XML 48 R31.htm IDEA: XBRL DOCUMENT
v3.22.1

Leases (Tables) | 12 Months Ended
--- | ---
Apr. 02, 2022
Leases [Abstract] |
Schedule of Supplemental Balance Sheet Information | The following table presents the Company’s supplemental balance sheets information related to leases (in millions):
|  | Balance Sheet Location |  | April 2, 2022 |  | March 27, 2021
Assets |  |  |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 1,358 |  |  | $ | 1,504 |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating leases |  | Short-term portion of operating lease liabilities |  | $ | 414 |  |  | $ | 447 |
Non-current: |  |  |  |  |  |
Operating leases |  | Long-term portion of operating lease liabilities |  | $ | 1,467 |  |  | $ | 1,657 |
Schedule of Net Lease Costs and Supplemental Cash Flow Information | The components of net lease costs for the fiscal year ended April 2, 2022 and March 27, 2021 were as follows (in millions):
|  | Consolidated Statement of Operations and Comprehensive Income (Loss) Location |  | April 2, 2022 |  | March 27, 2021
Operating lease cost |  | Selling, general and administrative expenses |  | $ | 410 |  |  | $ | 432 |
Variable lease cost (1) |  | Selling, general and administrative expenses |  | 135 |  |  | 69 |
Short-term lease cost |  | Selling, general and administrative expenses |  | 16 |  |  | 15 |
Sublease income (2) |  | Restructuring and other charges |  | (5) |  |  | (4) |
Sublease income |  | Selling, general and administrative expenses |  | (3) |  |  | (2) |
Total lease cost, net |  |  |  | $ | 553 |  |  | $ | 510 |
(1)The Company elected to account for rent concessions negotiated in connection with COVID-19 as if it were contemplated as part of the existing contract and these concessions are recorded as variable lease expense. As of the fiscal year ended April 2, 2022 and March 27, 2021, rent concessions due to COVID-19 were $15 million and $52 million, respectively. (2)The Company recorded sublease income related to certain leases in connection with the Capri Retail Store Optimization plan. The following table presents the Company’s supplemental cash flow information related to leases (in millions):
|  |  |  | April 2, 2022 |  | March 27, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows used in operating leases |  | $ | 543 |  |  | $ | 488 |
Non-cash transactions: |  |  |  |
Lease assets obtained in exchange for new lease liabilities |  | 332 |  |  | 348 |
Rent concessions due to COVID-19 |  | 15 |  |  | 52 |
The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheets as of April 2, 2022 and March 27, 2021:
|  |  |  | April 2, 2022 |  | March 27, 2021
Operating leases: |  |  |  |
Weighted average remaining lease term (years) |  | 6.0 |  | 6.2
Weighted average discount rate |  | 3.1 | % |  | 3.1 | %
Schedule of Contractually Guaranteed Minimum Fees | At April 2, 2022, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):
|  |  |  | April 2, 2022
Fiscal 2023 |  |  |  | $ | 482 |
Fiscal 2024 |  |  |  | 409 |
Fiscal 2025 |  |  |  | 325 |
Fiscal 2026 |  |  |  | 248 |
Fiscal 2027 |  |  |  | 174 |
Thereafter |  |  |  | 426 |
Total lease payments |  |  |  | 2,064 |
Less: interest |  |  |  | (183) |
Total lease liabilities |  |  |  | $ | 1,881 |
At April 2, 2022, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):
|  |  |  | April 2, 2022
Fiscal 2023 |  |  |  | $ | 7 |
Fiscal 2024 |  |  |  | 6 |
Fiscal 2025 |  |  |  | 6 |
Fiscal 2026 |  |  |  | 4 |
Fiscal 2027 |  |  |  | 4 |
Thereafter |  |  |  | 10 |
Total sublease income |  |  |  | $ | 37 |

X
- Definition Assets And Liabilities, Lessee [Table Text Block] + References No definition available. + Details
Name: | cpri_AssetsAndLiabilitiesLesseeTableTextBlock
Namespace Prefix: | cpri_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration