XML 64 R42.htm IDEA: XBRL DOCUMENT v3.23.1

Segment Information (Tables)

12 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Key Performance Information of Reportable Segments

The following table presents the key performance information of the Company’s reportable segments (in millions):

						Fiscal Years Ended
						April 1, 2023						April 2, 2022						March 27, 2021
Total revenue:
			Versace			$	1,106					$	1,088					$	718
			Jimmy Choo			633						613						418
			Michael Kors			3,880						3,953						2,924
Total revenue						$	5,619					$	5,654					$	4,060
Income (loss) from operations:
			Versace			$	152					$	185					$	21
			Jimmy Choo			38						13						(55)
			Michael Kors			868						1,005						595
Total segment income from operations						1,058						1,203						561
Less:			Corporate expenses			(233)						(190)						(152)
			Impairment of assets (1)			(142)						(73)						(316)
			COVID-19 related charges (2)			9						14						(42)
			Impact of war in Ukraine (3)			3						(9)						—
			Restructuring and other charges			(16)						(42)						(32)
Total income from operations						$	679					$	903					$	19

(1)Impairment of assets during Fiscal 2023 include $110 million, $30 million and $2 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively. Impairment of assets during Fiscal 2022 includes $50 million, $19 million and $4 million of impairment charges related to the Michael Kors, Versace and Jimmy Choo reportable segments, respectively. Impairment of assets during Fiscal 2021 includes $191 million, $91 million and $34 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively.

(2)COVID-19 related charges during Fiscal 2023, primarily include net inventory credits of $9 million. COVID-19 related charges during Fiscal 2022, primarily include net inventory credits and severance expense of $16 million and $2 million, respectively. COVID-19 related charges during Fiscal 2021, primarily include net inventory reserves and severance expense of $10 million and $24 million, respectively. Inventory related costs are recorded within costs of goods sold and severance expense and credit losses are recorded within selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

(3)These charges primarily relate to incremental credit losses and inventory reserves which are a direct impact of the war in Ukraine. Credit losses are recorded within selling, general and administrative expenses and inventory related costs are recorded within costs of goods sold in the consolidated statements of operations and comprehensive income (loss).

Depreciation and Amortization Expense for Each Segment

Depreciation and amortization expense for each segment are as follows (in millions):

			Fiscal Years Ended
			April 1, 2023						April 2, 2022						March 27, 2021
Depreciation and amortization:
Versace			$	51					$	52					$	54
Jimmy Choo			29						31						31
Michael Kors			95						110						127
Corporate			4						—						—
Total depreciation and amortization			$	179					$	193					$	212

Total Revenue (as Recognized Based on Country of Origin)

Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):

			Fiscal Years Ended
			April 1, 2023						April 2, 2022						March 27, 2021
Revenue:
The Americas (1)			$	3,220					$	3,210					$	2,172
EMEA			1,542						1,489						1,029
Asia			857						955						859
Total revenue			$	5,619					$	5,654					$	4,060

			As of
			April 1, 2023						April 2, 2022						March 27, 2021
Long-lived assets:
The Americas (1)			$	882					$	908					$	1,001
EMEA			2,129						2,156						2,384
Asia			599						617						596
Total long-lived assets			$	3,610					$	3,681					$	3,981

(1)Net revenues earned in the United States during Fiscal 2023, Fiscal 2022 and Fiscal 2021 were $2.951 billion, $2.989 billion and $2.016 billion, respectively. Long-lived assets located in the United States as of April 1, 2023, April 2, 2022 and March 27, 2021 were $826 million, $858 million and $942 million, respectively.

Long-Lived Assets by Geographic Location

Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):

			Fiscal Years Ended
			April 1, 2023						April 2, 2022						March 27, 2021
Revenue:
The Americas (1)			$	3,220					$	3,210					$	2,172
EMEA			1,542						1,489						1,029
Asia			857						955						859
Total revenue			$	5,619					$	5,654					$	4,060

			As of
			April 1, 2023						April 2, 2022						March 27, 2021
Long-lived assets:
The Americas (1)			$	882					$	908					$	1,001
EMEA			2,129						2,156						2,384
Asia			599						617						596
Total long-lived assets			$	3,610					$	3,681					$	3,981

(1)Net revenues earned in the United States during Fiscal 2023, Fiscal 2022 and Fiscal 2021 were $2.951 billion, $2.989 billion and $2.016 billion, respectively. Long-lived assets located in the United States as of April 1, 2023, April 2, 2022 and March 27, 2021 were $826 million, $858 million and $942 million, respectively.

Net Revenues by Major Product Category

Total revenue by major product category are as follows (in millions):

			Fiscal Years Ended
			April 1, 2023						% of Total						April 2, 2022						% of Total						March 27, 2021						% of Total
Accessories			$	2,826					50.3		%				$	2,901					51.3		%				$	2,158					53.2		%
Footwear			1,217						21.7		%				1,208						21.4		%				796						19.6		%
Apparel			1,107						19.7		%				1,027						18.2		%				720						17.7		%
Licensed product			222						4.0		%				241						4.3		%				185						4.6		%
Licensing revenue			211						3.8		%				212						3.7		%				155						3.8		%
Other			36						0.5		%				65						1.1		%				46						1.1		%
Total revenue			$	5,619											$	5,654											$	4,060

X

- Definition

This element is used to capture complete disclosure about depreciation and amortization expense for each reportable segment, as a single block of text.

+ References

No definition available.

+ Details

Name:	cpri_ScheduleOfDepreciationAndAmortizationBySegmentTableTableTextBlock
Namespace Prefix:	cpri_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

+ Details

Name:	us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

+ Details

Name:	us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

+ Details

Name:	us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration