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v3.23.1

Current Assets and Current Liabilities (Tables) | 12 Months Ended
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Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in millions):
| April 1, 2023 |  | April 2, 2022
Prepaid taxes | $ | 105 |  |  | $ | 86 |
Prepaid contracts | 22 |  |  | 15 |
Interest receivable related to hedges | 10 |  |  | 13 |
Other accounts receivables | 10 |  |  | 17 |
Other | 48 |  |  | 61 |
Total prepaid expenses and other current assets | $ | 195 |  |  | $ | 192 |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in millions):
| April 1, 2023 |  | April 2, 2022
Return liabilities | $ | 54 |  |  | $ | 52 |
Accrued capital expenditures | 33 |  |  | 39 |
Other taxes payable | 32 |  |  | 61 |
Accrued advertising and marketing | 26 |  |  | 21 |
Accrued rent (1) | 18 |  |  | 20 |
Advance royalties | 18 |  |  | 7 |
Accrued interest | 16 |  |  | 10 |
Gift and retail store credits | 14 |  |  | 17 |
Professional services | 14 |  |  | 15 |
Accrued litigation | 12 |  |  | 13 |
Accrued purchases and samples | 8 |  |  | 11 |
Charitable donations (2) | — |  |  | 10 |
Other | 69 |  |  | 75 |
Total accrued expenses and other current liabilities | $ | 314 |  |  | $ | 351 |
(1)The accrued rent balance relates to variable lease payments. (2)The charitable donations balance relates to a $10 million unconditional pledge to The Versace Foundation as of April 2, 2022 which was funded during the third quarter ended December 31, 2022.

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