XML 33 R21.htm IDEA: XBRL DOCUMENT v3.19.3
Shareholders' Equity
 6 Months Ended
Sep. 28, 2019
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
During the six months ended September 29, 2018, the Company repurchased 1,659,941 shares at a cost of $100 million through open market transactions under its $1.0 billion share-repurchase program, which expired on May 25, 2019. On August 1, 2019, the Company’s Board of Directors authorized a new $500 million share repurchase program, which expires August 1, 2021. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading under the Company’s insider trading policy and other relevant factors. The program may be suspended or discontinued at any time.
The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain executive officers and directors to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards. During the six month periods ended September 28, 2019 and September 29, 2018, the Company withheld 63,223 shares and 106,002 shares, respectively, with a fair value of $2 million and $7 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards.
Accumulated Other Comprehensive Income (Loss)
The following table details changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes for the six months ended September 28, 2019 and September 29, 2018, respectively (in millions):
 
Foreign
Currency
Translation
Gains (Losses) (1)
 
Net (Losses) Gains on
Derivatives (2)
 
Other Comprehensive Income (Loss) Attributable to Capri
Balance at March 31, 2018
$
61

 
$
(10
)
 
$
51

Other comprehensive (loss) income before reclassifications
(128
)
 
9

 
(119
)
Less: amounts reclassified from AOCI to earnings 
—

 
(6
)
 
(6
)
Other comprehensive (loss) income, net of tax
(128
)
 
15

 
(113
)
Balance at September 29, 2018
$
(67
)
 
$
5

 
$
(62
)
 
 
 
 
 
 
Balance at March 30, 2019
$
(73
)
 
$
7

 
$
(66
)
Other comprehensive (loss) income before reclassifications
(38
)
 
5

 
(33
)
Less: amounts reclassified from AOCI to earnings
—

 
4

 
4

Other comprehensive (loss) income, net of tax
(38
)
 
1

 
(37
)
Balance at September 28, 2019
$
(111
)
 
$
8

 
$
(103
)
 
 
 
 
 
(1) 
Foreign currency translation gains and losses for the six months ended September 28, 2019 include net gains of $6 million on intra-entity transactions that are of a long-term investment nature, a $42 million translation loss relating to the inclusion of the Versace business and an $86 million gain, net of taxes of $18 million, relating to the Company’s net investment hedges. Foreign currency translation gains and losses for the six months ended September 29, 2018 include net gains of $8 million on intra-entity transactions that are of a long-term investment nature, a $105 million translation loss relating to the inclusion of the Jimmy Choo business and a $4 million gain, net of taxes of $1 million, relating to the Company’s net investment hedges.
(2) 
Reclassified amounts 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.