Shareholders' Equity (Tables)

3 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of 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 June 29, 2024 and July 1, 2023, respectively (in millions):

	Foreign Currency Adjustments (1)		Net Gain on Derivatives (2)		Other Comprehensive Income Attributable to Capri
Balance at March 30, 2024	$	161	$	—	$	161
Other comprehensive loss before reclassifications	(29)		—		(29)
Less: amounts reclassified from AOCI to earnings	—		—		—
Other comprehensive loss, net of tax	(29)		—		(29)
Balance at June 29, 2024	$	132	$	—	$	132
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

(1)Foreign currency translation adjustments for the three months ended June 29, 2024 primarily include a $19 million loss, net of taxes of $7 million, relating to the Company’s net investment hedges, and a net $10 million translation loss. 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.

(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 (loss) income. All tax effects were not material for the periods presented.