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Leases (Tables) | 12 Months Ended
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Apr. 01, 2023
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 1, 2023 |  | April 2, 2022
Assets |  |  |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 1,330 |  |  | $ | 1,358 |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating leases |  | Short-term portion of operating lease liabilities |  | $ | 429 |  |  | $ | 414 |
Non-current: |  |  |  |  |  |
Operating leases |  | Long-term portion of operating lease liabilities |  | $ | 1,348 |  |  | $ | 1,467 |
Schedule of Net Lease Costs and Supplemental Cash Flow Information | The components of net lease costs for the fiscal year ended April 1, 2023 and April 2, 2022 were as follows (in millions):
|  | Consolidated Statement of Operations and Comprehensive Income (Loss) Location |  | April 1, 2023 |  | April 2, 2022
Operating lease cost |  | Selling, general and administrative expenses |  | $ | 405 |  |  | $ | 410 |
Variable lease cost (1) |  | Selling, general and administrative expenses |  | 170 |  |  | 135 |
Short-term lease cost |  | Selling, general and administrative expenses |  | 8 |  |  | 16 |
Sublease income |  | Selling, general and administrative expenses |  | (9) |  |  | (3) |
Sublease income (2) |  | Restructuring and other charges |  | — |  |  | (5) |
Total lease cost, net |  |  |  | $ | 574 |  |  | $ | 553 |
(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 1, 2023 and April 2, 2022, rent concessions due to COVID-19 were $14 million and $15 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 1, 2023 |  | April 2, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows used in operating leases |  | $ | 501 |  |  | $ | 543 |
Non-cash transactions: |  |  |  |
Lease assets obtained in exchange for new lease liabilities |  | 344 |  |  | 332 |
Rent concessions due to COVID-19 |  | 14 |  |  | 15 |
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 1, 2023 and April 2, 2022:
|  |  |  | April 1, 2023 |  | April 2, 2022
Operating leases: |  |  |  |
Weighted average remaining lease term (years) |  | 5.9 |  | 6.0
Weighted average discount rate |  | 3.3 | % |  | 3.1 | %
Schedule of Contractually Guaranteed Minimum Fees | At April 1, 2023, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):
|  |  |  | April 1, 2023
Fiscal 2024 |  |  |  | $ | 473 |
Fiscal 2025 |  |  |  | 384 |
Fiscal 2026 |  |  |  | 297 |
Fiscal 2027 |  |  |  | 212 |
Fiscal 2028 |  |  |  | 169 |
Thereafter |  |  |  | 427 |
Total lease payments |  |  |  | 1,962 |
Less: interest |  |  |  | (185) |
Total lease liabilities |  |  |  | $ | 1,777 |
At April 1, 2023, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):
|  |  |  | April 1, 2023
Fiscal 2024 |  |  |  | $ | 8 |
Fiscal 2025 |  |  |  | 7 |
Fiscal 2026 |  |  |  | 5 |
Fiscal 2027 |  |  |  | 4 |
Fiscal 2028 |  |  |  | 4 |
Thereafter |  |  |  | 8 |
Total sublease income |  |  |  | $ | 36 |

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- Definition Assets And Liabilities, Lessee [Table Text Block] + References No definition available. + Details
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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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