Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

Activity and Balances of Sales Reserves

The following table details the activity and balances of the Company’s sales reserves for the fiscal years ended April 1, 2023, April 2, 2022, and March 27, 2021 (in millions):

	Balance Beginning of Year		Amounts Charged to Revenue		Write-offs Against Reserves		Balance at Year End
Total Sales Reserves:
Fiscal Year Ended April 1, 2023	$	92	$	400	$	(397)	$	95
Fiscal Year Ended April 2, 2022	98		333		(339)		92
Fiscal Year Ended March 27, 2021	166		313		(381)		98

Schedule of Cash and Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash as of April 1, 2023 and April 2, 2022 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:

	Fiscal Years Ended
	April 1, 2023		April 2, 2022
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	249	$	169
Restricted cash included within prepaid expenses and other current assets	7		3
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	256	$	172

Restrictions on Cash and Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash as of April 1, 2023 and April 2, 2022 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:

	Fiscal Years Ended
	April 1, 2023		April 2, 2022
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	249	$	169
Restricted cash included within prepaid expenses and other current assets	7		3
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	256	$	172

Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share

The components of the calculation of basic net income (loss) per ordinary share and diluted net income (loss) per ordinary share are as follows (in millions, except share and per share data):

	Fiscal Years Ended
	April 1, 2023		April 2, 2022		March 27, 2021
Numerator:
Net income (loss) attributable to Capri	$	616	$	822	$	(62)
Denominator:
Basic weighted average shares	132,532,009		149,724,675		150,453,568
Weighted average dilutive share equivalents:
Share options, restricted stock units, and performance restricted stock units	1,470,471		2,773,232		—
Diluted weighted average shares	134,002,480		152,497,907		150,453,568
Basic net income (loss) per share (1)	$	4.65	$	5.49	$	(0.41)
Diluted net income (loss) per share (1)	$	4.60	$	5.39	$	(0.41)

(1)Basic and diluted net income (loss) per share are calculated using unrounded numbers.