XML 47 R31.htm IDEA: XBRL DOCUMENT
v3.20.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Mar. 28, 2020
Accounting Policies [Abstract] |
Schedule of Sales Reserves | The following table details the activity and balances of the Company’s sales reserves for the fiscal years ended March 28, 2020, March 30, 2019, and March 31, 2018 (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 28, 2020 | $ | 15 |  |  | $ | 231 |  |  | $ | (234) |  |  | $ | 12 |
Fiscal Year Ended March 30, 2019 | 12 |  |  | 226 |  |  | (223) |  |  | 15 |
Fiscal Year Ended March 31, 2018 | 7 |  |  | 161 |  |  | (156) |  |  | 12 |
| Balance Beginning of Year |  | Amounts Charged to Revenue |  | Write-offs Against Reserves |  | Balance at Year End
Wholesale |  |  |  |  |  |  |
Total Sales Reserves: |  |  |  |  |  |  |
Fiscal Year Ended March 28, 2020 | $ | 112 |  |  | $ | 266 |  |  | $ | (224) |  |  | $ | 154 |
Fiscal Year Ended March 30, 2019 | 109 |  |  | 262 |  |  | (259) |  |  | 112 |
Fiscal Year Ended March 31, 2018 | 97 |  |  | 258 |  |  | (246) |  |  | 109 |
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 (loss) income per ordinary share and diluted net loss per ordinary share are as follows (in millions, except share and per share data):
| Fiscal Years Ended |  |  |  |
| March 28, 2020 |  | March 30, 2019 |  | March 31, 2018
Numerator: |  |  |  |  |
Net (loss) income attributable to Capri | $ | (223) |  |  | $ | 543 |  |  | $ | 592 |
Denominator: |  |  |  |  |
Basic weighted average shares | 150,714,598 |  |  | 149,765,468 |  |  | 152,283,586 |
Weighted average dilutive share equivalents: |  |  |  |  |
Share options and restricted shares/units, and performance restricted share units | — |  |  | 1,848,882 |  |  | 2,819,299 |
Diluted weighted average shares | 150,714,598 |  |  | 151,614,350 |  |  | 155,102,885 |
Basic net (loss) income per share (1) | $ | (1.48) |  |  | $ | 3.62 |  |  | $ | 3.89 |
Diluted net (loss) income per share (1) | $ | (1.48) |  |  | $ | 3.58 |  |  | $ | 3.82 |
(1)Basic and diluted net (loss) income per share are calculated using unrounded numbers.
Schedule of Components of the Cumulative Adjustment for ASC 606 | The below table details the balance sheet adjustments recorded on March 31, 2019 in connection with the Company’s adoption of ASU 2016-02 (in millions):
| March 30, 2019 As Reported under ASC 840 |  | ASC 842 Adjustments |  | March 31, 2019 As Reported Under ASC 842
Assets |  |  |  |  |
Prepaid expenses and other current assets | $ | 221 |  |  | $ | (23) |  | (1) | $ | 198 |
Operating lease right-of-use assets | — |  |  | 1,876 |  | (2) | 1,876 |
Intangible assets, net | 2,293 |  |  | (40) |  | (3) | 2,253 |
Deferred tax assets | 112 |  |  | 38 |  | (4) | 150 |
Liabilities |  |  |  |  |
Current portion of operating lease liabilities | — |  |  | 386 |  | (5) | 386 |
Accrued expenses and other current liabilities | 374 |  |  | (72) |  | (6) | 302 |
Long-term portion of operating lease liabilities | — |  |  | 1,828 |  | (5) | 1,828 |
Deferred Rent | 132 |  |  | (132) |  | (7) | — |
Deferred tax liabilities | 438 |  |  | (7) |  | (4) | 431 |
Shareholders’ Equity |  |  |  |  |
Retained earnings | 4,707 |  |  | (152) |  | (4) | 4,555 |
(1)Represents the reclassification of rent paid in advance to current operating lease liabilities. (2)Represents the recognition of operating lease right-of-use assets, reflecting the reclassifications of deferred rent, sublease liabilities, tenant allowances, and lease rights. This balance also reflects the initial impairments of the operating lease right-of-use assets recorded through retained earnings, as described below. (3)Represents the reclassifications of lease rights for leases recorded in conjunction with the Company’s acquisitions to operating lease right-of-use assets. (4)Represents the initial impairment recognized through retained earnings for certain underperforming retail store locations for which property and equipment were previously impaired, net of associated deferred taxes. (5)Represents the recognition of current and non-current lease liabilities for fixed payments associated with the Company’s operating leases. (6)Represents the reclassification of $54 million in sublease liabilities, primarily related to Michael Kors retail stores closed under the Michael Kors Retail Fleet Optimization Plan as defined in Note 10, as well as the reclassification of $18 million of deferred rent and tenant allowances to operating lease right-of-use assets. (7)Represents the reclassification of noncurrent deferred rent and tenant improvement allowances to operating lease right-of-use assets.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=118936363&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=119407570&loc=SL82919249-210447 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration