XML 28 R11.htm IDEA: XBRL DOCUMENT
v3.22.1

Leases | 12 Months Ended
--- | ---
Apr. 02, 2022
Leases [Abstract] |
Leases | Leases 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 |
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 | %
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 |
Additionally, the Company had approximately $49 million and $23 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of April 2, 2022 and March 27, 2021, respectively. See Note 2 for additional information on the Company’s accounting policies related to leases.

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 The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration