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Fair Value Measurements (Tables) | 12 Months Ended
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Apr. 01, 2023
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 1, 2023, using: |  | Fair value at April 2, 2022, 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 |  |  | $ | — |
Net investment hedges | — |  |  | 1 |  |  | — |  |  | — |  |  | 44 |  |  | — |
Undesignated derivative contracts | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |
Total derivative assets | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 52 |  |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net investment hedges | — |  |  | 36 |  |  | — |  |  | — |  |  | 37 |  |  | — |
Fair value hedges | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Total derivative liabilities | $ | — |  |  | $ | 39 |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |
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 1, 2023 |  | April 2, 2022
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Revolving Credit Facilities |  | $ | 874 |  |  | $ | 874 |  |  | $ | 175 |  |  | $ | 175 |
Versace Term Loan |  | $ | 487 |  |  | $ | 481 |  |  | $ | — |  |  | $ | — |
Senior Notes due 2024 |  | $ | 449 |  |  | $ | 435 |  |  | $ | 448 |  |  | $ | 451 |
2018 Term Loan |  | $ | — |  |  | $ | — |  |  | $ | 495 |  |  | $ | 490 |
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 2023: |  |  |  |  |
Goodwill | $ | 681 |  |  | $ | 599 |  |  | $ | 82 |
Operating Lease Right-of-Use Assets | 100 |  |  | 67 |  |  | 33 |
Brands | 224 |  |  | 200 |  |  | 24 |
Property and Equipment | 4 |  |  | 1 |  |  | 3 |
Total | $ | 1,009 |  |  | $ | 867 |  |  | $ | 142 |
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 |
(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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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