Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 30, 2019

The following table details the activity and balances of the Company’s sales reserves for the fiscal years ended March 30, 2019, March 31, 2018, and April 1, 2017 (in millions):



	Balance Beginning of Year		Amounts Charged to Revenue		Write-offs Against Reserves			Balance at Year End
Retail
Return Reserves:
Fiscal year ended March 30, 2019	$	12	$	226	$	(223	)	$	15
Fiscal year ended March 31, 2018	7		161		(156		)	12
Fiscal year ended April 1, 2017	5		102		(100		)	7



	Balance Beginning of Year		Amounts Charged to Revenue		Write-offs Against Reserves			Balance at Year End
Wholesale
Total Sales Reserves:
Fiscal year ended March 30, 2019	$	109	$	262	$	(259	)	$	112
Fiscal year ended March 31, 2018	97		258		(246		)	109
Fiscal year ended April 1, 2017	111		271		(285		)	97

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 per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Numerator:
Net income attributable to Capri	$	543	$	592	$	553
Denominator:
Basic weighted average shares	149,765,468		152,283,586		165,986,733
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units	1,848,882		2,819,299		2,137,080
Diluted weighted average shares	151,614,350		155,102,885		168,123,813
Basic net income per share ⁽¹⁾	$	3.62	$	3.89	$	3.33
Diluted net income per share ⁽¹⁾	$	3.58	$	3.82	$	3.29

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

Schedule of Components of the Cumulative Adjustment for ASC 606

The below table details the components of the cumulative adjustment recorded on April 1, 2018 (in millions):



	March 31, 2018 As Reported under ASC 605		ASC 606 Adjustments				April 1, 2018 As Reported Under ASC 606
Receivables, net	$	290	$	4		⁽¹⁾	$	294
Accrued expenses and other current liabilities	296		(5		)	⁽²⁾	291
Deferred tax liabilities	186		2			⁽³⁾	188
Retained earnings	4,152		7				4,159


⁽¹⁾	Includes a $4 million adjustment related to product licensing revenue, which was previously recorded on a one-month lag and an immaterial amount of guaranteed advertising minimums recognized by product licensees on a straight-line basis over the contract year.


⁽²⁾	Relates to recognition of breakage revenue associated with gift card liabilities not subject to escheatment.


⁽³⁾	Relates to income tax effect of the above adjustments.