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Fair Value Measurements (Tables)

12 Months Ended

Apr. 02, 2022

Fair Value Disclosures [Abstract]

Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy

All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):

			Fair value at April 2, 2022, using:																		Fair value at March 27, 2021, using:
			Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)						Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
Derivative assets:
Forward foreign currency exchange contracts			$	—					$	4					$	—					$	—					$	2					$	—
Net investment hedges			—						44						—						—						3						—
Undesignated derivative contracts			—						4						—						—						—						—
Total derivative assets			$	—					$	52					$	—					$	—					$	5					$	—
Derivative liabilities:
Forward foreign currency exchange contracts			$	—					$	—					$	—					$	—					$	1					$	—
Net investment hedges			—						37						—						—						263						—
Interest rate swaps			—						—						—						—						1						—
Total derivative liabilities			$	—					$	37					$	—					$	—					$	265					$	—

Fair Value Measurement of Long-term Debt

The following table summarizes the carrying values and estimated fair values of the Company’s short- and long-term debt, based on Level 2 measurements (in millions):

						April 2, 2022												March 27, 2021
						Carrying Value						Estimated  Fair Value						Carrying Value						Estimated  Fair Value
Senior Notes due 2024						$	448					$	451					$	447					$	470
Term Loan						$	495					$	490					$	865					$	866
Revolving Credit Facilities						$	175					$	175					$	—					$	—

Carrying Value and Fair Values of Impaired Long-Lived Assets

The following table details the carrying values and fair values of the Company’s assets that have been impaired (in millions):

			Carrying Value Prior to Impairment						Fair Value						Impairment Charge (1)
Fiscal 2022:
Operating Lease Right-of-Use Assets			$	209					$	133					$	76
Property and Equipment			12						5						7
Total			$	221					$	138					$	83
Fiscal 2021:
Operating Lease Right-of-Use Assets			$	326					$	191					$	135
Goodwill			319						225						94
Brands			407						338						69
Property and Equipment			30						7						23
Total			$	1,082					$	761					$	321
Fiscal 2020:
Operating Lease Right-of-Use Assets			$	717					$	437					$	280
Brands			547						367						180
Goodwill			474						303						171
Property and Equipment			105						28						77
Total			$	1,843					$	1,135					$	708

(1)Includes $10 million and $5 million of impairment charges that were recorded within restructuring and other charges related to the Capri Retail Store Optimization Program during Fiscal 2022 and Fiscal 2021, respectively.

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-Subparagraph (a)
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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