Shareholders' Equity (Tables)

3 Months Ended

Jul. 01, 2023

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 1, 2023 and July 2, 2022, respectively (in millions):

	Foreign Currency Adjustments (1)		Net Gain on Derivatives (2)		Other Comprehensive Income Attributable to Capri
Balance at April 1, 2023	$	143	$	4	$	147
Other comprehensive loss before reclassifications	(7)		—		(7)
Less: amounts reclassified from AOCI to earnings	—		3		3
Other comprehensive loss, net of tax	(7)		(3)		(10)
Balance at July 1, 2023	$	136	$	1	$	137
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

(1)Foreign currency translation adjustments for the three months ended July 1, 2023 primarily include a $58 million loss, net of taxes of $21 million, relating to the Company’s net investment and fair value hedges partially offset by a net $51 million translation gain. 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.

(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.