primarily include a net $310 million translation loss partially offset by a $219 million gain, net of taxes of $113 million, relating to the Company’s net investment hedges. 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.

(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.