Current Assets and Current Liabilities (Tables)

12 Months Ended

Apr. 01, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in millions):

	April 1, 2023		April 2, 2022
Prepaid taxes	$	105	$	86
Prepaid contracts	22		15
Interest receivable related to hedges	10		13
Other accounts receivables	10		17
Other	48		61
Total prepaid expenses and other current assets	$	195	$	192

Accrued Expenses and Other Current Liabilities

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

	April 1, 2023		April 2, 2022
Return liabilities	$	54	$	52
Accrued capital expenditures	33		39
Other taxes payable	32		61
Accrued advertising and marketing	26		21
Accrued rent (1)	18		20
Advance royalties	18		7
Accrued interest	16		10
Gift and retail store credits	14		17
Professional services	14		15
Accrued litigation	12		13
Accrued purchases and samples	8		11
Charitable donations (2)	—		10
Other	69		75
Total accrued expenses and other current liabilities	$	314	$	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 funded during the third quarter ended December 31, 2022.