Selling, general and administrative expenses

$ 5,238

$ 4,719

$ 4,494

Cost of goods sold

2,058

1,860

1,833

Gross profit

3,180

2,859

2,661

2,075

1,767

1,541

Depreciation and amortization

225

208

220

Impairment of long-lived assets

21

33

199

Restructuring and other charges

^[1]

124

102

11

Total operating expenses

2,445

2,110

1,971

Income from operations

735

749

690

Other income, net

(4)

(2)

(6)

Interest expense, net

38

22

4

Foreign currency loss (gain)

80

(13)

3

Income before provision for income taxes

621

742

689

Provision for income taxes

79

150

137

Net income

542

592

552

Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest

(1)

0

(1)

Net income attributable to Capri

$ 543

$ 592

$ 553

Weighted average ordinary shares outstanding:

Basic (in shares)

149,765,468

152,283,586

165,986,733

Diluted (in shares)

151,614,350

155,102,885

168,123,813

Net income per ordinary share attributable to Capri:

Basic (in dollars per share)

$ 3.62

$ 3.89

$ 3.33

Diluted (in dollars per share)

$ 3.58

$ 3.82

$ 3.29

Statements of Comprehensive Income:

Net income

$ 542

$ 592

$ 552

Foreign currency translation adjustments

(134)

148

(9)

Net gain (loss) on derivatives

17

(16)

9

Comprehensive income

425

724

552

Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest

(1)

0

(1)

Comprehensive income attributable to Capri

$ 426

$ 724

$ 553

[1]

Restructuring and other charges includes store closure costs recorded in connection with the Michael Kors Retail Fleet Optimization Plan (as defined in Note 10) and other restructuring initiatives, and transaction and transition costs recorded in connection with the acquisitions of Gianni Versace S.r.l, Jimmy Choo Group Limited and Michael Kors (HK) Limited and Subsidiaries (see Note 4 and Note 10).

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Ordinary Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Total Equity of Capri	Non-controlling Interests
Beginning balance at Apr. 02, 2016	$ 1,999	$ 0	$ 719	$ (1,650)	$ (81)	$ 3,007	$ 1,995	$ 4
Beginning balance (in shares) at Apr. 02, 2016		208,084,000
Beginning balance (in shares) at Apr. 02, 2016				(31,642,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	552					553	553	(1)
Other comprehensive income	0				0		0	0
Comprehensive income	552						553	(1)
Vesting of restricted awards, net of forfeitures (in shares)		454,000
Exercise of employee share options	8		8				8
Exercise of employee share options (in shares)		794,000
Equity compensation expense	34		34				34
Tax benefits on exercise of share options	7		7				7
Purchase of treasury shares	(1,005)			$ (1,005)			(1,005)
Purchase of treasury shares (in shares)				(21,857,000)
Ending balance (in shares) at Apr. 01, 2017				(53,499,000)
Ending balance (in shares) at Apr. 01, 2017		209,332,000
Ending balance at Apr. 01, 2017	1,595	$ 0	768	$ (2,655)	(81)	3,560	1,592	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	592					592	592	0
Other comprehensive income	132				132		132	0
Comprehensive income	724						724	0
Increase in noncontrolling interest	3							3
Partial repurchase of non-controlling interest	(1)							(1)
Vesting of restricted awards, net of forfeitures (in shares)		542,000
Exercise of employee share options	14		14				14
Exercise of employee share options (in shares)		1,117,000
Equity compensation expense	50		50				50
Purchase of treasury shares	(361)			$ (361)			(361)
Purchase of treasury shares (in shares)				(7,794,000)
Redemption of capital/dividends	(1)							(1)
Other	$ (1)		(1)				(1)
Ending balance (in shares) at Mar. 31, 2018	(61,292,684)			(61,293,000)
Ending balance (in shares) at Mar. 31, 2018	210,991,091	210,991,000
Ending balance at Mar. 31, 2018	$ 2,022	$ 0	831	$ (3,016)	51	4,152	2,018	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standards (See Note 2)	12					12	12
Balance as of April 1, 2018	2,034		831	(3,016)	51	4,164	2,030	4
Net income (loss)	542					543	543	(1)
Other comprehensive income	(117)				(117)		(117)	0
Comprehensive income	425						426	(1)
Issuance of ordinary shares (in shares)		2,395,000
Issuance of ordinary shares	91		91				91
Increase in noncontrolling interest	0
Vesting of restricted awards, net of forfeitures (in shares)		818,000
Exercise of employee share options	29		29				29
Exercise of employee share options (in shares)		1,847,000
Equity compensation expense	60		60				60
Purchase of treasury shares	(207)			$ (207)			(207)
Purchase of treasury shares (in shares)				(3,826,000)
Other	$ 0
Ending balance (in shares) at Mar. 30, 2019	(65,118,633)			(65,119,000)
Ending balance (in shares) at Mar. 30, 2019	216,050,939	216,051,000
Ending balance at Mar. 30, 2019	$ 2,432	$ 0	$ 1,011	$ (3,223)	$ (66)	$ 4,707	$ 2,429	$ 3

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Cash flows from operating activities
Net income	$ 542	$ 592	$ 552
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	225	208	220
Equity compensation expense	60	50	34
Impairment of long-lived assets	21	33	199
Losses on store lease exits	18	29	0
Deferred income taxes	(71)	9	(60)
Amortization of deferred financing costs	4	4	1
Tax benefits on exercise of share options	(24)	(7)	(7)
Foreign currency losses (gains)	80	(13)	3
Other non-cash charges	4	0	12
Change in assets and liabilities:
Receivables, net	(23)	19	60
Inventories	(125)	46	21
Prepaid expenses and other current assets	(31)	49	(1)
Accounts payable	(48)	(21)	37
Accrued expenses and other current liabilities	20	56	(54)
Other long-term assets and liabilities	42	8	18
Net cash provided by operating activities	694	1,062	1,035
Cash flows from investing activities
Capital expenditures	(181)	(120)	(165)
Purchase of intangible assets	(3)	(3)	(5)
Cash paid for business acquisitions, net of cash acquired	(1,875)	(1,415)	(481)
Realized (loss) gain on hedge related to acquisitions	(77)	5	0
Settlement of a net investment hedge	11	0	0
Net cash used in investing activities	(2,125)	(1,533)	(651)
Cash flows from financing activities
Debt borrowings	4,204	2,520	1,240
Debt repayments	(2,560)	(1,784)	(1,093)
Debt issuance costs	(15)	0	0
Repurchase of treasury shares	(207)	(361)	(1,005)
Exercise of employee share options	29	14	8
Net cash provided by (used in) financing activities	1,451	389	(850)
Effect of exchange rate changes on cash and cash equivalents	(11)	15	(6)
Net increase (decrease) in cash and cash equivalents	9	(67)	(472)
Beginning of period	163	230	702
End of period (including restricted cash of $2 million at April 1, 2017)	172	163	230
Supplemental disclosures of cash flow information
Cash paid for interest	45	11	4
Cash paid for income taxes	172	104	171
Supplemental disclosure of non-cash investing and financing activities
Accrued capital expenditures	$ 25	$ 26	$ 23

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	Apr. 01, 2017 USD ($)
Statement of Cash Flows [Abstract]
Restricted cash	$ 2

Business and Basis of Presentation

12 Months Ended

Mar. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Basis of Presentation

The Company was incorporated in the British Virgin Islands (“BVI”) on December 13, 2002 as Michael Kors Holdings Limited and changed its name to Capri Holdings Limited (“Capri,” and together with its subsidiaries, the “Company”) on December 31, 2018. The Company is a holding company that owns brands that are leading designers, marketers, distributors and retailers of branded women’s and men’s accessories, apparel and footwear bearing the Versace, Jimmy Choo and Michael Kors tradenames and related trademarks and logos. Prior to the fourth quarter of Fiscal 2019, the Company organized its business into four reportable segments: MK Retail, MK Wholesale, MK Licensing and Jimmy Choo. As a result of the acquisition of Versace, effective beginning in the fourth quarter of Fiscal 2019, the Company realigned its reportable segments according to the new structure of its business. As a result, the Company now operates in three reportable segments: Versace, Jimmy Choo and Michael Kors. See Note 20 for additional information.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s audited consolidated financial statements include the following operations for the periods from the respective acquisition/consolidation date through March 30, 2019:


•	Gianni Versace S.r.l. (“Versace”), acquired on December 31, 2018;


•	Jimmy Choo Group Limited (“Jimmy Choo”), acquired on November 1, 2017;


•	the previously licensed business in the Greater China region, Michael Kors (HK) Limited and Subsidiaries (“MKHKL”) with operations in China, Hong Kong, Macau and Taiwan, which was acquired on May 31, 2016;

See Note 4 for additional information related to the above acquisitions.

The Company utilizes a 52 to 53 week fiscal year ending on the Saturday closest to March 31. As such, the fiscal years ending on March 30, 2019, March 31, 2018, and April 1, 2017 (“Fiscal 2019”, “Fiscal 2018” and “Fiscal 2017”, respectively) contain 52 weeks.

Summary of Significant Accounting Policies

12 Months Ended

Mar. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, sales discounts and doubtful accounts, estimates related to the Company’s customer loyalty program for Michael Kors, estimates of gift card breakage, estimates of inventory recovery, the valuation of share-based compensation, valuation of deferred taxes and the valuation of and the estimated useful lives used for amortization and depreciation of intangible assets and property and equipment. Actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made to the prior periods’ financial information in order to conform to the current period’s presentation, including the realignment of the Company’s segment reporting structure, as further described in Note 20.

Seasonality

The Company experiences certain effects of seasonality with respect to its business. The Company generally experiences greater sales during its third fiscal quarter, primarily driven by holiday season sales, and the lowest sales during its first fiscal quarter.

Revenue Recognition

The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. The Company recognizes retail store revenues when control of the product is transferred at the point of sale at Company owned stores, including concessions, net of estimated returns. Revenue from sales through the Company’s e-commerce sites is recognized at the time of delivery to the customer, reduced by an estimate of returns. Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, after merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for retail, gross sales are reduced by actual customer returns as well as by a provision for estimated future customer returns, which is based on management’s review of historical and current customer returns. Sales taxes collected from retail customers are presented on a net basis and, as such, are excluded from revenue. To arrive at net sales for wholesale, gross sales are reduced by provisions for estimated future returns, based on current expectations, as well as trade discounts, markdowns, allowances, operational chargebacks, and certain cooperative selling expenses. These estimates are based on such factors as historical trends, actual and forecasted performance, and current market conditions, which are reviewed by management on a quarterly basis.

The following table details the activity and balances of the Company’s sales reserves for the fiscal years ended March 30, 2019, March 31, 2018, and April 1, 2017 (in millions):



	Balance Beginning of Year		Amounts Charged to Revenue		Write-offs Against Reserves			Balance at Year End
Retail
Return Reserves:
Fiscal year ended March 30, 2019	$	12	$	226	$	(223	)	$	15
Fiscal year ended March 31, 2018	7		161		(156		)	12
Fiscal year ended April 1, 2017	5		102		(100		)	7



	Balance Beginning of Year		Amounts Charged to Revenue		Write-offs Against Reserves			Balance at Year End
Wholesale
Total Sales Reserves:
Fiscal year ended March 30, 2019	$	109	$	262	$	(259	)	$	112
Fiscal year ended March 31, 2018	97		258		(246		)	109
Fiscal year ended April 1, 2017	111		271		(285		)	97

Royalty revenue generated from product licenses, which includes contributions for advertising, is based on reported sales of licensed products bearing the Company’s trademarks at rates specified in the license agreements. These agreements are also subject to contractual minimum levels. Royalty revenue generated by geographic licensing agreements is recognized as it is earned under the licensing agreements based on reported sales of licensees applicable to specified periods, as outlined in the agreements. These agreements allow for the use of the Company’s tradenames to sell its branded products in specific geographic regions.

Loyalty Program

The Company has a Michael Kors customer loyalty program, which allows customers to earn points on qualifying purchases toward monetary and non-monetary rewards that may be redeemed for purchases at the Company’s retail stores and e-commerce site. The Company allocates a portion of the initial sales transaction based on the estimated relative fair value of the benefits using statistical formulas based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed. The contract liability, net of an estimated “breakage,” is recorded as a reduction to revenue in the consolidated statements of income and comprehensive income and within accrued expenses and other current liabilities in the Company’s consolidated balance sheets. See Note 3 for additional information.

Advertising and Marketing Costs

Advertising and marketing costs are expensed over the period of benefit and are recorded in general and administrative expenses. Advertising and marketing expense was $158 million, $167 million and $119 million in Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively.

Cooperative advertising expense, which represents the Company’s participation in advertising expenses of its wholesale customers, is reflected as a reduction of net sales. Expenses related to cooperative advertising for Fiscal 2019, Fiscal 2018 and Fiscal 2017, were $8 million, $6 million and $5 million, respectively.

Shipping and Handling

Freight-in expenses are recorded as part of cost of goods sold, along with product costs and other costs to acquire inventory. The costs of preparing products for sale, including warehousing expenses, are included in selling, general and administrative expenses. Selling, general and administrative expenses also include the costs of shipping products to the Company’s e-commerce customers. Shipping and handling costs included within selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive income were $132 million, $129 million and $126 million for Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively. Shipping and handling costs charged to customers are included in total revenue.

Cash and Cash Equivalents

All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. Included in the Company’s cash and cash equivalents as of March 30, 2019 and March 31, 2018 are credit card receivables of $24 million and $21 million, respectively, which generally settle within two to three business days.

Inventories

Inventories mainly consist of finished goods with the exception of raw materials inventory of $25 million and $1 million, respectively, recorded on the Company’s consolidated balance sheets as of March 30, 2019 and March 31, 2018. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted-average cost method. Costs include amounts paid to independent manufacturers, plus duties and freight to bring the goods to the Company’s warehouses, which are located in the United States, Canada, the Netherlands, Switzerland, Italy, United Kingdom, the United Arab Emirates, China, Japan, Hong Kong and South Korea, as well as shipments to stores. The Company continuously evaluates the composition of its inventory and makes adjustments when the cost of inventory is not expected to be fully recoverable. The net realizable value of the Company’s inventory is estimated based on historical experience, current and forecasted demand, and market conditions. In addition, reserves for inventory losses are estimated based on historical experience and physical inventory counts. The Company’s inventory reserves are estimates, which could vary significantly from actual results if future economic conditions, customer demand or competition differ from expectations. Our historical estimates of these adjustments have not differed materially from actual results.

Store Pre-opening Costs

Costs associated with the opening of new retail stores and start up activities, are expensed as incurred.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation and amortization (carrying value). Depreciation is recorded on a straight-line basis over the expected remaining useful lives of the related assets. Equipment, furniture and fixtures, are depreciated over five to seven years, computer hardware and software are depreciated over three to five years. The Company’s share of the cost of constructing in-store shop displays within its wholesale customers’ floor-space (“shop-in-shops”), which is paid directly to third-party suppliers, is capitalized as property and equipment and is generally amortized over a useful life of three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated remaining useful lives of the related assets or the remaining lease term, including highly probable renewal periods. The Company includes all depreciation and amortization expense as a component of total operating expenses, as the underlying long-lived assets are not directly or indirectly related to bringing the Company’s products to their existing location and condition. Maintenance and repairs are charged to expense in the year incurred.

The Company capitalizes, in property and equipment, direct costs incurred during the application development stage and the implementation stage for developing, purchasing or otherwise acquiring software for its internal use. These costs are amortized over the estimated useful lives of the software, generally five years. All costs incurred during the preliminary project stage, including project scoping and identification and testing of alternatives, are expensed as incurred.

Definite-Lived Intangible Assets

The Company’s definite-lived intangible assets consist of trademarks, lease rights and customer relationships and are stated at cost less accumulated amortization. The Company’s customer relationships are amortized over five to eighteen years, and lease rights are amortized over the terms of the related lease agreements, including highly probable renewal periods, on a straight-line basis. Reacquired rights recorded in connection with the acquisition of MKHKL are amortized through March 31, 2041, the original expiration date of the Michael Kors license agreement in the Greater China region. The trademark for the Michael Kors brand is amortized over twenty years.

Impairment of Long-lived Assets

The Company evaluates its long-lived assets, including fixed assets and definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The Company’s impairment testing is based on its best estimate of its future operating cash flows. If the sum of estimated undiscounted future cash flows associated with the asset is less than the asset’s carrying value, an impairment charge is recognized, which is measured as the amount by which the carrying value exceeds the fair value of the asset. These estimates of cash flow require significant management judgment and certain assumptions about future volume, sales and expense growth rates, devaluation and inflation. As such, these estimates may differ from actual cash flows.

Goodwill and Other Indefinite-lived Intangible Assets

The Company records intangible assets based on their fair value on the date of acquisition. Goodwill is recorded for the difference between the fair value of the purchase consideration over the fair value of the net identifiable tangible and intangible assets acquired. The brand intangible asset recorded in connection with the acquisitions of Versace and Jimmy Choo were determined to be indefinite-lived intangible assets, which are not subject to amortization. The Company performs an impairment assessment of goodwill, as well as the Versace and Jimmy Choo brand intangible assets on an annual basis, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill, the Versace brand and the Jimmy Choo brand are assessed for impairment during the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and operational performance of the business.

The Company may assess its goodwill and its brand indefinite-lived intangible assets for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing a qualitative test, the Company assesses various factors including industry and market conditions, macroeconomic conditions and performance of the Company’s businesses. If the results of the qualitative assessment indicate that it is more likely than not that the Company’s goodwill and other indefinite-lived intangible assets are impaired, a quantitative impairment analysis would be performed to determine if impairment is required. The Company may also elect to perform a quantitative analysis of goodwill and its indefinite-lived intangible assets initially rather than using a qualitative approach.

The impairment testing for goodwill is performed at the reporting unit level. The valuation methods used in the quantitative fair value assessment, discounted cash flow and market multiples method, require the Company’s management to make certain assumptions and estimates regarding certain industry trends and future profitability of the Company’s reporting units. If the fair value of a reporting unit exceeds the related carrying value, the reporting unit’s goodwill is considered not to be impaired and no further testing is performed. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. The valuation of goodwill is affected by, among other things, the Company’s business plan for the future and estimated results of future operations. Future events could cause the Company to conclude that impairment indicators exist, and, therefore, that goodwill may be impaired.

When performing a quantitative impairment assessment of the Company’s brand indefinite-lived intangible assets, the fair value of the Versace and the Jimmy Choo brands is estimated using a discounted cash flow analysis based on the "relief from royalty" method, assuming that a third party would be willing to pay a royalty in lieu of ownership for this intangible asset. This approach is dependent on many factors, including estimates of future growth, royalty rates, and discount rates. Actual future results may differ from these estimates. Impairment loss is recognized when the estimated fair value of the indefinite-lived brand intangible assets is less than its carrying amount.

There were no impairment charges related to goodwill and other indefinite-lived intangible assets in any of the fiscal periods presented. See Note 13 for information relating to the Company’s annual impairment analysis performed during the fourth quarter of Fiscal 2019.

Insurance

The Company uses a combination of insurance and self-insurance for losses related to a number of risks, including workers’ compensation and employee-related health care benefits. The Company also maintains stop-loss coverage with third-party insurers to limit its exposure arising from claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the discounted cost for self-insured claims incurred using actuarial assumptions, historical loss experience, actual payroll and other data. Although the Company believes that it can reasonably estimate losses related to these claims, actual results could differ from these estimates.

The Company also maintains other types of customary business insurance policies, including business interruption insurance. Insurance recoveries represent gain contingencies and are recorded upon actual settlement with the insurance carrier.

Share-based Compensation

The Company grants share-based awards to certain employees and directors of the Company. The grant date fair value of share options is calculated using the Black-Scholes option pricing model. Beginning in Fiscal 2018, the Company began using its own historical experience in determining the expected holding period and volatility of its time-based share option awards. In prior periods, the Company used the simplified method for determining the expected life of its options and average volatility rates of similar actively traded companies over the estimated holding period, due to insufficient historical option exercise experience as a public company. The risk-free interest rate is derived from the zero-coupon United States (“U.S.”) Treasury Strips yield curve based on the grant’s estimated holding period. Determining the grant date fair value of share-based awards requires considerable judgment, including estimating expected volatility, expected term and risk-free rate. If factors change and the Company employs different assumptions, the fair value of future awards and the resulting share-based compensation expense may differ significantly from what the Company has estimated in the past.

The closing market price of the Company’s shares on the date of grant is used to determine the grant date fair value of restricted shares, time-based restricted shares units (“RSU”s) and performance-based RSUs. These fair values are recognized as expense over the requisite service period, net of estimated forfeitures, based on expected attainment of pre-established performance goals for performance grants, or the passage of time for those grants which have only time-based vesting requirements.

Foreign Currency Translation and Transactions

The financial statements of the majority of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. The Company’s functional currency is the United States Dollar (“USD”) for Capri and its United States based subsidiaries. Assets and liabilities are translated using period-end exchange rates, while revenues and expenses are translated using average exchange rates over the reporting period. The resulting translation adjustments are recorded separately in shareholders’ equity as a component of accumulated other comprehensive income (loss). Foreign currency income and losses resulting from the re-measuring of transactions denominated in a currency other than the functional currency of a particular entity are included in foreign currency (gain) loss on the Company’s consolidated statements of operations and comprehensive income.

Derivative Financial Instruments

Forward Foreign Currency Exchange Contracts

The Company uses forward currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward currency contracts to hedge the Company’s cash flows, as they relate to foreign currency transactions. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation.

In connection with the September 24, 2018 definitive agreement to acquire all of the outstanding shares of Versace, the Company entered into forward foreign currency exchange contracts with notional amounts totaling €1.680 billion (approximately $2.001 billion) to mitigate its foreign currency exchange risk through the expected closing date of the acquisition, which were settled on December 21, 2018. Likewise, in connection with the July 25, 2017 cash offer to acquire Jimmy Choo, the Company entered into a forward foreign currency exchange contract with a notional amount of £1.115 billion (approximately $1.469 billion) to mitigate its foreign currency exchange risk through the expected closing date of the acquisition, which was settled on October 30, 2017. These derivative contracts were not designated as accounting hedges. Therefore, changes in fair value are recorded to foreign currency (gain) loss in the Company’s consolidated statements of operations and comprehensive income. The Company’s accounting policy is to classify cash flows from derivative instruments in the same category as the cash flows from the items being hedged. Accordingly, the Company classified $77 million of realized losses and $5 million of realized gains, respectively, relating to these derivative instruments within cash flows from investing activities during Fiscal 2019 and Fiscal 2018.

The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including description of the hedged item and the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges is recorded in equity as a component of accumulated other comprehensive income (loss) until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third party, the gains or losses deferred in accumulated other comprehensive income (loss) are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective in the future, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency (gain) loss in the Company’s consolidated statements of operations and comprehensive income. The Company classifies cash flows relating to its forward foreign currency exchange contracts related to purchase of inventory consistently with the classification of the hedged item, within cash flows from operating activities.

The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the foreign transaction they are intended to hedge.

Net Investment Hedges

The Company also uses fixed-to-fixed cross currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between its U.S. Dollars and these foreign currencies. The Company has elected the spot method of designating these contracts under ASU 2017-12, as defined below, and has designated these contracts as net investment hedges. The net gain or loss on net investment hedged is reported within foreign currency translation gains and losses (“CTA”), as a component of accumulated other comprehensive income (loss) on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest expense in the Company’s statement of operations and comprehensive income. Upon discontinuation of a hedge, all previously recognized amounts remain in CTA until the hedged net investment is sold, diluted, or liquidated.

Income Taxes

Deferred income tax assets and liabilities have been provided for temporary differences between the tax bases and financial reporting bases of the Company’s assets and liabilities using the tax rates and laws in effect for the periods in which the differences are expected to reverse. The Company periodically assesses the realizability of deferred tax assets and the adequacy of deferred tax liabilities, based on the results of local, state, federal or foreign statutory tax audits or estimates and judgments used.

Realization of deferred tax assets associated with net operating loss and tax credit carryforwards is dependent upon generating sufficient taxable income prior to their expiration in the applicable tax jurisdiction. The Company periodically reviews the recoverability of its deferred tax assets and provides valuation allowances, as deemed necessary, to reduce deferred tax assets to amounts that more-likely-than-not will be realized. The Company’s management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings results within various taxing jurisdictions, expectations of future taxable income, the carryforward periods remaining and other factors. Changes in the required valuation allowance are recorded in income in the period such determination is made. Deferred tax assets could be reduced in the future if the Company’s estimates of taxable income during the carryforward period are significantly reduced or alternative tax strategies are no longer viable.

The Company recognizes the impact of an uncertain income tax position taken on its income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will be recognized if it has less than a 50% likelihood of being sustained. The tax positions are analyzed periodically (at least quarterly) and adjustments are made as events occur that warrant adjustments for those positions. The Company records interest expense and penalties payable to relevant tax authorities as income tax expense.

Rent Expense, Deferred Rent and Landlord Construction Allowances

The Company leases office space, retail stores and distribution facilities under agreements that are classified as operating leases. Many of these operating leases include contingent rent provisions (percentage rent), and/or provide for certain landlord allowances related to tenant improvements and other relevant items. The recognition of rent expense for an operating lease commences on the earlier of the related lease commencement date or the date of possession of the property. Rent expense is calculated by recognizing total minimum rental payments (net of any rental abatements, construction allowances and other rental concessions) on a straight-line basis over the lease term. The difference between straight-line rent expense and rent paid is recorded as deferred rent, which is classified within short-term and long-term liabilities in the Company’s consolidated balance sheets. The Company accounts for landlord allowances and incentives as a component of deferred rent, which is amortized over the lease term as a reduction of rent expense. The Company records rent expense as a component of selling, general and administrative expenses.

Debt Issuance Costs and Unamortized Discounts

The Company defers debt issuance costs directly associated with acquiring third party financing. These debt issuance costs and any discounts on issued debt are amortized on a straight-line basis, which approximates the effective interest method, as interest expense over the term of the related indebtedness. Deferred financing fees associated with the Company’s revolving credit facilities are recorded within prepaid expenses and other current assets. Deferred financing fees and unamortized discounts associated with the Company’s other borrowings are recorded as an offset to long-term debt in the Company’s consolidated balance sheets. See Note 11 for additional information.

Net Income per Share

The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if share option grants or any other potentially dilutive instruments, including RSUs, were exercised or converted into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.

The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Numerator:
Net income attributable to Capri	$	543	$	592	$	553
Denominator:
Basic weighted average shares	149,765,468		152,283,586		165,986,733
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units	1,848,882		2,819,299		2,137,080
Diluted weighted average shares	151,614,350		155,102,885		168,123,813
Basic net income per share ⁽¹⁾	$	3.62	$	3.89	$	3.33
Diluted net income per share ⁽¹⁾	$	3.58	$	3.82	$	3.29

________________________________


⁽¹⁾	Basic and diluted net income per share are calculated using unrounded numbers.

Share equivalents for 1,409,415 shares, 1,662,889 shares and 2,034,658 shares, for Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively, have been excluded from the above calculation due to their anti-dilutive effect.

Noncontrolling Interest and Redeemable Noncontrolling Interest

The Company has an ownership interest in the Michael Kors Latin American joint venture, MK (Panama) Holdings, S.A. and subsidiaries of 75%, an ownership interest in the Jimmy Choo EMEA Joint Ventures, JC Industry S.r.L of 33% and JC Gulf Trading LLC of 49%, as well as a 50% ownership interest in J. Choo Russia J.V. Limited, and 70% ownership interest in Versace Singapore Pte. Ltd. and 70% ownership interest in Versace Korea Co. Ltd. As such, noncontrolling interest includes the portion of the equity ownership, which is not attributable to the Company.

In addition, the Company owns a 70% interest in Versace Australia PTY Limited (“Versace Australia”) and consolidates Versace Australia in its consolidated financial statements.

The shareholders agreement governing Versace Australia (the “Shareholders Agreement”) contains a put option under which the Company may be required to purchase its partner’s interest in the the joint venture, as well as call options requiring the partner to sell its interest to the Company, based on the EBITDA multiple defined in the related agreement. The contractual formula value of the redeemable non-controlling interest (“RNCI”) as of March 30, 2019 was $4 million. The carrying amount of the RNCI is adjusted to the redemption amount at the end of each reporting period, after attribution of net income or loss of the RNCI and is recognized in earnings, since it is probable that the RNCI will become redeemable in the future based on the passage of time.

Recently Adopted Accounting Pronouncements

Hedge Accounting

On August 28, 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The new standard is intended to improve and simplify rules relating to hedge accounting, including the elimination of periodic hedge ineffectiveness, recognition and presentation of components excluded from hedge effectiveness assessment, the ability to elect to perform subsequent effectiveness assessments qualitatively, and other provisions designed to provide more transparency around the economics of a company’s hedging strategy. ASU 2017-12 is effective for the Company in Fiscal 2020, with early adoption permitted. The Company adopted ASU 2017-12 during the three months ended June 30, 2018, which resulted in an immaterial net increase to opening retained earnings as of April 1, 2018, due to the elimination of ineffectiveness for cash flow hedges in effect as of the date of adoption. The Company has applied the spot method of designating its net investment hedges, which were executed during Fiscal 2019.

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which provides new guidance for revenues recognized from contracts with customers, requiring that revenue is recognized at an amount the Company is entitled to upon transferring control of goods or services to customers, as opposed to when risks and rewards transfer to a customer. In July 2015, ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” deferred the effective date of ASU 2014-09 by one year, to interim reporting periods within the annual reporting period beginning after December 15, 2017, or the first quarter of the Company’s Fiscal 2019. This standard may be applied retrospectively to all prior periods presented, or retrospectively with a cumulative adjustment to retained earnings in the year of adoption (“modified retrospective method”).

The FASB issued several additional ASUs to provide implementation guidance on ASU 2014-09, including ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” in December 2016; ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” in May 2016; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” in April 2016; and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” in March 2016. The Company considered this guidance in evaluating the impact of ASU 2014-09 (collectively, “ASC 606”).

On April 1, 2018, the Company adopted ASC 606 using the modified retrospective method and recognized the $7 million (net of a tax of $2 million) cumulative effect of adoption as an adjustment to the opening balance of retained earnings. The below table details the components of the cumulative adjustment recorded on April 1, 2018 (in millions):



	March 31, 2018 As Reported under ASC 605		ASC 606 Adjustments				April 1, 2018 As Reported Under ASC 606
Receivables, net	$	290	$	4		⁽¹⁾	$	294
Accrued expenses and other current liabilities	296		(5		)	⁽²⁾	291
Deferred tax liabilities	186		2			⁽³⁾	188
Retained earnings	4,152		7				4,159


⁽¹⁾	Includes a $4 million adjustment related to product licensing revenue, which was previously recorded on a one-month lag and an immaterial amount of guaranteed advertising minimums recognized by product licensees on a straight-line basis over the contract year.


⁽²⁾	Relates to recognition of breakage revenue associated with gift card liabilities not subject to escheatment.


⁽³⁾	Relates to income tax effect of the above adjustments.

In addition, while the Company has previously recorded the right of return asset and liability on a gross basis, in connection with its adoption of ASC 606, it has reclassified the return liability of $15 million from receivables, net to accrued expenses and other current liabilities in its consolidated balance sheet as of March 30, 2019. Otherwise, the adoption of this standard did not have a material impact on the Company's consolidated financial statements for Fiscal 2019, or any individual line items therein.

See Note 3 for additional disclosures related to the Company’s revenue recognition accounting policy.

Share-Based Compensation

In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”, which simplifies modification accounting for entities that change the terms or conditions of share-based awards. ASU 2017-09 was adopted during the first quarter of Fiscal 2019, as required, on a prospective basis. The adoption of this standard did not have an impact on the Company's consolidated financial statements. The Company will apply ASU 2017-09 to any future changes to the terms and conditions of its share-based compensation awards.

Income Taxes

In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, which requires recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted ASU 2016-16 in the beginning of Fiscal 2019, as required, using the modified retrospective method. On April 1, 2018, the Company recorded the $5 million cumulative effect of adoption as an adjustment to the opening balance of retained earnings.

Recently Issued Accounting Pronouncements

The Company has considered all new accounting pronouncements and, other than the recent pronouncements discussed below, have concluded that there are no new pronouncements that may have a material impact on the Company’s results of operations, financial condition or cash flows based on current information.

Lease Accounting

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize a lease liability and a right-to-use asset on the balance sheet for all leases, except certain short-term leases. ASU 2016-02 is effective beginning with the Company’s Fiscal 2020, with early adoption permitted. The Company plans to apply the package of three practical expedients, allowing it to carry forward its previous lease classification and embedded lease evaluations and not to reassess initial direct costs as of the date of adoption, as well as the practical expedient allowing it to combine lease and non-lease components. The Company also plans on adopting the practical expedient from ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” allowing it to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating the comparative prior year periods. The Company's existing lease obligations, which relate to stores, corporate locations, warehouses, and equipment, will be subject to the new standard and will result in recording a lease liability and right-of-use asset for operating leases on the Company's consolidated balance sheet. While the implementation of ASU 2016-02 for the Company's Michael Kors and Jimmy Choo brands is substantially complete, due to the recent acquisition of Versace on December 31, 2018, the Company is still in the process of finalizing its analysis of Versace's lease portfolio. As such, the Company is currently unable to provide the estimated impact of ASU 2016-02 on its consolidated financial statements.

The FASB has issued several additional ASUs to provide implementation guidance relating to ASU 2016-02, including ASU 2018-01, “Land Easement Practical Expedient for Transition to Topic 842” in January 2018, ASU 2018-10, “Codification Improvements to Topic 842, Leases” and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” both issued in July 2018, ASU 2018-20, “Leases (Topic 842) - Narrow-Scope Improvements for Lessors” issued in December 2018, and ASU 2019-01, “Leases (Topic 842): Codification Improvements” issued in March 2019. The Company will consider this guidance in evaluating the impact of ASU 2016-02.

Intangibles

In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement. The standard aligns the accounting for capitalizing implementation costs of hosting arrangements, regardless of whether or not the contract conveys a license to the hosted software. ASU 2018-15 is effective beginning with the Company’s Fiscal 2021, with early adoption permitted, and can either be presented prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2018-15 on its consolidated financial statements.

Revenue Recognition

12 Months Ended

Mar. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services.

The Company sells its products through three primary channels of distribution: retail, wholesale and licensing. Within the retail and wholesale channels, substantially all of the Company’s revenues consist of sales of products that represent a single performance obligation, where control transfers at a point in time to the customer. For licensing arrangements, royalty and advertising revenue is recognized over time based on access provided to the Company’s brands.

The Company has chosen to apply the practical expedient allowing it not to disclose the amount of the transaction price allocated to the remaining performance obligations that have an expected duration of 12 months or less.

Retail

The Company generates sales through directly operated stores and e-commerce throughout the Americas (U.S., Canada and Latin America, excluding Brazil), EMEA (Europe, Middle East, and Africa) and certain parts of Asia. Retail revenue is recognized when control of the product is transferred at the point of sale at Company owned stores, including concessions. For e-commerce transactions, control is transferred when products are delivered to the customer, net of estimated returns. To arrive at net sales for retail, gross sales are reduced by actual customer returns, as well as by a provision for estimated future customer returns.

Sales taxes collected from retail customers are presented on a net basis and, as such, are excluded from revenue. Shipping and handling costs that are billed to customers are included in net sales, with the related costs recorded in cost of goods sold. Shipping and handling costs that are not billed to customers are accounted for as fulfillment costs.

Gift Cards. The Company sells gift cards that can be redeemed for merchandise, resulting in a contract liability recorded upon issuance. Revenue is recognized when the gift card is redeemed or upon “breakage” for the estimated portion of gift cards that are not expected to be redeemed. “Breakage” revenue is calculated under the proportional redemption methodology, which considers the historical patterns of redemption in jurisdictions where the Company is not required to remit the value of the unredeemed gift cards as unclaimed property. The Company anticipates that substantially all of its outstanding gift cards will be redeemed within the next 12 months. The contract liability related to gift cards, net of estimated “breakage,” was $13 million as of March 30, 2019, and is included in accrued expenses and other current liabilities in the Company’s consolidated balance sheet.

Loyalty Program. The Company offers a loyalty program, which allows its Michael Kors customers to earn points on qualifying purchases toward monetary and non-monetary rewards, which may be redeemed for purchases at Michael Kors retail stores and e-commerce sites. The Company defers a portion of the initial sales transaction based on the estimated relative fair value of the benefits based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed. The contract liability, net of an estimated “breakage,” of $3 million as of March 30, 2019 is recorded as a reduction to revenue in the consolidated statements of income and comprehensive income and within accrued expenses and other current liabilities in the Company’s consolidated balance sheet and is expected to be recognized within the next 12 months.

Wholesale

The Company’s products are sold primarily to major department stores, specialty stores and travel retail shops throughout the Americas, EMEA and Asia. The Company also has arrangements where its products are sold to geographic licensees in certain parts of EMEA, Asia, and South America. Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, after merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for wholesale, gross sales are reduced by provisions for estimated future returns, as well as trade discounts, markdowns, allowances, operational chargebacks, and certain cooperative selling expenses. These estimates are developed based on the most likely amount using historical trends, actual and forecasted performance and market conditions, and are reviewed by management on a quarterly basis. Unfulfilled, noncancelable purchase orders for products from wholesale customers (including the Company’s geographic licensees) are expected to be fulfilled within the next 12 months.

Licensing

The Company provides its third-party licensees with the right to access its Versace, Jimmy Choo and Michael Kors trademarks under product and geographic licensing arrangements. Under product licensing arrangements, the Company allows third parties to manufacture and sell luxury goods, including watches and jewelry, fragrances, sunglasses and eyewear, using the Company’s trademarks. Under geographic licensing arrangements, third party licensees receive the right to distribute and sell products bearing the Company’s trademarks in retail and/or wholesale channels within certain geographical areas, including Brazil, the Middle East, Eastern Europe, South Africa, certain parts of Asia and Australia.

The Company recognizes royalty revenue and advertising contributions based on the percentage of sales made by the licensees. Advertising contributions are received to support the Company’s branded advertising and marketing campaigns and are viewed as part of a single performance obligation with the right to access the Company’s trademarks. Royalty revenue generated from licenses, which includes contributions for advertising, may be subject to contractual minimum levels, as defined in the contract. Such minimums are generally fixed annually, based on the previous year’s sales. Licensing revenue is based on reported current period sales of licensed products at rates that are specified in the license agreements for contracts that are expected to exceed the related guaranteed minimums. If the Company expects the minimum guaranteed amounts to exceed amounts calculated based on actual sales, the guaranteed minimums are recognized ratably over the contractual year to which they relate. Generally the Company’s guaranteed minimum royalty amounts due from licensees relate to contractual periods that do not exceed 12 months, however, some of our guaranteed minimums for Versace are multi-year based. As of March 30, 2019, contractually guaranteed minimum fees from our license agreements expected to be recognized as revenue during future periods were as follows (in millions):



	Contractually Guaranteed Minimum Fees
	Contractually Guaranteed Minimum Fees
Fiscal 2020	$	28
Fiscal 2021	28
Fiscal 2022	27
Fiscal 2023	21
Fiscal 2024	10
Fiscal 2025 and thereafter	36
Total	$	150

Sales Returns

For the sale of goods with a right of return, the Company recognizes revenue for the consideration to which it expects to be entitled and a refund liability for the amount it expects to refund to its customers within accrued expenses and other current liabilities. The refund liability is determined based on the most likely amount and is based on management’s review of historical and current customer returns for its retail and wholesale customers, estimated future returns, adjusted for non-resalable products. The Company also considers its product strategies, as well as the financial condition of its customers, store closings by wholesale customers, changes in the retail environment and other macroeconomic factors. The Company recognizes an asset with a corresponding adjustment to cost of sales for the right to recover the products from its retail and wholesale customers, net of any costs to resell. The refund liability recorded as of March 30, 2019 was $35 million and the related asset for the right to recover returned product as of March 30, 2019 was $12 million.

Contract Balances

The Company’s contract liabilities are recorded within accrued expenses and other current liabilities and other long-term liabilities in its consolidated balance sheets depending on the short or long-term nature of the payments to be recognized. The Company’s contract liabilities primarily consist of gift card liabilities, loyalty program liabilities and advanced payments from product licensees. Total contract liabilities were $31 million and $23 million as of March 30, 2019 and March 31, 2018, respectively. In connection with the acquisition of Versace, the Company’s contract liabilities increased $9 million as of March 30, 2019. Contract liabilities decreased $5 million as a result of the adoption of ASC 606 on April 1, 2018, due to recognition of gift card breakage revenue (see Note 2). During Fiscal 2019, the Company recognized $16 million in revenue, which related to contract liabilities that existed at March 31, 2018. There were no contract assets recorded as of March 30, 2019 and April 1, 2018.

There were no changes in historical variable consideration estimates that were materially different from actual results.

Disaggregation of Revenue

The following table presents the Company’s segment revenues disaggregated by geographic location (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
	March 30, 2019		March 31, 2018		April 1, 2017
Versace revenue - the Americas	$	22	$	—	$	—
Versace revenue - EMEA	66		—		—
Versace revenue - Asia	49		—		—
Total Versace	137		—		—
Jimmy Choo revenue - the Americas	96		37		—
Jimmy Choo revenue - EMEA	321		123		—
Jimmy Choo revenue - Asia	173		63		—
Total Jimmy Choo	590		223		—
Michael Kors revenue - the Americas	3,064		2,996		3,141
Michael Kors revenue - EMEA	892		970		944
Michael Kors revenue - Asia	555		530		409
Total Michael Kors	4,511		4,496		4,494

Total revenue - the Americas	3,182		3,033		3,141
Total revenue - EMEA	1,279		1,093		944
Total revenue - Asia	777		593		409
Total revenue	$	5,238	$	4,719	$	4,494

Acquisitions

12 Months Ended

Mar. 30, 2019

Business Combinations [Abstract]

Acquisitions

Fiscal 2019 Acquisition

Acquisition of Versace

On December 31, 2018, the Company completed the acquisition of Versace for a total enterprise value of approximately €1.753 billion (or approximately $2.005 billion), giving effect to an investment made by the Versace family at acquisition of 2.4 million shares. The acquisition was funded through a combination of borrowings under the Company’s 2018 Term Loan Facility, drawings under the Company’s Revolving Credit Facility and cash on hand (see Note 11 for additional information).

The following table summarizes the aggregate purchase price consideration paid to acquire Versace in cash (in millions):



	December 31, 2018
Cash consideration paid to Versace shareholders ⁽¹⁾	$	1,914
Capri share consideration ⁽²⁾	91
Total purchase price	$	2,005


⁽¹⁾	The cash consideration includes €90 million (or $103 million) of cash paid on behalf of the shareholder for pre-existing debt as of the Closing Date.


⁽²⁾	The Versace family elected to receive 2,395,170 of the Company’s ordinary shares in exchange for a portion of the cash consideration. The closing price of the Company's shares as of December 31, 2018 of $37.92 was used to compute the fair value of the share consideration as of the acquisition date.

The Company believes that this combination will further strengthen its future growth opportunities while also increasing both product and geographic diversification and will allow it to grow its international presence through the formation of a global fashion luxury group, bringing together industry-leading luxury fashion brands. The Company accounted for this acquisition as a business combination under the acquisition method of accounting. The Company estimated the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on the currently available information. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. The following table summarizes the preliminary purchase price allocation of fair values of the assets acquired and liabilities assumed at the date of acquisition (in millions):



	December 31, 2018
Cash and cash equivalents	$	41
Accounts receivable	82
Inventory ⁽¹⁾	197
Other current assets	39
Current assets	359
Property and equipment ⁽²⁾	89
Goodwill ⁽³⁾	878
Brand ⁽⁴⁾	948
Customer relationships ⁽⁵⁾	203
Favorable lease ⁽⁶⁾	16
Deferred tax assets ⁽⁷⁾	24
Other assets ⁽⁷⁾	135
Total assets acquired	$	2,652

Accounts payable	$	144
Short term debt	57
Other current liabilities	99
Current liabilities	300
Deferred tax liabilities	289
Other liabilities ^{(6) (7)}	54
Total liabilities assumed	$	643

Less: Noncontrolling interest in joint ventures	$	4

Fair value of net assets acquired	$	2,005

Fair value of acquisition consideration	$	2,005


⁽¹⁾	Includes an inventory step-up adjustment of $19 million, which will be recognized as an adjustment to the Company’s cost of goods sold in its statement of operations within twelve months.


⁽²⁾	Includes a $11 million adjustment to reduce the fair value of Versace’s leasehold improvements, which will be recognized over the remaining lease term.


⁽³⁾	Represents the difference between the purchase price over the net identifiable tangible and intangible assets acquired allocated to goodwill, which is not deductible for tax purposes.


⁽⁴⁾	Represents the fair value of Versace’s brand, which is an indefinite-lived intangible asset due to being essential to the Company’s ability to operate the Versace business for the foreseeable future. The Versace brand was valued using the relief-from-royalty method of the income valuation approach.


⁽⁵⁾	Represents customer relationships associated with Versace product licensees, wholesale customers and geographic licensees, which are being amortized over 12 years, 10 years and 9 years, respectively. These useful lives were estimated based on the time to recover the related future discounted cash flows. These intangible assets were valued using multi-period excess-earnings valuation method.


⁽⁶⁾	Includes favorable leases and unfavorable leases of $16 million and $7 million, respectively, which will be amortized over the remaining lease terms.


⁽⁷⁾	Represents adjustments to reduce deferred tax assets by $39 million and increase uncertain tax positions by $33 million, with an offsetting increase to other assets of $72 million relating to an indemnification.

Versace’s results of operations have been included in our consolidated financial statements beginning on December 31, 2018. Versace contributed total revenue of $137 million and net loss of $12 million, after amortization of non-cash purchase accounting adjustments and transition and transaction costs, from the date of acquisition on December 31, 2018 through February 28, 2019 (reflecting a one-month reporting lag).

The following table summarizes the unaudited pro-forma consolidated results of operations for the fiscal years ended March 30, 2019 and March 31, 2018 as if the acquisition had occurred on April 2, 2017, the beginning of Fiscal 2018 (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018
Pro-forma total revenue	$	5,983	$	5,473
Pro-forma net income	579		526
Pro-forma net income per ordinary share attributable to Capri:
Basic	$	3.82	$	3.40
Diluted	$	3.78	$	3.34

The unaudited pro-forma consolidated results above are based on the historical financial statements of the Company and Versace and are not necessarily indicative of the results of operations that would have been achieved if the acquisition was completed at the beginning of Fiscal 2018 and are not indicative of the future operating results of the combined company. The financial information for Versace prior to the acquisition has been included in the pro-forma results of operations on a calendar-year basis and includes certain adjustments to Versace’s historical consolidated financial statements to align with U.S. GAAP and the Company’s accounting policies. The pro-forma consolidated results of operations also include the effects of purchase accounting adjustments, including amortization charges related to the definite-lived intangible assets acquired, fair value adjustments relating to leases and fixed assets, and the related tax effects assuming that the business combination occurred on April 2, 2017. Purchase accounting amortization of the inventory step-up adjustment has been excluded from the above pro-forma amounts due to the short-term nature of this adjustment. The pro-forma consolidated financial statements also reflect the impact of debt repayment and borrowings made to finance the acquisition (see Note 11) and exclude historical interest expenses related to Versace’s €90 million pre-existing debt. Transaction costs of $41 million for Fiscal 2019, which have been recorded within restructuring and other charges in the Company’s consolidated statements of operations and comprehensive income, have been excluded from the above pro-forma consolidated results of operations due to their non-recurring nature. The shares used to calculate the pro-forma net income per ordinary share attributable to Capri reflect the weighted average impact of a 2.4 million ordinary share investment made by the Versace family at acquisition date.

Fiscal 2018 Acquisition

Acquisition of Jimmy Choo Group Limited

On November 1, 2017, the Company completed the acquisition of Jimmy Choo, whereby the Company's wholly-owned subsidiary acquired all of Jimmy Choo’s issued and to be issued shares at a purchase price of 230 pence per share in cash, for a total transaction value of $1.447 billion, including the repayment of existing debt obligations, which was funded through a combination of borrowings under the Company’s new $1.0 billion term loan facility, the issuance of the Senior Notes and cash on hand (please refer to Note 11 for additional information).

Jimmy Choo’s results of operations have been included in our consolidated financial statements beginning on November 1, 2017. Jimmy Choo contributed revenue of $223 million and net loss of $15 million (after amortization of non-cash purchase accounting adjustments and transition and transaction costs) for the period from the date of acquisition through March 31, 2018.

The following table summarizes the unaudited pro-forma consolidated results of operations for the fiscal years ended March 31, 2018 and April 1, 2017 as if the acquisition had occurred on April 3, 2016, the beginning of Fiscal 2017 (in millions):



	Fiscal Years Ended
	March 31, 2018		April 1, 2017
Pro-forma total revenue	$	5,012	$	4,985
Pro-forma net income	623		554
Pro-forma net income per ordinary share attributable to Capri:
Basic	$	4.09	$	3.34
Diluted	$	4.02	$	3.29

The unaudited pro-forma consolidated results above are based on the historical financial statements of the Company and Jimmy Choo and are not necessarily indicative of the results of operations that would have been achieved if the acquisition was completed at the beginning of Fiscal 2017 and are not indicative of the future operating results of the combined company. The financial information for Jimmy Choo prior to the acquisition has been included in the pro-forma results of operations on a calendar-year basis and includes certain adjustments to Jimmy Choo’s historical consolidated financial statements to align with U.S. GAAP and the Company’s accounting policies. The pro-forma consolidated results of operations also include the effects of purchase accounting adjustments, including amortization charges related to the definite-lived intangible assets acquired, fair value adjustments relating to leases and fixed assets, and the related tax effects assuming that the business combination occurred on April 3, 2016. Purchase accounting amortization of the inventory step-up adjustment has been excluded from the above pro-forma amounts due to the short-term nature of this adjustment. The pro-forma consolidated financial statement also reflect the impact of debt repayment and borrowings made to finance the acquisition (see Note 11) and exclude historical interest expense for Jimmy Choo. Transaction costs of $41 million for Fiscal 2018, which have been recorded within restructuring and other charges in the Company’s consolidated statements of operations and comprehensive income, have been excluded from the above pro-forma consolidated results of operations due to their non-recurring nature.

Fiscal 2017 Acquisition

Acquisition of Michael Kors (HK) Limited

On May 31, 2016, the Company acquired 100% of the stock of MKHKL, the Michael Kors licensees in the Greater China region, which includes China, Hong Kong, Macau and Taiwan. The Company believes that having direct control of this business allows it to better manage opportunities and capitalize on the growth potential in the region. This acquisition was funded by a cash payment of $500 million. The Company accounted for the acquisition as a business combination.

MKHKL’s results of operations have been included in our consolidated financial statements beginning on June 1, 2016. MKHKL contributed total revenue of $212 million and net loss of $11 million for the period from the date of acquisition through April 1, 2017 (after amortization of non-cash valuation adjustments and integration costs).

The following table summarizes the unaudited pro-forma consolidated results of operations for the fiscal year ended April 1, 2017 as if the acquisition had occurred on March 29, 2015, the beginning of Fiscal 2016 (in millions):



	Fiscal Years Ended
	April 1, 2017
Pro-forma total revenue	$	4,520
Pro-forma net income	549
Pro-forma net income per ordinary share attributable to Capri:
Basic	$	3.31
Diluted	$	3.26

The unaudited pro-forma consolidated results above are based on the historical financial statements of the Company and MKHKL and are not necessarily indicative of the results of operations that would have been achieved if the acquisition was completed at the beginning of Fiscal 2016 and are not indicative of the future operating results of the combined company. The pro-forma consolidated results of operations reflect the elimination of intercompany transactions and include the effects of purchase accounting adjustments, including amortization charges related to the definite-lived intangible assets acquired (reacquired rights and customer relationships), fair value adjustments relating to leases, fixed assets and inventory, and the related tax effects assuming that the business combination occurred on March 29, 2015. The pro-forma consolidated results of operations for Fiscal 2017 also reflect the elimination of transaction costs of approximately $11 million, which have been recorded within restructuring and other charges in the Company’s consolidated statements of operations and comprehensive income for Fiscal 2017.

Receivables, net

12 Months Ended

Mar. 30, 2019

Receivables [Abstract]

Receivables, net

Receivables, net consist of (in millions):



	March 30, 2019			March 31, 2018
Trade receivables ⁽¹⁾	$	459		$	383
Receivables due from licensees	23			16
	482			399
Less: allowances	(99		)	(109		)
	$	383		$	290


⁽¹⁾	As of March 30, 2019 and March 31, 2018, $317 million and $296 million, respectively, of trade receivables were insured.

Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and doubtful accounts. Discounts are based on open invoices where trade discounts have been extended to customers. Allowances are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.

The Company’s allowance for doubtful accounts is determined through analysis of periodic aging of receivables that are not covered by insurance and assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered. Allowance for doubtful accounts was $18 million as of March 30, 2019, including an $11 million allowance within the opening balance sheet of our newly acquired Versace business. Allowance for doubtful accounts was $5 million as of March 31, 2018, which included an allowance due to a bankruptcy of one of our wholesale customers. The Company had provisions for bad debt of $4 million, $8 million and $6 million, respectively, for Fiscal 2019, Fiscal 2018 and Fiscal 2017.

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

Property, Plant and Equipment [Abstract]

Concentration of Credit Risk, Major Customers and Suppliers	12 Months Ended
	Mar. 30, 2019
Risks and Uncertainties [Abstract]
Concentration of Credit Risk, Major Customers and Suppliers	Concentration of Credit Risk, Major Customers and Suppliers Financial instruments that subject the Company to concentration of credit risk are cash and cash equivalents and receivables. As part of its ongoing procedures, the Company monitors its concentration of deposits with various financial institutions in order to avoid any undue exposure. The Company mitigates its risk by depositing cash and cash equivalents in major financial institutions. The Company also mitigates its credit risk by obtaining insurance coverage for a substantial portion of its receivables (see Note 5). No individual customer accounted for 10% or more of the Company’s total revenues during Fiscal 2019, Fiscal 2018 or Fiscal 2017. The Company contracts for the purchase of finished goods principally with independent third-party contractors, whereby the contractor is generally responsible for all manufacturing processes. Although the Company does not have any long-term agreements with any of its manufacturing contractors, the Company believes it has mutually satisfactory relationships with them. The Company allocates product manufacturing among agents and contractors based on their capabilities, the availability of production capacity, quality, pricing and delivery. The inability of certain contractors to provide needed services on a timely basis could adversely affect the Company’s operations and financial condition. For Fiscal 2019, Fiscal 2018 and Fiscal 2017, one contractor accounted for approximately 21%, 26% and 33%, respectively, of the Company’s total finished goods purchases, based on dollar volume. The Company also has relationships with various agents who source finished goods with numerous contractors on behalf of its Michael Kors brand. For Fiscal 2019, Fiscal 2018 and Fiscal 2017, one agent sourced approximately 24%, 24% and 22%, respectively, of Michael Kors finished goods, based on unit volume.

Property and Equipment, Net

12 Months Ended

Mar. 30, 2019

Property and Equipment, Net

Property and equipment, net, consists of (in millions):



	March 30, 2019			March 31, 2018
Leasehold improvements	$	639		$	551
In-store shops	270			274
Furniture and fixtures	292			271
Computer equipment and software	292			266
Equipment	123			117
Building	47			52
Land	15			16
	1,678			1,547
Less: accumulated depreciation and amortization	(1,115		)	(1,002		)
	563			545
Construction-in-progress	52			38
	$	615		$	583

Depreciation and amortization of property and equipment for the fiscal years ended March 30, 2019, March 31, 2018, and April 1, 2017, was $188 million, $182 million and $198 million, respectively. During Fiscal 2019, the Company recorded fixed asset impairment charges of $19 million, $15 million of which related to underperforming Michael Kors full-price retail store locations, some of which will be closed as part of the Company’s previously announced Retail Fleet Optimization Plan and $4 million related to Jimmy Choo retail store locations (as defined in Note 10). During Fiscal 2018 and Fiscal 2017, the Company recorded fixed asset impairment charges of $28 million and $169 million, respectively, primarily related to underperforming Michael Kors retail locations.

Intangible Assets and Goodwill

12 Months Ended

Mar. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):



	March 30, 2019						March 31, 2018
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	45	$	355	$	400	$	29	$	371
Trademarks	23		19		4		23		17		6
Lease rights	96		56		40		80		58		22
Customer relationships	415		23		392		231		8		223
	934		143		791		734		112		622

Indefinite-lived intangible assets:
Jimmy Choo brand ⁽²⁾	572		—		572		614		—		614
Versace brand	930		—		930		—		—		—
	1,502		—		1,502		614		—		614

Total intangible assets, excluding goodwill	$	2,436	$	143	$	2,293	$	1,348	$	112	$	1,236

________________________________


⁽¹⁾	Includes $2 million, $5 million and $30 million, respectively, of impairment charges recorded during Fiscal 2019, Fiscal 2018 and Fiscal 2017 in connection with underperforming full-price retail stores. See Note 13 for additional information.


⁽²⁾	The change in carrying value relates to foreign currency translation.

Reacquired rights relate to the Company’s reacquisition of the rights to use the Michael Kors trademarks and to import, sell, advertise and promote certain of its products in the previously licensed territories in the Greater China region and are being amortized through March 31, 2041, the expiration date of the related license agreement. The trademarks relate to the Michael Kors brand name and are amortized over twenty years. Customer relationships are amortized over five to eighteen years. Lease rights are amortized over the respective terms of the underlying lease, including highly probable renewal periods. Amortization expense for the Company’s definite-lived intangibles was $37 million, $26 million and $22 million, respectively, for each of the fiscal years ended March 30, 2019, March 31, 2018 and April 1, 2017.

Indefinite-lived intangible assets other than goodwill included the Versace and Jimmy Choo brands, which were recorded in connection with the acquisitions of Versace and Jimmy Choo, and have an indefinite life due to being essential to the Company’s ability to operate the Versace and Jimmy Choo businesses for the foreseeable future.

Estimated amortization expense for each of the next five years is as follows (in millions):



Fiscal 2020	$	56
Fiscal 2021	55
Fiscal 2022	52
Fiscal 2023	50
Fiscal 2024	49
Fiscal 2025 and thereafter	529
	$	791

The future amortization expense above reflects weighted-average estimated remaining useful lives of 22 years for reacquired rights, 4 years for trademarks, 14 years for customer relationships and 6 years for lease rights.

The following table details the changes in goodwill for each of the Company’s reportable segments (in millions):



	Versace			Jimmy Choo			Michael Kors ⁽¹⁾		Total
Balance at April 1, 2017	$	—		$	—		$	120	$	120
Acquisition of Jimmy Choo	—			685			—		685
Foreign currency translation	—			43			—		43
Balance at March 31, 2018	—			728			120		848
Acquisition of Versace ⁽²⁾	878			—			—		878
Foreign currency translation	(17		)	(50		)	—		(67		)
Balance at March 30, 2019	$	861		$	678		$	120	$	1,659


⁽¹⁾	In connection with the realignment of the Company’s reportable segment structure, the Company presented the carrying amount of goodwill of MK Retail, MK Wholesale and MK Licensing reporting units within the Michael Kors reportable segment, effective beginning in the fourth quarter of Fiscal 2019.


⁽²⁾	See Note 4 for additional information.

The Company’s goodwill and the Versace and Jimmy Choo brands are not subject to amortization but are evaluated for impairment annually in the last quarter of each fiscal year, or whenever impairment indicators exist. During the fourth quarter of Fiscal 2019, the Company performed its annual goodwill and indefinite-lived intangible assets impairment analysis for its three brands. The impairment analysis relating to the Versace goodwill and brand were performed using a qualitative approach due to the proximity to the acquisition date and it was concluded that it is more likely than not that the fair value of goodwill and brand exceeded their respective carrying values and, therefore, did not result in impairment. The Company also performed its goodwill impairment assessment for the Michael Kors brand using a qualitative approach. As a result of realigning its segment reporting structure during the fourth quarter of Fiscal 2019, the Company presented the carrying amount of goodwill of MK Retail, MK Wholesale and MK Licensing within the Michael Kors reportable segment. Based on the results of the Company’s qualitative impairment assessment, the Company concluded that it is more likely than not that the fair value of the Michael Kors’ reporting units exceeded their carrying value and, therefore, was not impaired. The Company elected to perform its annual goodwill and brand impairment analysis for Jimmy Choo brand using a quantitative approach, using discounted cash flow and market multiples analysis to estimate the fair values of the Jimmy Choo reporting units, as described above. Based on the results of these assessments, the Company concluded that the fair values of the Jimmy Choo reporting units and the brand indefinite-lived intangible asset exceeded the related carrying amounts and there were no reporting units at risk of impairment. See Note 13 to the accompanying audited financial statements for information relating to its annual impairment analysis performed during the fourth quarter of Fiscal 2019. There were no impairment charges related to goodwill or indefinite-lived intangible assets in any of the fiscal periods presented.

Current Assets and Current Liabilities

12 Months Ended

Mar. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Current Assets and Current Liabilities

Prepaid expenses and other current assets consist of the following (in millions):



	March 30, 2019		March 31, 2018
Prepaid taxes	$	125	$	79
Prepaid rent	24		23
Interest receivable related to net investment hedges	11		—
Leasehold incentive receivable	9		9
Other	52		37
	$	221	$	148

Accrued expenses and other current liabilities consist of the following (in millions):



	March 30, 2019		March 31, 2018
Restructuring liability	$	64	$	45
Other taxes payable	47		54
Return liabilities	35		12
Accrued rent	34		34
Accrued purchases and samples	29		3
Accrued capital expenditures	25		26
Gift cards and retail store credits	13		16
Professional services	12		14
Accrued litigation	11		—
Accrued advertising and marketing	10		23
Accrued interest	10		9
Other	84		59
	$	374	$	295

Restructuring and Other Charges

12 Months Ended

Mar. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

On May 31, 2017, the Company announced that it plans to close between 100 and 125 of its Michael Kors retail stores in order to improve the profitability of its retail store fleet (“Retail Fleet Optimization Plan”). The Company anticipates finalizing the remainder of the planned store closures under the Retail Fleet Optimization Plan by the end of Fiscal 2020. The Company expects to incur approximately $100 - $125 million of one-time costs associated with these store closures. Collectively, the Company anticipates ongoing annual savings of approximately $60 million as a result of store closures and lower depreciation and amortization expense as a result of the impairment charges recorded once these initiatives are completed.

During Fiscal 2019, the Company closed 53 of its Michael Kors retail stores under the Retail Fleet Optimization Plan, for a total of 100 stores closed since plan inception. Restructuring charges recorded in connection with the Retail Fleet Optimization Plan during Fiscal 2019 and Fiscal 2018 were $41 million and $53 million, respectively. The below table presents a rollforward of the Company’s remaining restructuring liability related to this plan (in millions):



	Severance and benefit costs			Lease-related costs			Total
Balance at March 31, 2018	$	—		$	45		$	45
Additions charged to expense	3			38			41
Balance sheet reclassifications ⁽¹⁾	—			6			6
Payments	(1		)	(36		)	(37		)
Balance at March 30, 2019	$	2		$	53		$	55


⁽¹⁾	Primarily consists of reclassification of deferred rent for locations subject to closure to a restructuring liability.

During Fiscal 2018, the Company recorded restructuring charges of $53 million under the Retail Fleet Optimization Plan, which were comprised of lease-related charges of $52 million and severance and benefit costs of $1 million.

Other Restructuring Charges

In addition to the restructuring charges related to the Retail Fleet Optimization Plan, the Company incurred charges of $4 million relating to Jimmy Choo lease-related charges during Fiscal 2019.

Transaction and Transition Costs

During Fiscal 2019, the Company recorded transaction and transition costs of $79 million, which included $52 million in connection with the Versace acquisition and $27 million in connection with the acquisition of Jimmy Choo.

During Fiscal 2018, the Company recorded transaction and transition costs of $49 million in connection with the Jimmy Choo acquisition. During Fiscal 2017, the Company recorded transaction costs of $11 million related to the acquisition of the Greater China business. See Note 4 for additional information relating to these acquisitions.

Debt Obligations

12 Months Ended

Mar. 30, 2019

Debt Disclosure [Abstract]

Debt Obligations

The following table presents the Company’s debt obligations (in millions):



	March 30, 2019		March 31, 2018
Term Loan⁽¹⁾	$	1,580	$	230
4.000% Senior Notes due 2024	450		450
Revolving Credit Facilities	550		200
Other	1		1
Total debt	2,581		881
Less: Unamortized debt issuance costs	13		4
Less: Unamortized discount on long-term debt	2		2
Total carrying value of debt	2,566		875
Less: Short-term debt	630		200
Total long-term debt	$	1,936	$	675


⁽¹⁾	During Fiscal 2019, the Company repaid the remaining $59 million of borrowings outstanding under the previous Term Loan Facility entered into in connection with the Jimmy Choo acquisition.

Senior Unsecured Revolving Credit Facility

On November 15, 2018, the Company entered into a third amended and restated senior unsecured credit facility (the “2018 Credit Facility”) with, among others, JPMorgan Chase Bank, N.A., as administrative agent, which replaced its prior 2017 senior unsecured revolving credit facility (the “2017 Credit Facility”). The Company and its U.S., Canadian, Dutch and Swiss subsidiaries are the borrowers under the 2018 Credit Facility. The borrowers and certain material subsidiaries of the Company provide unsecured guarantees of the 2018 Credit Facility. The 2018 Credit Facility provides for a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), which may be denominated in U.S. Dollars and other currencies, including Euros, Canadian Dollars, Pounds Sterling, Japanese Yen and Swiss Francs. The Revolving Credit Facility also provides sub-facilities for the issuance of letters of credit of up to $75 million and swing line loans of up to $75 million. The 2018 Credit Facility also provides for a $1.6 billion term loan facility (the “2018 Term Loan Facility”) to finance a portion of the purchase price of the Company’s acquisition of Versace. The 2018 Term Loan Facility is divided into two tranches, an $800 million tranche that matures on the second anniversary of the initial borrowing of the term loans and an $800 million tranche that matures on the fifth anniversary of the initial borrowing of the term loans. The $800 million tranche that matures on the fifth anniversary is required to be repaid on the last business day of March, June, September and December of each year, commencing after the last business day of the first full fiscal quarter after the initial borrowing, in installments equal to 2.50% of the aggregate original principal amount of the term loans. The Company has the right to prepay its borrowings under the 2018 Term Loan Facility at any time in whole or in part. The Revolving Credit Facility expires on November 15, 2023. The Company has the ability to expand its borrowing availability under the 2018 Credit Facility in the form of revolving commitments or term loans by up to an additional $500 million, subject to the agreement of the participating lenders and certain other customary conditions.

Borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at the following rates:


•	for any loans (except loans denominated in Canadian Dollars), the greater of Adjusted LIBOR for the applicable interest period and zero, plus an applicable margin based on the Company’s public debt rating;

•

for loans denominated in U.S. Dollars, an alternate base rate, which is the greatest of: (a) the prime rate publicly announced from time to time by JPMorgan Chase, (b) the greater of the federal funds effective rate and the Federal Reserve Bank of New York overnight bank funding rate and zero, plus 50 basis points, and (c) the greater of the one-month London Interbank Offered Rate adjusted for statutory reserve requirements for Eurocurrency liabilities (“Adjusted LIBOR”) and zero, plus 100 basis points, in each case, plus an applicable margin based on the Company’s public debt ratings;


•	for loans denominated in Canadian Dollars, the Canadian prime rate, which is the greater of the PRIMCAN Index rate and the rate applicable to one-month Canadian Dollar banker’s acceptances quoted on Reuters (“CDOR”), plus 100 basis points, plus an applicable margin based on the Company’s public debt ratings; or


•	for loans denominated in Canadian Dollars, the average CDOR rate for the applicable interest period, plus 10 basis points per annum, plus an applicable margin based on the Company’s public debt ratings.

Borrowings under the 2018 Term Loan Facility bear interest, at the Company’s option, at (a) the alternate base rate plus an applicable margin based on the Company’s public debt ratings; or (b) the greater of Adjusted LIBOR for the applicable interest period and zero, plus an applicable margin based on the Company’s public debt ratings.

The Revolving Credit Facility also provides for an annual administration fee and a commitment fee equal to 0.10% to 0.25% per annum, based on the Company’s public debt ratings, applied to the average daily unused amount of the Revolving Credit Facility. The 2018 Term Loan Facility provides for a commitment fee equal to 0.10% to 0.25% per annum, based on the Company’s public debt ratings, applied to the undrawn amount of the 2018 Term Loan Facility, from January 6, 2019 until the term loans are fully drawn or the commitments under the 2018 Term Loan Facility terminate or expire. Loans under the 2018 Credit Facility may be repaid and commitments may be terminated or reduced by the borrowers without premium or penalty other than the customary breakage costs with respect to loans bearing interest based on Adjusted LIBOR or the CDOR rate.

The 2018 Credit Facility requires the Company to maintain a leverage ratio as of the end of each fiscal quarter of no greater than 3.75 to 1. Such leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus six times the consolidated rent expense for the last four consecutive fiscal quarters, to Consolidated EBITDAR (as defined below) for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus income tax expense, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash charges, subject to certain additions and deductions. The 2018 Credit Facility also includes covenants that limit additional indebtedness, guarantees, liens, acquisitions and other investments and cash dividends that are customary for financings of this type. As of March 30, 2019, the Company was in compliance with all covenants related to this agreement.

The 2018 Credit Facility contains events of default customary for financings of this type, including, but not limited to, payment of defaults, material inaccuracy of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy or insolvency, certain events under The Employee Retirement Income Security Act, material judgments, actual or asserted failure of any guaranty supporting the 2018 Credit Facility to be in full force and effect, and changes of control. If such an event of default occurs, the lenders under the 2018 Credit Facility would be entitled to take various actions, including, but not limited to, terminating the commitments and accelerating amounts outstanding under the 2018 Credit Facility, subject to “certain funds” limitations in connection with the transaction governing the 2018 Term Loan Facility.

In connection with the acquisition of Versace, on December 21, 2018 the Company borrowed $1.6 billion in term loans under the 2018 Term Loan Facility and $350 million under its $1.0 billion Revolving Credit Facility provided for under the 2018 Credit Facility, to pay a portion of the acquisition consideration and other related fees and expenses. As of March 30, 2019 and March 31, 2018, the Company had borrowings of $539 million and $200 million outstanding under the 2018 Revolving Credit Facility and its prior 2017 Revolving Credit Facility, respectively, which were recorded within short-term debt in its consolidated balance sheets. In addition, stand-by letters of credit of $17 million were outstanding as of March 30, 2019. At March 30, 2019, the amount available for future borrowings under the 2018 Revolving Credit Facility was $444 million. As of March 30, 2019, the carrying value of borrowings outstanding under the 2018 Term Loan Facility was $1.570 billion, net of debt issuance costs of $10 million, of which $80 million was recorded within short-term debt and $1.490 billion was recorded within long-term debt in its consolidated balance sheets.

Senior Notes

On October 20, 2017, Michael Kors (USA), Inc. (the “Issuer”), the Company’s wholly owned subsidiary, completed its offering of $450 million aggregate principal amount of 4.000% senior notes due 2024 (the “Senior Notes”) at an issue price of 99.508% of aggregate principal amount, pursuant to an exemption from registration under the Securities Act of 1933, as amended. The Senior Notes were issued under an indenture dated October 20, 2017, among the Issuer, the Company, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee (the “Indenture”). The Senior Notes were issued to finance a portion of the Company’s acquisition of Jimmy Choo and certain related refinancing transactions.

The Senior Notes bear interest at a rate of 4.000% per year, subject to adjustments from time to time if either Moody’s or S&P (or a substitute rating agency therefore) downgrades (or downgrades and subsequently upgrades) the credit rating assigned to the Senior Notes. Interest on the Senior Notes is payable semi-annually on May 1 and November 1 of each year, beginning on May 1, 2018.

The Senior Notes are unsecured and are guaranteed by the Company and its existing and future subsidiaries that guarantee or are borrowers under the 2018 Credit Facility (subject to certain exceptions, including subsidiaries organized in China).

The Senior Notes may be redeemed at the Company’s option at any time in whole or in part at a price equal to 100% of the principal amount, plus accrued and unpaid interest, plus a “make-whole” amount calculated at the applicable Treasury Rate plus 30 basis points.

The Senior Notes rank equally in right of payment with all of the Issuer’s and guarantors’ existing and future senior unsecured indebtedness, senior in right of payment to any future subordinated indebtedness, effectively subordinated in right of payment to any of the Company’s subsidiaries’ obligations (including secured and unsecured obligations) and any of the Company’s secured obligations, to the extent of the assets securing such obligations.

The Indenture contains covenants, including those that limit the Company’s ability to create certain liens and enter into certain sale and leaseback transactions. In the event of a “Change of Control Triggering Event,” as defined in the Indenture, the Issuer will be required to make an offer to repurchase the Senior Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Senior Notes being repurchased plus any unpaid interest. These covenants are subject to important limitations and exceptions, as per the Indenture.

As of March 30, 2019, the carrying value of the Senior Notes was $445 million, net of issuance costs and unamortized discount.

Japan Credit Facility

In November 2017, the Company’s subsidiary in Japan entered into a short term credit facility (“Japan Credit Facility”) with Mitsubishi UFJ Financial Group (“MUFJ”), which may be used to fund general working capital needs of Michael Kors Japan K.K., subject to the bank’s discretion. The Japan Credit Facility is in effect through November 29, 2019. The Japan Credit Facility provides Michael Kors Japan K.K. with a revolving credit line of up to ¥1.0 billion (approximately $9 million). The Japan Credit Facility bears interest at a rate posted by the Bank plus 0.300% two business days prior to the date of borrowing or the date of interest renewal. As of March 30, 2019 and March 31, 2018, the Company had no borrowings outstanding under the Japan Credit Facility.

Hong Kong Credit Facility

In March 2019, the Company’s Hong Kong subsidiary, MKHKL, renewed its uncommitted credit facility (“HK Credit Facility”) with HSBC, which may be used to fund general working capital needs of MKHKL through November 30, 2019 subject to the bank’s discretion. The HK Credit Facility provides MKHKL with a revolving line of credit of up to 100 million Hong Kong Dollars (approximately $13 million), and may be used to support bank guarantees. Borrowings under the HK Credit Facility must be made in increments of at least 5 million Hong Kong Dollars and bear interest at the Hong Kong Interbank Offered Rate (“HIBOR”) plus 150 basis points. As of March 30, 2019 and March 31, 2018, there were no borrowings outstanding under the HK Credit Facility. As of March 30, 2019, bank guarantees supported by this facility were 12 million Hong Kong Dollars (approximately $2 million). At March 30, 2019, the amount available for future borrowings under the HK Credit Facility was 88 million Hong Kong Dollars (approximately $11 million).

China Credit Facility

In January 2019, the Company’s subsidiary in China, MKTSCL, entered into a short-term credit facility (“China Credit Facility”) with HSBC, which may be used to fund general working capital needs, not to exceed 12 months. The China Credit Facility provides MKTSCL with a Revolving Loan Facility of up to RMB 70 million (approximately $10 million); an overdraft facility with a credit line of RMB 10 million (approximately $1 million), and a non-financial bank guarantee facility of RMB 20 million (approximately $3 million) or its equivalent in another currency, at lender’s discretion. Borrowings under the China Credit Facility bear interest at 105% of the applicable People’s Bank of China’s Benchmark lending rate at the time of borrowing. As of March 30, 2019, the Company had no borrowings outstanding under the China Credit Facility.

Versace Credit Facility

In January 2018, the Company’s subsidiary, Versace, entered into an uncommitted short-term credit facility with BNL (“Versace Credit Facility”), which may be used for general working capital needs of Versace. The Versace Credit Facility provides Versace with a swing line of credit of up to €20 million (approximately $22 million), with interest set by the bank on the date of borrowing. As of March 30, 2019, there were borrowings outstanding of €10 million (approximately $11 million, which were recorded within short-term debt in the Company’s consolidated balance sheet.

Commitments and Contingencies

12 Months Ended

Mar. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The Company leases office space, retail stores and warehouse space under operating lease agreements that expire at various dates through September 2043. In addition to minimum rental payments, the leases require payment of increases in real estate taxes and other expenses incidental to the use of the property.

Rent expense for the Company’s operating leases consists of the following (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Minimum rentals	$	357	$	272	$	257
Contingent rent	109		80		76
Total rent expense	$	466	$	352	$	333

Future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):



Fiscal years ending:
Fiscal 2020	$	431
Fiscal 2021	389
Fiscal 2022	339
Fiscal 2023	277
Fiscal 2024	229
Fiscal 2025 and thereafter	509
	$	2,174

As of March 30, 2019, the future minimum lease payments in the table above were reduced by total noncancelable future sublease rental income of $42 million.

The Company has issued stand-by letters of credit to guarantee certain of its retail and corporate operating lease commitments, aggregating $18 million at March 30, 2019, including $17 million in letters of credit issued under the 2018 Credit Facility.

Other Commitments

As of March 30, 2019, the Company also has other contractual commitments aggregating $3.529 billion, which consist of inventory purchase commitments of $865 million, debt obligations of $2.566 billion and other contractual obligations of $98 million, which primarily relate to obligations related to the Company’s marketing and advertising agreements, information technology agreements and supply agreements.

Long-term Employment Contract

The Company has an employment agreement with the Chief Creative Officer of the Michael Kors brand that provides for continuous employment through the date of the officer’s death or permanent disability at an annual salary of $1 million. In addition to salary, the agreement provides for an annual bonus and other employee related benefits.

Contingencies

In the ordinary course of business, the Company is party to various legal proceedings and claims. Although the outcome of such items cannot be determined with certainty, the Company’s management does not believe that the outcome of all pending legal proceedings in the aggregate will have a material adverse effect on its cash flow, results of operations or financial position.

Fair Value Measurements

12 Months Ended

Mar. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial assets and liabilities are measured at fair value using the three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in the valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs based on a company’s own assumptions about market participant assumptions developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date.

Level 2 – Valuations based on quoted inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

At March 30, 2019 and March 31, 2018, the fair values of the Company’s forward foreign currency exchange contracts and net investment hedges were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair values of the forward contracts are included in prepaid expenses and other current assets, and in accrued expenses and other current liabilities in the consolidated balance sheets, depending on whether they represent assets or liabilities to the Company. The fair values of net investment hedges are included in other assets, as detailed in Note 14.

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 March 30, 2019, using:						Fair value at March 31, 2018, 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	$	—	$	5	$	—	$	—	$	—	$	—
Net investment hedges	—		37		—		—		—		—
Total derivative assets	$	—	$	42	$	—	$	—	$	—	$	—

Derivative liabilities:
Other undesignated derivative contracts	$	—	$	5	$	—	$	—	$	8	$	—

The Company’s long-term debt obligations are recorded in its consolidated balance sheets at carrying values, which may differ from the related fair values. The fair value of the Company’s long-term debt is estimated using external pricing data, including any available quoted market prices and based on other debt instruments with similar characteristics. Borrowings under revolving credit agreements, if outstanding, are recorded at carrying value, which approximates fair value due to the short-term nature of such borrowings. See Note 11 for detailed information relating to carrying values of the Company’s outstanding 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):



	March 30, 2019				March 31, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
4.000% Senior Notes	$	445	$	438	$	445	$	448
Term Loan	$	1,570	$	1,574	$	229	$	231
Revolving Credit Facilities	$	550	$	550	$	200	$	200

The Company’s cash and cash equivalents, accounts receivable and accounts payable, are recorded at carrying value, which approximates fair value.

Non-Financial Assets and Liabilities

The Company’s non-financial assets include goodwill, intangible assets and property and equipment. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. The Company’s goodwill and its indefinite-lived intangible assets (Versace and Jimmy Choo brands) are assessed for impairment at least annually, while its other long-lived assets, including fixed assets and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The fair values of these assets were determined based on Level 3 measurements using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations.

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



	Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Fiscal 2019:
Fixed Assets	$	26	$	7	$	19
Lease Rights	3		1		2
Total	$	29	$	8	$	21

Fiscal 2018:
Fixed Assets	$	31	$	3	$	28
Lease Rights	5		1		4
Customer relationships	1		—		1
Total	$	37	$	4	$	33

Fiscal 2017:
Fixed Assets	$	187	$	18	$	169
Lease Rights	33		3		30
Total	$	220	$	21	$	199

Please refer to Note 7 and Note 8 for additional information.

There were no impairment charges related to goodwill or indefinite-lived intangible assets in any of the fiscal periods presented.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

12 Months Ended

Mar. 30, 2019

Derivative Financial Instruments

During the first quarter of Fiscal 2019, the Company early-adopted the new hedge accounting guidance prescribed by ASU 2017-12. The cumulative impact of adoption, which related to elimination of ineffectiveness for the Company’s designated forward foreign currency exchange contracts, was recorded within retained earnings as of the beginning of Fiscal 2019. See Note 2 for additional information.

Forward Foreign Currency Exchange Contracts

The Company uses forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain of its transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to certain forecasted inventory purchases by using forward foreign currency exchange contracts. The Company only enters into derivative instruments with highly credit-rated counterparties. The Company does not enter into derivative contracts for trading or speculative purposes.

On September 24, 2018, in connection with the acquisition of Versace, the Company entered into forward foreign currency exchange contracts with a total notional amount of €1.680 billion (approximately $2.001 billion) to mitigate its foreign currency exchange risk through the expected closing date of the acquisition. These derivative contracts were not designated as accounting hedges and were settled on December 21, 2018 as a result of the debt issued in connection with the acquisition of Versace (see Note 11 for further information). Changes in fair value were recorded to foreign currency (gain) loss in the Company’s consolidated statement of operations and comprehensive income for Fiscal 2019.

On July 25, 2017, in connection with the acquisition of Jimmy Choo, which closed on November 1, 2017, the Company entered into a forward foreign currency exchange contract with a notional amount of £1.115 billion (approximately $1.469 billion) to mitigate its foreign currency exchange risk through the date of the acquisition. This derivative contract was not designated as an accounting hedge and was settled on October 30, 2017. Changes in fair value were recorded to foreign currency (gain) loss in the Company’s consolidated statement of operations and comprehensive income for the Fiscal 2018.

Net Investment Hedges

During Fiscal 2019, the Company entered into fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $2.190 billion to hedge its net investment in Euro-denominated subsidiaries and $44 million to hedge its net investment in Japanese Yen-denominated subsidiaries against future volatility in the exchange rates between U.S. Dollar and these currencies. Under the terms of these contracts, which have maturity dates between January 2022 and November 2024, the Company will exchange the semi-annual fixed rate payments made under its Senior Notes for fixed rate payments of 0% to 1.718% in Euros and 0.89% in Japanese Yen. These contracts have been designated as net investment hedges.

When a cross-currency swap is used as a hedging instrument in a net investment hedge assessed under the spot method, the cross-currency basis spread is excluded from the assessment of hedge effectiveness and is recognized as a reduction in interest expense in the Company’s consolidated statements of operations and comprehensive income. Accordingly, the Company recorded a reduction in interest expense of $17 million during Fiscal 2019.

The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of March 30, 2019 and March 31, 2018 (in millions):



					Fair Values
	Notional Amounts				Assets					Liabilities ⁽²⁾
	March 30, 2019		March 31, 2018		March 30, 2019			March 31, 2018		March 30, 2019		March 31, 2018
Designated forward foreign currency exchange contracts	$	166	$	162	$	5	⁽¹⁾	$	—	$	—	$	8
Designated net investment hedge	2,234		—		37		⁽³⁾	—		—		—
Total designated hedges	$	2,400	$	162	$	42		$	—	$	—	$	8
Undesignated derivative contracts ⁽⁴⁾	199		—		—			—		5		—
Total	$	2,599	$	162	$	42		$	—	$	5	$	8


⁽¹⁾	Recorded within prepaid expenses and other current assets in the Company’s audited consolidated balance sheets.


⁽²⁾	Recorded within accrued expenses and other current liabilities in the Company’s audited consolidated balance sheets.


⁽³⁾	Recorded within other assets in the Company’s audited consolidated balance sheets.


⁽⁴⁾	Primarily includes undesignated hedges of foreign currency denominated intercompany balances and inventory purchases.

The Company records and presents the fair values of all of its derivative assets and liabilities in its consolidated balance sheets on a gross basis, as shown in the above table. However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to setoff amounts for similar transactions denominated in the same currencies, the resulting impact as of March 30, 2019 and March 31, 2018 would be as follows (in millions):



	Forward Currency Exchange Contracts				Net Investment Hedges
	March 30, 2019		March 31, 2018		March 30, 2019		March 31, 2018
Assets subject to master netting arrangements	$	5	$	—	$	37	$	—
Liabilities subject to master netting arrangements	$	5	$	8	$	—	$	—
Derivative assets, net	$	5	$	—	$	37	$	—
Derivative liabilities, net	$	5	$	8	$	—	$	—

The Company’s master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties.

Changes in the fair value of the Company’s forward foreign currency exchange contracts that are designated as accounting hedges are recorded in equity as a component of accumulated other comprehensive income (loss), and are reclassified from accumulated other comprehensive income (loss) into earnings when the items underlying the hedged transactions are recognized into earnings, as a component of cost of sales within the Company’s consolidated statements of operations and comprehensive income (loss). The net gain or loss on net investment hedges are reported within foreign currency translation gains and losses (“CTA”) as a component of accumulated other comprehensive income (loss) on the Company’s consolidated balance sheets. Upon discontinuation of the hedge, such amounts remain in CTA until the related investment is sold or liquidated.

The following table summarizes the pre-tax impact of the gains and losses on the Company's designated forward foreign currency exchange contracts and net investment hedges (in millions):



	Fiscal Year Ended March 30, 2019		Fiscal Year Ended March 31, 2018			Fiscal Year Ended April 1, 2017
	Pre-Tax Gains Recognized in OCI		Pre-Tax Loss Recognized in OCI			Pre-Tax Gain Recognized in OCI
Designated forward foreign currency exchange contracts	$	16	$	(22	)	$	10
Designated net investment hedges	$	47	$	—		$	—

The following tables summarize the impact of the gains and losses within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for Fiscal 2019 and Fiscal 2018 (in millions):



	Fiscal Year Ended
	Pre-Tax Loss Reclassified from Accumulated OCI						Location of Loss recognized	Total Cost of Sales
	March 30, 2019		March 31, 2018		April 1, 2017		Location of Loss recognized	March 30, 2019		March 31, 2018		April 1, 2017
Designated forward currency exchange contracts	$	4	$	4	$	—	Cost of Sales	$	2,058	$	1,860	$	1,833

The Company expects that substantially all of the amounts recorded in accumulated other comprehensive income (loss) for its forward foreign currency exchange contracts will be reclassified into earnings during the next 12 months, based upon the timing of inventory purchases and turnover.

Undesignated Hedges

During Fiscal 2019, Fiscal 2018 and Fiscal 2017, the Company recognized net losses of $78 million, net gains of $3 million and net gains of $3 million respectively, related to changes in the fair value of undesignated forward foreign currency exchange contracts within foreign currency loss (gain) in the Company’s consolidated statements of operations and comprehensive income. The Fiscal 2019 amount was primarily comprised of a $77 million loss related to the derivative contracts entered into on September 25, 2018 to mitigate foreign currency exchange risk associated with the Versace acquisition that were settled on December 21, 2018. The Fiscal 2018 amount included a $5 million gain related to the derivative contract entered into on July 25, 2017 to mitigate foreign currency exchange risk associated with the Jimmy Choo acquisition that was settled on October 30, 2017.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Mar. 30, 2019
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchase Program During Fiscal 2019 and Fiscal 2018, the Company repurchased 3,718,237 shares and 7,700,959 shares, respectively, at a cost of $200 million and $358 million, respectively, under its $1.0 billion share-repurchase program through open market transactions, which expired on May 25, 2019. As of March 30, 2019, the remaining availability under the Company’s share repurchase program was $442 million. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading transactions under the Company’s insider trading policy and other relevant factors. The program may be suspended or discontinued at any time. The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain executive officers and directors to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards. During Fiscal 2019 and Fiscal 2018, the Company withheld 107,712 shares and 92,536 shares, respectively, with a fair value of $7 million and $3 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Mar. 30, 2019

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table details changes in the components of accumulated other comprehensive income (loss), net of taxes for Fiscal 2019, Fiscal 2018 and Fiscal 2017 (in millions):



	Foreign Currency Translation (Losses) Gains ⁽¹⁾			Net (Losses) Gains on Derivatives ⁽²⁾			Other Comprehensive (Loss)/Gain Attributable to Capri
Balance at April 2, 2016	$	(78	)	$	(3	)	$	(81	)
Other comprehensive (loss) income before reclassifications	(9		)	9			—
Less: amounts reclassified from AOCI to earnings	—			—			—
Other comprehensive (loss) income, net of tax	(9		)	9			—
Balance at April 1, 2017	(87		)	6			(81		)
Other comprehensive income (loss) before reclassifications	148			(19		)	129
Less: amounts reclassified from AOCI to earnings	—			(3		)	(3		)
Other comprehensive income (loss), net of tax	148			(16		)	132
Balance at March 31, 2018	61			(10		)	51
Other comprehensive (loss) income before reclassifications	(134		)	14			(120		)
Less: amounts reclassified from AOCI to earnings	—			(3		)	(3		)
Other comprehensive (loss) income, net of tax	(134		)	17			(117		)
Balance at March 30, 2019	$	(73	)	$	7		$	(66	)

⁽¹⁾

Foreign currency translation gains and losses include net gains of $6 million and net losses of $9 million for Fiscal 2019 and Fiscal 2018, respectively, on intra-entity transactions that are of a long-term investment nature. Foreign currency translation losses for Fiscal 2019 include a $105 million translation loss relating to the Jimmy Choo business, a $33 million translation loss relating to the Versace business and a $39 million gain, net of taxes of $8 million relating to the Company’s net investment hedges. Foreign currency translation gains for Fiscal 2018 includes an $89 million translation gain related to the Jimmy Choo business.

⁽²⁾

Reclassified amounts relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive income. Other comprehensive income (loss) before reclassifications related to derivative instruments for Fiscal 2019, Fiscal 2018, and Fiscal 2017 is net of a tax (benefits) provision of $(2) million, $(3) million, and $1 million, respectively. All other tax effects were not material.

Share-Based Compensation

12 Months Ended

Mar. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

The Company issues equity grants to certain employees and directors of the Company at the discretion of the Company’s Compensation and Talent Committee. The Company has two equity plans, one stock option plan adopted in Fiscal 2008 (as amended and restated, the “2008 Plan”), and the Omnibus Incentive Plan adopted in the third fiscal quarter of Fiscal 2012 and amended and restated with shareholder approval in May 2015 (the “Incentive Plan”). The 2008 Plan only provided for grants of share options and was authorized to issue up to 23,980,823 ordinary shares. As of March 30, 2019, there were no shares available to grant equity awards under the 2008 Plan. The Incentive Plan allows for grants of share options, restricted shares and RSUs, and other equity awards, and authorizes a total issuance of up to 15,246,000 ordinary shares. At March 30, 2019, there were 4,402,559 ordinary shares available for future grants of equity awards under the Incentive Plan. Option grants issued from the 2008 Plan generally expire ten years from the date of the grant, and those issued under the Incentive Plan generally expire seven years from the date of the grant.

Share Options

Share options are generally exercisable at the fair market value on the date of grant and vest on a pro-rata basis over a four year service period. The following table summarizes the share options activity during Fiscal 2019, and information about options outstanding at March 30, 2019:



	Number of Options		Weighted Average Exercise price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in millions)
Outstanding at March 31, 2018	3,796,620		$	32.78
Granted	224,582		$	67.52
Exercised	(1,847,096	)	$	15.97
Canceled/forfeited	(42,847	)	$	49.55
Outstanding at March 30, 2019	2,131,259		$	50.67	2.90	$	21
Vested or expected to vest at March 30, 2019	2,116,908		$	50.67	2.90
Vested and exercisable at March 30, 2019	1,585,874		$	49.96	2.16	$	20

There were 545,385 unvested options and 1,585,874 vested options outstanding at March 30, 2019. The total intrinsic value of options exercised during Fiscal 2019 and Fiscal 2018 was $94 million and $48 million, respectively. The cash received from options exercised during Fiscal 2019 and Fiscal 2018 was $29 million and $14 million, respectively. As of March 30, 2019, the remaining unrecognized share-based compensation expense for nonvested share options was $4 million, which is expected to be recognized over the related weighted-average period of approximately 2.18 years.

The weighted average grant date fair value for options granted during Fiscal 2019, Fiscal 2018 and Fiscal 2017, was $24.49, $11.62 and $13.79, respectively. The following table represents assumptions used to estimate the fair value of options:



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Expected dividend yield	0.0	%	0.0	%	0.0	%
Volatility factor	36.9	%	36.3	%	30.1	%
Weighted average risk-free interest rate	2.8	%	1.8	%	1.1	%
Expected life of option	4.85 years		4.69 years		4.75 years

Restricted Awards

The Company grants restricted share units at the fair market value on the date of the grant. Expense for restricted awards is based on the closing market price of the Company’s shares on the date of grant and is recognized ratably over the vesting period net of expected forfeitures.

The Company grants two types of RSU awards: time-based RSUs and performance-based RSUs. Time-based RSUs generally vest in full either generally around the first anniversary of the date of grant for our independent directors, or in equal increments on each of the four anniversaries of the date of grant. Performance-based RSUs vest in full on the second or third anniversary of the date of grant, subject to the employee’s continued employment during the vesting period (unless the employee is retirement-eligible) and only if certain pre-established cumulative performance targets are met. Expense related to performance-based RSUs is recognized ratably over the performance period, net of forfeitures, based on the probability of attainment of the related performance targets. The potential number of shares that may be earned ranges from 0%, if the minimum level of performance is not attained, to 150%, if the level of performance is at or above the predetermined maximum achievement level. Restricted share grants generally vested in equal increments on each of the four anniversaries of the date of grant.

The following table summarizes restricted share activity during Fiscal 2019:



	Restricted Shares
	Number of Unvested Restricted Shares		Weighted Average Grant Date Fair Value
Unvested at March 31, 2018	64,148		$	90.75
Granted	—		$	—
Vested	(63,719	)	$	90.82
Canceled/forfeited	(429	)	$	79.85
Unvested at March 30, 2019	—		$	—

The total fair value of restricted shares vested was $4 million, $4 million and $7 million during Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively. As of March 30, 2019, there was no remaining unrecognized share-based compensation expense for non-vested restricted share grants.

The following table summarizes the RSU activity during Fiscal 2019:



	Service-based				Performance-based
	Number of Restricted Share Units		Weighted Average Grant Date Fair Value		Number of Restricted Share Units		Weighted Average Grant Date Fair Value
Unvested at March 31, 2018	2,127,517		$	42.53	657,532		$	50.16
Granted	2,601,673		$	48.46	316,663		$	54.18
Decrease due to performance condition	—		$	—	(101,744	)	$	47.10
Vested	(712,111	)	$	43.83	(105,900	)	$	47.10
Canceled/forfeited	(177,217	)	$	46.91	(29,477	)	$	60.34
Unvested at March 30, 2019	3,839,862		$	46.11	737,074		$	52.34

The total fair value of service-based RSUs vested during Fiscal 2019, Fiscal 2018 and Fiscal 2017 was $47 million, $18 million and $14 million, respectively. The total fair value of performance-based RSUs vested during Fiscal 2019, Fiscal 2018 and Fiscal 2017 was $7 million, $4 million and $11 million, respectively. As of March 30, 2019, the remaining unrecognized share-based compensation expense for non-vested service-based and performance-based RSU grants was $127 million and $25 million, respectively, which is expected to be recognized over the related weighted-average periods of approximately 3.35 years and 2.08 years, respectively.

Share-Based Compensation Expense

The following table summarizes compensation expense attributable to share-based compensation for Fiscal 2019, Fiscal 2018 and Fiscal 2017 (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Share-based compensation expense	$	60	$	50	$	34
Tax benefits related to share-based compensation expense	$	11	$	10	$	11

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on its historical forfeiture rate to date. The estimated value of future forfeitures for equity grants as of March 30, 2019 is approximately $17 million.

Taxes

12 Months Ended

Mar. 30, 2019

Income Tax Disclosure [Abstract]

Taxes

The Company is a United Kingdom tax resident and is incorporated in the British Virgin Islands. Capri’s subsidiaries are subject to taxation in the U.S. and various other foreign jurisdictions, which are aggregated in the “Non-U.S.” information captioned below.

Income before provision for income taxes consisted of the following (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
U.S.	$	191	$	124	$	229
Non-U.S.	430		618		460
Total income before provision for income taxes	$	621	$	742	$	689

The provision for income taxes was as follows (in millions):



	Fiscal Years Ended
	March 30, 2019				March 31, 2018				April 1, 2017
Current
U.S. Federal	$	82		⁽²⁾	$	48			$	131
U.S. State	24				16				20
Non-U.S.	44				77				46
Total current	150				141				197
Deferred
U.S. Federal	(34		)	⁽²⁾	24			⁽¹⁾	(34		)
U.S. State	(4		)		1				(5		)
Non-U.S.	(33		)		(16		)		(21		)
Total deferred	(71		)		9				(60		)
Total provision for income taxes	$	79			$	150			$	137


⁽¹⁾	Includes an $18 million provision related to the U.S. Tax Act one time revaluation of deferred tax assets.


⁽²⁾	Includes a $25 million current tax detriment and equal deferred tax benefit related to the U.S. Tax Act impact to business interest disallowance provisions.

The Company’s provision for income taxes for the years ended March 30, 2019, March 31, 2018 and April 1, 2017 was different from the amount computed by applying the statutory U.K. income tax rate to the underlying income from continuing operations before income taxes and equity in net income of affiliates as a result of the following:



	Fiscal Years Ended
	March 30, 2019				March 31, 2018				April 1, 2017
Provision for income taxes at the U.K. statutory tax rate	19.0	%			19.0	%			20.0	%
State and local income taxes, net of federal benefit	0.9	%			0.5	%			1.3	%
Effects of global financing arrangements	(8.1	)%			(15.6	)%			(13.7	)%
U.S. tax reform	—	%			2.0	%	⁽¹	⁾	—	%
Differences in tax effects on foreign income	(1.8	)%	⁽²	⁾	6.7	%			11.1	%
Liability for uncertain tax positions	1.3	%			6.6	%			—	%
Effect of changes in valuation allowances on deferred tax assets	2.8	%	⁽³	⁾	0.3	%			0.5	%
Excess tax benefits related to stock-based compensation	(2.6	)%			(0.8	)%			—	%
Transaction costs	1.5	%			0.9	%			—	%
Withholding tax	0.6	%			1.2	%			—	%
Other	(0.9	)%			(0.6	)%			0.7	%
Effective tax rate	12.7	%			20.2	%			19.9	%


⁽¹⁾	Includes an $18 million expense related to the re-measurement of certain net deferred tax assets in connection with U.S. tax reform.


⁽²⁾	Mainly attributable to the United States statutory federal income tax rate change from a blended rate for Fiscal 2018 of 31.54% to 21% in Fiscal 2019.


⁽³⁾	Includes an $11 million detriment related to a United Kingdom capital loss.

U.S. Tax Reform

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including, among other things, lowering U.S. statutory federal tax rate and implementing a territorial tax system. The U.S. statutory federal tax rate has been decreased to 21% for Fiscal 2019 and thereafter. The Tax Act also added many new provisions, including changes to bonus depreciation, limits on the deductions for executive compensation and interest expense, a tax on global intangible low-taxed income, the base erosion anti-abuse tax and a deduction for foreign derived intangible income.

In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118 to provide guidance for companies that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. Subsequently, as a result of finalizing its full Fiscal 2018 operating results, the issuance of new interpretive guidance, and other analyses performed, the Company finalized its accounting related to the impacts of the Tax Act and recorded immaterial measurement period adjustments in Fiscal 2019.

Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in millions):



	Fiscal Years Ended
	March 30, 2019			March 31, 2018
Deferred tax assets
Inventories	$	22		$	4
Payroll related accruals	2			2
Deferred rent	34			24
Net operating loss carryforwards	61			31
Stock compensation	13			17
Sales allowances	26			6
Accrued interest	41			—
Other	31			27
	230			111
Valuation allowance	(40		)	(14		)
Total deferred tax assets	190			97

Deferred tax liabilities
Goodwill and intangibles	(534		)	(241		)
Depreciation	18			14
Total deferred tax liabilities	(516		)	(227		)
Net deferred tax liabilities	$	(326	)	$	(130	)

The Company maintains valuation allowances on deferred tax assets applicable to subsidiaries in jurisdictions for which separate income tax returns are filed and where realization of the related deferred tax assets from future profitable operations is not reasonably assured. Deferred tax valuation allowances increased approximately $29 million, $8 million and $4 million in Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively. The Company remeasured and reduced valuation allowances amounting to approximately $3 million in Fiscal 2019 and released valuation allowances of approximately $1 million and $1 million in Fiscal 2018 and Fiscal 2017, respectively, as a result of the attainment and expectation of achieving profitable operations in certain countries comprising the Company’s European operations, for which deferred tax valuation allowances had been previously established.

At March 30, 2019, the Company had non-U.S. and U.S. net operating loss carryforwards of approximately $405 million, a portion of which will begin to expire in 2020.

As of March 30, 2019 and March 31, 2018, the Company had liabilities related to its uncertain tax positions, including accrued interest, of approximately $203 million and $107 million, respectively, which are included in other long-term liabilities in the Company’s audited consolidated balance sheets. The March 30, 2019 balance includes certain tax reserves which were recorded in purchase accounting upon the acquisition of Versace, in addition to foreign income tax reserves the Company recorded during Fiscal 2019.

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was approximately$112 million, $101 million and $27 million as of March 30, 2019, March 31, 2018 and April 1, 2017, respectively. A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2019, Fiscal 2018 and Fiscal 2017, are presented below (in millions):



	Fiscal Years Ended
	March 30, 2019					March 31, 2018			April 1, 2017
Unrecognized tax benefits beginning balance	$	101				$	27		$	17
Additions related to prior period tax positions	81			⁽¹	⁾	30			2
Additions related to current period tax positions	21					45			10
Decreases in prior period positions due to lapses in statute of limitations	(1		)			(1		)	(2		)
Decreases related to prior period tax positions	(3		)			—			—
Decreases related to audit settlements	(7		)			—			—
Unrecognized tax benefits ending balance	$	192				$	101		$	27


⁽¹⁾	Primarily relates to the Versace acquisition.

The Company classifies interest expense and penalties related to unrecognized tax benefits as components of the provision for income taxes. Interest expense recognized in the consolidated statements of operations and comprehensive income for Fiscal 2019, Fiscal 2018 and Fiscal 2017 was approximately $11 million, $7 million and $3 million, respectively.

The total amount of unrecognized tax benefits relating to the Company’s tax positions is subject to change based on future events including, but not limited to, the settlements of ongoing tax audits and assessments and the expiration of applicable statutes of limitations. The Company anticipates that the balance of gross unrecognized tax benefits, excluding interest and penalties, will be reduced by approximately $34 million during the next 12 months, primarily due to the anticipated tax ruling regarding the deductibility of an intercompany loss in one of our subsidiaries. However, the outcomes and timing of such events are highly uncertain and changes in the occurrence, expected outcomes, and timing of such events could cause the Company’s current estimate to change materially in the future.

The Company files income tax returns in the U.S., for federal, state, and local purposes, and in certain foreign jurisdictions. With few exceptions, the Company is no longer subject to examinations by the relevant tax authorities for years prior to its fiscal year ended April 2, 2016.

Prior to the enactment of the Tax Act, the Company's undistributed foreign earnings were considered permanently reinvested and, as such, United States federal and state income taxes were not previously recorded on these earnings. As a result of the Tax Act, substantially all of the Company’s earnings in foreign subsidiaries generated prior to the enactment of the Tax Act were deemed to have been repatriated and, as a result, the Company recorded a one-time transition tax of $3 million during Fiscal 2018. The Company's intent is to either reinvest indefinitely substantially all of its foreign earnings outside of the United States or repatriate them tax neutrally. However, if in the future earnings are repatriated, the potential exists that the Company may be required to accrue and pay additional taxes, including any applicable foreign withholding tax and income taxes. It is not practicable to estimate the amount of tax that might be payable if these earnings were repatriated due to the complexities associated with the hypothetical calculation.

Retirement Plans	12 Months Ended
Retirement Plans	Mar. 30, 2019
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans The Company maintains defined contribution plans for employees, who generally become eligible to participate after three months of service. Features of these plans allow participants to contribute to a plan a percentage of their compensation, up to statutory limits depending upon the country in which a plan operates, and provide for mandatory and/or discretionary matching contributions by the Company, which vary by country. During Fiscal 2019, Fiscal 2018, and Fiscal 2017, the Company recognized expenses of approximately $14 million, $12 million, and $9 million, respectively, related to these retirement plans.

Segment Information

12 Months Ended

Mar. 30, 2019

Segment Reporting [Abstract]

Segment Information

Prior to the fourth quarter of Fiscal 2019, the Company organized its business into four operating and reportable segments - MK Retail, MK Wholesale, MK Licensing and Jimmy Choo. As a result of the acquisition of Versace, effective beginning in the fourth quarter of Fiscal 2019, the Company realigned its operating and reportable segments according to the new structure of its business. As a result, the Company now operates its business through three operating segments—Versace, Jimmy Choo and Michael Kors, which are based on its business activities and organization. The reportable segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources, as well as in assessing performance. The primary key performance indicators are revenue and operating income for each segment. The Company’s reportable segments represent components of the business that offer similar merchandise, customer experience and sales/marketing strategies.

The Company’s three reportable segments are as follows:

•

Versace — segment includes revenue generated through the sale of Versace luxury ready-to-wear, accessories, footwear and home furnishings through directly operated Versace boutiques throughout North America (United States and Canada), EMEA and certain parts of Asia, as well as through Versace outlet stores and e-commerce sites. In addition, revenue is generated through wholesale sales to distribution partners (including geographic licensing arrangements that allow third parties to use the Versace trademarks in connection with retail and/or wholesale sales of Versace branded products in specific geographic regions), multi-brand department stores and specialty stores worldwide, as well as through product license agreements in connection with the manufacturing and sale of jeans, fragrances, watches, jewelry and eyewear.

•

Jimmy Choo — segment includes revenue generated through the sale of Jimmy Choo luxury footwear, handbags and small leather goods through directly operated Jimmy Choo stores throughout the Americas, EMEA and certain parts of Asia, through its e-commerce sites, as well as through wholesale sales of luxury goods to distribution partners (including geographic licensing arrangements that allow third parties to use the Jimmy Choo trademarks in connection with retail and/or wholesale sales of Jimmy Choo branded products in specific geographic regions), multi-brand department stores and specialty stores worldwide. In addition, revenue is generated through product licensing agreements, which allow third parties to use the Jimmy Choo brand name and trademarks in connection with the manufacturing and sale of fragrances, sunglasses and eyewear.

•

Michael Kors — segment includes revenue generated through the sale of Michael Kors products through four primary Michael Kors retail store formats: “Collection” stores, “Lifestyle” stores (including concessions), outlet stores and e-commerce, through which the Company sells Michael Kors products, as well as licensed products bearing the Michael Kors name, directly to the end consumer throughout the Americas (U.S., Canada and Latin America, excluding Brazil), Europe and certain parts of Asia. The Michael Kors e-commerce business includes e-commerce sites in the U.S., Canada, certain parts of Europe, China, Japan and South Korea. The Company also sells Michael Kors products directly to department stores, primarily located across the Americas and Europe, to specialty stores and travel retail shops in the Americas, Europe and Asia, and to its geographic licensees in certain parts of EMEA (Europe, Middle East and Africa), Asia and Brazil. In addition, revenue is generated through product and geographic licensing arrangements, which allow third parties to use the Michael Kors brand name and trademarks in connection with the manufacturing and sale of products, including watches, jewelry, fragrances and eyewear.

In addition to these reportable segments, the Company has certain corporate costs that are not directly attributable to its brands and, therefore, are not allocated to segments. Such costs primarily include certain administrative, corporate occupancy, and information systems expenses, including enterprise resource planning system implementation costs. In addition, certain other costs are not allocated to segments, including restructuring and other charges (including transaction and transition costs related to the Company’s recent acquisitions) and impairment costs. The new segment structure is consistent with how the Company’s CODM plans and allocates resources, manages the business and assesses performance. All prior period segment information has been recast to reflect the realignment of the Company’s segment reporting structure on a comparable basis. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.

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



		Fiscal Years Ended
		March 30, 2019			March 31, 2018			April 1, 2017
Total revenue:
	Versace	$	137		$	—		$	—
	Jimmy Choo	590			223			—
	Michael Kors	4,511			4,496			4,494
Total revenue		$	5,238		$	4,719		$	4,494

Income from operations:
	Versace	$	(11	)	$	—		$	—
	Jimmy Choo	20			(4		)	—
	Michael Kors	964			975			979
Total segment income from operations		973			971			979
Less:	Corporate expenses	(93		)	(87		)	(79		)
	Restructuring and other charges	(124		)	(102		)	(11		)
	Impairment of long-lived assets	(21		)	(33		)	(199		)
Total income from operations		$	735		$	749		$	690

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



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Depreciation and amortization⁽¹⁾:
Versace	$	9	$	—	$	—
Jimmy Choo	34		13		—
Michael Kors	182		195		220
Total depreciation and amortization	$	225	$	208	$	220


⁽¹⁾	Excluded from the above table are impairment charges, which are detailed in the below table and in Note 7, Note 8 and Note 13.

The Company does not have identifiable assets separated by segment. See Note 8 to the accompanying consolidated financial statements for the Company’s goodwill by reportable segment.

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



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Revenue:
The Americas (U.S., Canada and Latin America)⁽¹⁾	$	3,182	$	3,033	$	3,141
EMEA	1,279		1,093		944
Asia	777		593		409
Total revenue	$	5,238	$	4,719	$	4,494



	As of
	March 30, 2019		March 31, 2018		April 1, 2017
Long-lived assets:
The Americas (U.S., Canada and Latin America)⁽¹⁾	$	319	$	328	$	356
EMEA	2,123		1,050		198
Asia	466		441		456
Total Long-lived assets:	$	2,908	$	1,819	$	1,010


⁽¹⁾	Net revenues earned in the U.S. during Fiscal 2019, Fiscal 2018, and Fiscal 2017 were $2.972 billion, $2.818 billion and $2.935 billion, respectively. Long-lived assets located in the U.S. as of March 30, 2019 and March 31, 2018 were $296 million and $303 million, respectively.

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



	Fiscal Years Ended
	March 30, 2019		% of Total	March 31, 2018		% of Total		April 1, 2017		% of Total
Accessories	$	3,139	59.9%	$	3,057	64.8	%	$	3,062	68.1	%
Footwear	1,023		19.5%	657		13.9	%	462		10.3	%
Apparel	698		13.3%	605		12.8	%	543		12.1	%
Licensed product	218		4.2%	250		5.3	%	281		6.3	%
Licensing revenue	156		3.0%	150		3.2	%	146		3.2	%
Home	4		0.1%	—		—	%	—		—	%
Total Revenue	$	5,238		$	4,719			$	4,494

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s Chief Creative Officer for the Michael Kors brand, and the Company’s Chief Executive Officer, John Idol, and certain of the Company’s former shareholders, including Sportswear Holdings Limited, jointly owned Michael Kors Far East Holdings Limited, a BVI company, prior to the Company’s acquisition of MKHKL on May 31, 2016, which eliminated their ownership interests. On April 1, 2011, the Company entered into certain licensing agreements with certain subsidiaries of Michael Kors Far East Holdings Limited, including MKHKL, (the “Licensees”), which provided the Licensees with certain exclusive rights for use of the Company’s trademarks within China, Hong Kong, Macau and Taiwan, and to import, sell, advertise and promote certain of the Company’s products in these regions, as well as to own and operate stores bearing the Company’s tradenames. The agreements between the Company and the Licensees were scheduled to expire on March 31, 2041, and could be terminated by the Company at certain intervals if minimum sales benchmarks were not met. Royalties earned under these agreements were approximately $1 million during the two months ended May 31, 2016 preceding the acquisition, driven by Licensee adjusted net sales of the Company’s goods, as defined in the licensing agreement, to their customers of approximately $29 million. In addition, the Company sold certain inventory items to the Licensees through its wholesale segment at terms consistent with those of similar licensees in the region. During the two months ended May 31, 2016 preceding the acquisition, amounts recognized as net sales in the Company’s consolidated statement of operations and comprehensive income related to these sales were approximately $8 million. Please refer to Note 4 for additional information relating to the Company’s acquisition of MKHKL on May 31, 2016. A former executive officer of the Company (who is no longer a related party as of October 31, 2016) is married to a former employee of one of the Company’s suppliers of fixtures for its shop-in-shops, retail stores and showrooms. Purchases from this supplier, while deemed to be a related party, were approximately $2 million during Fiscal 2017.

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Mar. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

The following table summarizes the Fiscal 2019 and Fiscal 2018 quarterly results (dollars in millions):



	Fiscal Quarter Ended ⁽¹⁾
	June 30, 2018			September 29, 2018			December 29, 2018			March 30, 2019
Fiscal 2019
Total revenue	$	1,203		$	1,253		$	1,438		$	1,344
Gross profit	$	751		$	763		$	873		$	793
Income from operations	$	215	⁽²⁾	$	190	⁽³⁾	$	290	⁽⁴⁾	$	40	⁽⁵⁾
Net income	$	186		$	137		$	200		$	19
Net income attributable to Capri	$	186		$	138		$	200		$	19
Weighted average ordinary shares outstanding:
Basic	149,502,101			149,575,112			149,183,049			150,801,608
Diluted	152,399,655			151,705,685			150,268,424			152,083,632

	Fiscal Quarter Ended ⁽¹⁾
	July 1, 2017			September 30, 2017			December 30, 2017			March 31, 2018
Fiscal 2018
Total revenue	$	952		$	1,147		$	1,440		$	1,180
Gross profit	$	575		$	691		$	884		$	709
Income from operations	$	149		$	199	⁽⁶⁾	$	314	⁽⁷⁾	$	87	⁽⁸⁾
Net income	$	126		$	202		$	220		$	44
Net income attributable to Capri	$	126		$	202		$	220		$	44
Weighted average ordinary shares outstanding:
Basic	154,486,898			151,781,340			152,047,963			150,818,144
Diluted	156,871,518			154,168,094			154,623,339			154,252,751


⁽¹⁾	All fiscal quarters presented contain 13 weeks.


⁽²⁾	Fiscal quarter ended June 30, 2018 includes impairment charges of $4 million, restructuring charges of $4 million and acquisition-related transition costs of $7 million.


⁽³⁾	Fiscal quarter ended September 29, 2018 includes impairment charges of $7 million, acquisition-related transition costs of $16 million and restructuring charges of $2 million.


⁽⁴⁾	Fiscal quarter ended December 29, 2018 includes impairment charges of $6 million, acquisition-related transaction and transition costs of $12 million, and restructuring charges of $8 million.


⁽⁵⁾	Fiscal quarter ended March 30, 2019 includes impairment charges of $4 million, acquisition-related transaction and transition costs of $44 million, and restructuring charges of $31 million.


⁽⁶⁾	Fiscal quarter ended September 30, 2017 includes impairment charges of $16 million, acquisition-related transaction and transition costs of $16 million, and restructuring charges of $6 million.


⁽⁷⁾	Fiscal quarter ended December 30, 2017 includes impairment charges of $3 million, acquisition-related transaction and transition costs of $26 million, and restructuring charges of $2 million.


⁽⁸⁾	Fiscal quarter ended March 31, 2018 includes impairment charges of $14 million, and acquisition-related transaction and transition costs of $7 million, and restructuring charges of $44 million.

See Note 10 for additional information related to acquisition-related transaction and transition costs, as well as restructuring charges and Note 13 for additional information related to impairment charges.

Non-cash Investing Activities	12 Months Ended
Non-cash Investing Activities	Mar. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Non-cash Investing Activities	Non-cash Investing Activities Significant non-cash investing activities for Fiscal 2019, Fiscal 2018, and Fiscal 2017 included non-cash allocations of the fair values of the net assets acquired in connection with the Company’s acquisitions of Versace, Jimmy Choo and MKHKL, respectively. In addition, non-cash investing activities for Fiscal 2019 included an investment of 2.4 million of the Company’s ordinary shares made by the Versace family at acquisition date, which was valued at $91 million. See Note 4 for additional information. There were no other significant non-cash investing or financing activities during the fiscal periods presented.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 30, 2019

Accounting Policies [Abstract]

Fiscal Period

The Company utilizes a 52 to 53 week fiscal year ending on the Saturday closest to March 31. As such, the fiscal years ending on March 30, 2019, March 31, 2018, and April 1, 2017 (“Fiscal 2019”, “Fiscal 2018” and “Fiscal 2017”, respectively) contain 52 weeks.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, sales discounts and doubtful accounts, estimates related to the Company’s customer loyalty program for Michael Kors, estimates of gift card breakage, estimates of inventory recovery, the valuation of share-based compensation, valuation of deferred taxes and the valuation of and the estimated useful lives used for amortization and depreciation of intangible assets and property and equipment. Actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made to the prior periods’ financial information in order to conform to the current period’s presentation, including the realignment of the Company’s segment reporting structure

Seasonality

The Company experiences certain effects of seasonality with respect to its business. The Company generally experiences greater sales during its third fiscal quarter, primarily driven by holiday season sales, and the lowest sales during its first fiscal quarter.

Revenue Recognition

The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. The Company recognizes retail store revenues when control of the product is transferred at the point of sale at Company owned stores, including concessions, net of estimated returns. Revenue from sales through the Company’s e-commerce sites is recognized at the time of delivery to the customer, reduced by an estimate of returns. Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, after merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for retail, gross sales are reduced by actual customer returns as well as by a provision for estimated future customer returns, which is based on management’s review of historical and current customer returns. Sales taxes collected from retail customers are presented on a net basis and, as such, are excluded from revenue. To arrive at net sales for wholesale, gross sales are reduced by provisions for estimated future returns, based on current expectations, as well as trade discounts, markdowns, allowances, operational chargebacks, and certain cooperative selling expenses. These estimates are based on such factors as historical trends, actual and forecasted performance, and current market conditions, which are reviewed by management on a quarterly basis.

Royalty revenue generated from product licenses, which includes contributions for advertising, is based on reported sales of licensed products bearing the Company’s trademarks at rates specified in the license agreements. These agreements are also subject to contractual minimum levels. Royalty revenue generated by geographic licensing agreements is recognized as it is earned under the licensing agreements based on reported sales of licensees applicable to specified periods, as outlined in the agreements. These agreements allow for the use of the Company’s tradenames to sell its branded products in specific geographic regions.

The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services.

The Company sells its products through three primary channels of distribution: retail, wholesale and licensing. Within the retail and wholesale channels, substantially all of the Company’s revenues consist of sales of products that represent a single performance obligation, where control transfers at a point in time to the customer. For licensing arrangements, royalty and advertising revenue is recognized over time based on access provided to the Company’s brands.

The Company has chosen to apply the practical expedient allowing it not to disclose the amount of the transaction price allocated to the remaining performance obligations that have an expected duration of 12 months or less.

Retail

The Company generates sales through directly operated stores and e-commerce throughout the Americas (U.S., Canada and Latin America, excluding Brazil), EMEA (Europe, Middle East, and Africa) and certain parts of Asia. Retail revenue is recognized when control of the product is transferred at the point of sale at Company owned stores, including concessions. For e-commerce transactions, control is transferred when products are delivered to the customer, net of estimated returns. To arrive at net sales for retail, gross sales are reduced by actual customer returns, as well as by a provision for estimated future customer returns.

Sales taxes collected from retail customers are presented on a net basis and, as such, are excluded from revenue. Shipping and handling costs that are billed to customers are included in net sales, with the related costs recorded in cost of goods sold. Shipping and handling costs that are not billed to customers are accounted for as fulfillment costs.

Gift Cards. The Company sells gift cards that can be redeemed for merchandise, resulting in a contract liability recorded upon issuance. Revenue is recognized when the gift card is redeemed or upon “breakage” for the estimated portion of gift cards that are not expected to be redeemed. “Breakage” revenue is calculated under the proportional redemption methodology, which considers the historical patterns of redemption in jurisdictions where the Company is not required to remit the value of the unredeemed gift cards as unclaimed property. The Company anticipates that substantially all of its outstanding gift cards will be redeemed within the next 12 months. The contract liability related to gift cards, net of estimated “breakage,” was $13 million as of March 30, 2019, and is included in accrued expenses and other current liabilities in the Company’s consolidated balance sheet.

Loyalty Program. The Company offers a loyalty program, which allows its Michael Kors customers to earn points on qualifying purchases toward monetary and non-monetary rewards, which may be redeemed for purchases at Michael Kors retail stores and e-commerce sites. The Company defers a portion of the initial sales transaction based on the estimated relative fair value of the benefits based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed. The contract liability, net of an estimated “breakage,” of $3 million as of March 30, 2019 is recorded as a reduction to revenue in the consolidated statements of income and comprehensive income and within accrued expenses and other current liabilities in the Company’s consolidated balance sheet and is expected to be recognized within the next 12 months.

Wholesale

The Company’s products are sold primarily to major department stores, specialty stores and travel retail shops throughout the Americas, EMEA and Asia. The Company also has arrangements where its products are sold to geographic licensees in certain parts of EMEA, Asia, and South America. Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, after merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for wholesale, gross sales are reduced by provisions for estimated future returns, as well as trade discounts, markdowns, allowances, operational chargebacks, and certain cooperative selling expenses. These estimates are developed based on the most likely amount using historical trends, actual and forecasted performance and market conditions, and are reviewed by management on a quarterly basis. Unfulfilled, noncancelable purchase orders for products from wholesale customers (including the Company’s geographic licensees) are expected to be fulfilled within the next 12 months.

Licensing

The Company provides its third-party licensees with the right to access its Versace, Jimmy Choo and Michael Kors trademarks under product and geographic licensing arrangements. Under product licensing arrangements, the Company allows third parties to manufacture and sell luxury goods, including watches and jewelry, fragrances, sunglasses and eyewear, using the Company’s trademarks. Under geographic licensing arrangements, third party licensees receive the right to distribute and sell products bearing the Company’s trademarks in retail and/or wholesale channels within certain geographical areas, including Brazil, the Middle East, Eastern Europe, South Africa, certain parts of Asia and Australia.

The Company recognizes royalty revenue and advertising contributions based on the percentage of sales made by the licensees. Advertising contributions are received to support the Company’s branded advertising and marketing campaigns and are viewed as part of a single performance obligation with the right to access the Company’s trademarks. Royalty revenue generated from licenses, which includes contributions for advertising, may be subject to contractual minimum levels, as defined in the contract. Such minimums are generally fixed annually, based on the previous year’s sales. Licensing revenue is based on reported current period sales of licensed products at rates that are specified in the license agreements for contracts that are expected to exceed the related guaranteed minimums. If the Company expects the minimum guaranteed amounts to exceed amounts calculated based on actual sales, the guaranteed minimums are recognized ratably over the contractual year to which they relate.

Loyalty Program

The Company has a Michael Kors customer loyalty program, which allows customers to earn points on qualifying purchases toward monetary and non-monetary rewards that may be redeemed for purchases at the Company’s retail stores and e-commerce site. The Company allocates a portion of the initial sales transaction based on the estimated relative fair value of the benefits using statistical formulas based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed. The contract liability, net of an estimated “breakage,” is recorded as a reduction to revenue in the consolidated statements of income and comprehensive income and within accrued expenses and other current liabilities in the Company’s consolidated balance sheets.

Advertising and Marketing Costs

Advertising and marketing costs are expensed over the period of benefit and are recorded in general and administrative expenses. Advertising and marketing expense was $158 million, $167 million and $119 million in Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively.

Cooperative advertising expense, which represents the Company’s participation in advertising expenses of its wholesale customers, is reflected as a reduction of net sales.

Shipping and Handling

Freight-in expenses are recorded as part of cost of goods sold, along with product costs and other costs to acquire inventory. The costs of preparing products for sale, including warehousing expenses, are included in selling, general and administrative expenses. Selling, general and administrative expenses also include the costs of shipping products to the Company’s e-commerce customers.

Cash and Cash Equivalents

All highly liquid investments with original maturities of three months or less are considered to be cash equivalents.

Inventories

Inventories mainly consist of finished goods with the exception of raw materials inventory of $25 million and $1 million, respectively, recorded on the Company’s consolidated balance sheets as of March 30, 2019 and March 31, 2018. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted-average cost method. Costs include amounts paid to independent manufacturers, plus duties and freight to bring the goods to the Company’s warehouses, which are located in the United States, Canada, the Netherlands, Switzerland, Italy, United Kingdom, the United Arab Emirates, China, Japan, Hong Kong and South Korea, as well as shipments to stores. The Company continuously evaluates the composition of its inventory and makes adjustments when the cost of inventory is not expected to be fully recoverable. The net realizable value of the Company’s inventory is estimated based on historical experience, current and forecasted demand, and market conditions. In addition, reserves for inventory losses are estimated based on historical experience and physical inventory counts. The Company’s inventory reserves are estimates, which could vary significantly from actual results if future economic conditions, customer demand or competition differ from expectations. Our historical estimates of these adjustments have not differed materially from actual results.

Store Pre-opening Costs

Costs associated with the opening of new retail stores and start up activities, are expensed as incurred.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation and amortization (carrying value). Depreciation is recorded on a straight-line basis over the expected remaining useful lives of the related assets. Equipment, furniture and fixtures, are depreciated over five to seven years, computer hardware and software are depreciated over three to five years. The Company’s share of the cost of constructing in-store shop displays within its wholesale customers’ floor-space (“shop-in-shops”), which is paid directly to third-party suppliers, is capitalized as property and equipment and is generally amortized over a useful life of three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated remaining useful lives of the related assets or the remaining lease term, including highly probable renewal periods. The Company includes all depreciation and amortization expense as a component of total operating expenses, as the underlying long-lived assets are not directly or indirectly related to bringing the Company’s products to their existing location and condition. Maintenance and repairs are charged to expense in the year incurred.

The Company capitalizes, in property and equipment, direct costs incurred during the application development stage and the implementation stage for developing, purchasing or otherwise acquiring software for its internal use. These costs are amortized over the estimated useful lives of the software, generally five years. All costs incurred during the preliminary project stage, including project scoping and identification and testing of alternatives, are expensed as incurred.

Definite-Lived Intangible Assets

The Company’s definite-lived intangible assets consist of trademarks, lease rights and customer relationships and are stated at cost less accumulated amortization. The Company’s customer relationships are amortized over five to eighteen years, and lease rights are amortized over the terms of the related lease agreements, including highly probable renewal periods, on a straight-line basis. Reacquired rights recorded in connection with the acquisition of MKHKL are amortized through March 31, 2041, the original expiration date of the Michael Kors license agreement in the Greater China region.

Impairment of Long-lived Assets

The Company evaluates its long-lived assets, including fixed assets and definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The Company’s impairment testing is based on its best estimate of its future operating cash flows. If the sum of estimated undiscounted future cash flows associated with the asset is less than the asset’s carrying value, an impairment charge is recognized, which is measured as the amount by which the carrying value exceeds the fair value of the asset. These estimates of cash flow require significant management judgment and certain assumptions about future volume, sales and expense growth rates, devaluation and inflation. As such, these estimates may differ from actual cash flows.

Goodwill

Goodwill and Other Indefinite-lived Intangible Assets

The Company records intangible assets based on their fair value on the date of acquisition. Goodwill is recorded for the difference between the fair value of the purchase consideration over the fair value of the net identifiable tangible and intangible assets acquired. The brand intangible asset recorded in connection with the acquisitions of Versace and Jimmy Choo were determined to be indefinite-lived intangible assets, which are not subject to amortization. The Company performs an impairment assessment of goodwill, as well as the Versace and Jimmy Choo brand intangible assets on an annual basis, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill, the Versace brand and the Jimmy Choo brand are assessed for impairment during the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and operational performance of the business.

The Company may assess its goodwill and its brand indefinite-lived intangible assets for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing a qualitative test, the Company assesses various factors including industry and market conditions, macroeconomic conditions and performance of the Company’s businesses. If the results of the qualitative assessment indicate that it is more likely than not that the Company’s goodwill and other indefinite-lived intangible assets are impaired, a quantitative impairment analysis would be performed to determine if impairment is required. The Company may also elect to perform a quantitative analysis of goodwill and its indefinite-lived intangible assets initially rather than using a qualitative approach.

The impairment testing for goodwill is performed at the reporting unit level. The valuation methods used in the quantitative fair value assessment, discounted cash flow and market multiples method, require the Company’s management to make certain assumptions and estimates regarding certain industry trends and future profitability of the Company’s reporting units. If the fair value of a reporting unit exceeds the related carrying value, the reporting unit’s goodwill is considered not to be impaired and no further testing is performed. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. The valuation of goodwill is affected by, among other things, the Company’s business plan for the future and estimated results of future operations. Future events could cause the Company to conclude that impairment indicators exist, and, therefore, that goodwill may be impaired.

When performing a quantitative impairment assessment of the Company’s brand indefinite-lived intangible assets, the fair value of the Versace and the Jimmy Choo brands is estimated using a discounted cash flow analysis based on the "relief from royalty" method, assuming that a third party would be willing to pay a royalty in lieu of ownership for this intangible asset. This approach is dependent on many factors, including estimates of future growth, royalty rates, and discount rates. Actual future results may differ from these estimates. Impairment loss is recognized when the estimated fair value of the indefinite-lived brand intangible assets is less than its carrying amount.

Other Indefinite-lived Intangible Assets

Goodwill and Other Indefinite-lived Intangible Assets

The Company records intangible assets based on their fair value on the date of acquisition. Goodwill is recorded for the difference between the fair value of the purchase consideration over the fair value of the net identifiable tangible and intangible assets acquired. The brand intangible asset recorded in connection with the acquisitions of Versace and Jimmy Choo were determined to be indefinite-lived intangible assets, which are not subject to amortization. The Company performs an impairment assessment of goodwill, as well as the Versace and Jimmy Choo brand intangible assets on an annual basis, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill, the Versace brand and the Jimmy Choo brand are assessed for impairment during the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and operational performance of the business.

The Company may assess its goodwill and its brand indefinite-lived intangible assets for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing a qualitative test, the Company assesses various factors including industry and market conditions, macroeconomic conditions and performance of the Company’s businesses. If the results of the qualitative assessment indicate that it is more likely than not that the Company’s goodwill and other indefinite-lived intangible assets are impaired, a quantitative impairment analysis would be performed to determine if impairment is required. The Company may also elect to perform a quantitative analysis of goodwill and its indefinite-lived intangible assets initially rather than using a qualitative approach.

The impairment testing for goodwill is performed at the reporting unit level. The valuation methods used in the quantitative fair value assessment, discounted cash flow and market multiples method, require the Company’s management to make certain assumptions and estimates regarding certain industry trends and future profitability of the Company’s reporting units. If the fair value of a reporting unit exceeds the related carrying value, the reporting unit’s goodwill is considered not to be impaired and no further testing is performed. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. The valuation of goodwill is affected by, among other things, the Company’s business plan for the future and estimated results of future operations. Future events could cause the Company to conclude that impairment indicators exist, and, therefore, that goodwill may be impaired.

When performing a quantitative impairment assessment of the Company’s brand indefinite-lived intangible assets, the fair value of the Versace and the Jimmy Choo brands is estimated using a discounted cash flow analysis based on the "relief from royalty" method, assuming that a third party would be willing to pay a royalty in lieu of ownership for this intangible asset. This approach is dependent on many factors, including estimates of future growth, royalty rates, and discount rates. Actual future results may differ from these estimates. Impairment loss is recognized when the estimated fair value of the indefinite-lived brand intangible assets is less than its carrying amount.

Insurance

The Company uses a combination of insurance and self-insurance for losses related to a number of risks, including workers’ compensation and employee-related health care benefits. The Company also maintains stop-loss coverage with third-party insurers to limit its exposure arising from claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the discounted cost for self-insured claims incurred using actuarial assumptions, historical loss experience, actual payroll and other data. Although the Company believes that it can reasonably estimate losses related to these claims, actual results could differ from these estimates.

The Company also maintains other types of customary business insurance policies, including business interruption insurance. Insurance recoveries represent gain contingencies and are recorded upon actual settlement with the insurance carrier.

Share-based Compensation

The Company grants share-based awards to certain employees and directors of the Company. The grant date fair value of share options is calculated using the Black-Scholes option pricing model. Beginning in Fiscal 2018, the Company began using its own historical experience in determining the expected holding period and volatility of its time-based share option awards. In prior periods, the Company used the simplified method for determining the expected life of its options and average volatility rates of similar actively traded companies over the estimated holding period, due to insufficient historical option exercise experience as a public company. The risk-free interest rate is derived from the zero-coupon United States (“U.S.”) Treasury Strips yield curve based on the grant’s estimated holding period. Determining the grant date fair value of share-based awards requires considerable judgment, including estimating expected volatility, expected term and risk-free rate. If factors change and the Company employs different assumptions, the fair value of future awards and the resulting share-based compensation expense may differ significantly from what the Company has estimated in the past.

The closing market price of the Company’s shares on the date of grant is used to determine the grant date fair value of restricted shares, time-based restricted shares units (“RSU”s) and performance-based RSUs. These fair values are recognized as expense over the requisite service period, net of estimated forfeitures, based on expected attainment of pre-established performance goals for performance grants, or the passage of time for those grants which have only time-based vesting requirements.

Foreign Currency Translation and Transactions

The financial statements of the majority of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. The Company’s functional currency is the United States Dollar (“USD”) for Capri and its United States based subsidiaries. Assets and liabilities are translated using period-end exchange rates, while revenues and expenses are translated using average exchange rates over the reporting period. The resulting translation adjustments are recorded separately in shareholders’ equity as a component of accumulated other comprehensive income (loss). Foreign currency income and losses resulting from the re-measuring of transactions denominated in a currency other than the functional currency of a particular entity are included in foreign currency (gain) loss on the Company’s consolidated statements of operations and comprehensive income.

Derivative Financial Instruments

Forward Foreign Currency Exchange Contracts

The Company uses forward currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward currency contracts to hedge the Company’s cash flows, as they relate to foreign currency transactions. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation.

In connection with the September 24, 2018 definitive agreement to acquire all of the outstanding shares of Versace, the Company entered into forward foreign currency exchange contracts with notional amounts totaling €1.680 billion (approximately $2.001 billion) to mitigate its foreign currency exchange risk through the expected closing date of the acquisition, which were settled on December 21, 2018. Likewise, in connection with the July 25, 2017 cash offer to acquire Jimmy Choo, the Company entered into a forward foreign currency exchange contract with a notional amount of £1.115 billion (approximately $1.469 billion) to mitigate its foreign currency exchange risk through the expected closing date of the acquisition, which was settled on October 30, 2017. These derivative contracts were not designated as accounting hedges. Therefore, changes in fair value are recorded to foreign currency (gain) loss in the Company’s consolidated statements of operations and comprehensive income. The Company’s accounting policy is to classify cash flows from derivative instruments in the same category as the cash flows from the items being hedged. Accordingly, the Company classified $77 million of realized losses and $5 million of realized gains, respectively, relating to these derivative instruments within cash flows from investing activities during Fiscal 2019 and Fiscal 2018.

The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including description of the hedged item and the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges is recorded in equity as a component of accumulated other comprehensive income (loss) until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third party, the gains or losses deferred in accumulated other comprehensive income (loss) are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective in the future, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency (gain) loss in the Company’s consolidated statements of operations and comprehensive income. The Company classifies cash flows relating to its forward foreign currency exchange contracts related to purchase of inventory consistently with the classification of the hedged item, within cash flows from operating activities.

The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the foreign transaction they are intended to hedge.

Net Investment Hedges

The Company also uses fixed-to-fixed cross currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between its U.S. Dollars and these foreign currencies. The Company has elected the spot method of designating these contracts under ASU 2017-12, as defined below, and has designated these contracts as net investment hedges. The net gain or loss on net investment hedged is reported within foreign currency translation gains and losses (“CTA”), as a component of accumulated other comprehensive income (loss) on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest expense in the Company’s statement of operations and comprehensive income. Upon discontinuation of a hedge, all previously recognized amounts remain in CTA until the hedged net investment is sold, diluted, or liquidated.

Income Taxes

Deferred income tax assets and liabilities have been provided for temporary differences between the tax bases and financial reporting bases of the Company’s assets and liabilities using the tax rates and laws in effect for the periods in which the differences are expected to reverse. The Company periodically assesses the realizability of deferred tax assets and the adequacy of deferred tax liabilities, based on the results of local, state, federal or foreign statutory tax audits or estimates and judgments used.

Realization of deferred tax assets associated with net operating loss and tax credit carryforwards is dependent upon generating sufficient taxable income prior to their expiration in the applicable tax jurisdiction. The Company periodically reviews the recoverability of its deferred tax assets and provides valuation allowances, as deemed necessary, to reduce deferred tax assets to amounts that more-likely-than-not will be realized. The Company’s management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings results within various taxing jurisdictions, expectations of future taxable income, the carryforward periods remaining and other factors. Changes in the required valuation allowance are recorded in income in the period such determination is made. Deferred tax assets could be reduced in the future if the Company’s estimates of taxable income during the carryforward period are significantly reduced or alternative tax strategies are no longer viable.

The Company recognizes the impact of an uncertain income tax position taken on its income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will be recognized if it has less than a 50% likelihood of being sustained. The tax positions are analyzed periodically (at least quarterly) and adjustments are made as events occur that warrant adjustments for those positions. The Company records interest expense and penalties payable to relevant tax authorities as income tax expense.

Rent Expense, Deferred Rent and Landlord Construction Allowances

The Company leases office space, retail stores and distribution facilities under agreements that are classified as operating leases. Many of these operating leases include contingent rent provisions (percentage rent), and/or provide for certain landlord allowances related to tenant improvements and other relevant items. The recognition of rent expense for an operating lease commences on the earlier of the related lease commencement date or the date of possession of the property. Rent expense is calculated by recognizing total minimum rental payments (net of any rental abatements, construction allowances and other rental concessions) on a straight-line basis over the lease term. The difference between straight-line rent expense and rent paid is recorded as deferred rent, which is classified within short-term and long-term liabilities in the Company’s consolidated balance sheets. The Company accounts for landlord allowances and incentives as a component of deferred rent, which is amortized over the lease term as a reduction of rent expense. The Company records rent expense as a component of selling, general and administrative expenses.

Debt Issuance Costs and Unamortized Discounts

The Company defers debt issuance costs directly associated with acquiring third party financing. These debt issuance costs and any discounts on issued debt are amortized on a straight-line basis, which approximates the effective interest method, as interest expense over the term of the related indebtedness. Deferred financing fees associated with the Company’s revolving credit facilities are recorded within prepaid expenses and other current assets. Deferred financing fees and unamortized discounts associated with the Company’s other borrowings are recorded as an offset to long-term debt in the Company’s consolidated balance sheets. See Note 11 for additional information.

Net Income per Share

The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if share option grants or any other potentially dilutive instruments, including RSUs, were exercised or converted into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Hedge Accounting

On August 28, 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The new standard is intended to improve and simplify rules relating to hedge accounting, including the elimination of periodic hedge ineffectiveness, recognition and presentation of components excluded from hedge effectiveness assessment, the ability to elect to perform subsequent effectiveness assessments qualitatively, and other provisions designed to provide more transparency around the economics of a company’s hedging strategy. ASU 2017-12 is effective for the Company in Fiscal 2020, with early adoption permitted. The Company adopted ASU 2017-12 during the three months ended June 30, 2018, which resulted in an immaterial net increase to opening retained earnings as of April 1, 2018, due to the elimination of ineffectiveness for cash flow hedges in effect as of the date of adoption. The Company has applied the spot method of designating its net investment hedges, which were executed during Fiscal 2019.

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which provides new guidance for revenues recognized from contracts with customers, requiring that revenue is recognized at an amount the Company is entitled to upon transferring control of goods or services to customers, as opposed to when risks and rewards transfer to a customer. In July 2015, ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” deferred the effective date of ASU 2014-09 by one year, to interim reporting periods within the annual reporting period beginning after December 15, 2017, or the first quarter of the Company’s Fiscal 2019. This standard may be applied retrospectively to all prior periods presented, or retrospectively with a cumulative adjustment to retained earnings in the year of adoption (“modified retrospective method”).

The FASB issued several additional ASUs to provide implementation guidance on ASU 2014-09, including ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” in December 2016; ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” in May 2016; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” in April 2016; and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” in March 2016. The Company considered this guidance in evaluating the impact of ASU 2014-09 (collectively, “ASC 606”).

On April 1, 2018, the Company adopted ASC 606 using the modified retrospective method and recognized the $7 million (net of a tax of $2 million) cumulative effect of adoption as an adjustment to the opening balance of retained earnings. The below table details the components of the cumulative adjustment recorded on April 1, 2018 (in millions):



	March 31, 2018 As Reported under ASC 605		ASC 606 Adjustments				April 1, 2018 As Reported Under ASC 606
Receivables, net	$	290	$	4		⁽¹⁾	$	294
Accrued expenses and other current liabilities	296		(5		)	⁽²⁾	291
Deferred tax liabilities	186		2			⁽³⁾	188
Retained earnings	4,152		7				4,159


⁽¹⁾	Includes a $4 million adjustment related to product licensing revenue, which was previously recorded on a one-month lag and an immaterial amount of guaranteed advertising minimums recognized by product licensees on a straight-line basis over the contract year.


⁽²⁾	Relates to recognition of breakage revenue associated with gift card liabilities not subject to escheatment.


⁽³⁾	Relates to income tax effect of the above adjustments.

In addition, while the Company has previously recorded the right of return asset and liability on a gross basis, in connection with its adoption of ASC 606, it has reclassified the return liability of $15 million from receivables, net to accrued expenses and other current liabilities in its consolidated balance sheet as of March 30, 2019. Otherwise, the adoption of this standard did not have a material impact on the Company's consolidated financial statements for Fiscal 2019, or any individual line items therein.

See Note 3 for additional disclosures related to the Company’s revenue recognition accounting policy.

Share-Based Compensation

In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”, which simplifies modification accounting for entities that change the terms or conditions of share-based awards. ASU 2017-09 was adopted during the first quarter of Fiscal 2019, as required, on a prospective basis. The adoption of this standard did not have an impact on the Company's consolidated financial statements. The Company will apply ASU 2017-09 to any future changes to the terms and conditions of its share-based compensation awards.

Income Taxes

In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, which requires recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted ASU 2016-16 in the beginning of Fiscal 2019, as required, using the modified retrospective method. On April 1, 2018, the Company recorded the $5 million cumulative effect of adoption as an adjustment to the opening balance of retained earnings.

Recently Issued Accounting Pronouncements

The Company has considered all new accounting pronouncements and, other than the recent pronouncements discussed below, have concluded that there are no new pronouncements that may have a material impact on the Company’s results of operations, financial condition or cash flows based on current information.

Lease Accounting

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize a lease liability and a right-to-use asset on the balance sheet for all leases, except certain short-term leases. ASU 2016-02 is effective beginning with the Company’s Fiscal 2020, with early adoption permitted. The Company plans to apply the package of three practical expedients, allowing it to carry forward its previous lease classification and embedded lease evaluations and not to reassess initial direct costs as of the date of adoption, as well as the practical expedient allowing it to combine lease and non-lease components. The Company also plans on adopting the practical expedient from ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” allowing it to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating the comparative prior year periods. The Company's existing lease obligations, which relate to stores, corporate locations, warehouses, and equipment, will be subject to the new standard and will result in recording a lease liability and right-of-use asset for operating leases on the Company's consolidated balance sheet. While the implementation of ASU 2016-02 for the Company's Michael Kors and Jimmy Choo brands is substantially complete, due to the recent acquisition of Versace on December 31, 2018, the Company is still in the process of finalizing its analysis of Versace's lease portfolio. As such, the Company is currently unable to provide the estimated impact of ASU 2016-02 on its consolidated financial statements.

The FASB has issued several additional ASUs to provide implementation guidance relating to ASU 2016-02, including ASU 2018-01, “Land Easement Practical Expedient for Transition to Topic 842” in January 2018, ASU 2018-10, “Codification Improvements to Topic 842, Leases” and ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” both issued in July 2018, ASU 2018-20, “Leases (Topic 842) - Narrow-Scope Improvements for Lessors” issued in December 2018, and ASU 2019-01, “Leases (Topic 842): Codification Improvements” issued in March 2019. The Company will consider this guidance in evaluating the impact of ASU 2016-02.

Intangibles

In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement. The standard aligns the accounting for capitalizing implementation costs of hosting arrangements, regardless of whether or not the contract conveys a license to the hosted software. ASU 2018-15 is effective beginning with the Company’s Fiscal 2021, with early adoption permitted, and can either be presented prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2018-15 on its consolidated financial statements.

Receivables

Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and doubtful accounts. Discounts are based on open invoices where trade discounts have been extended to customers. Allowances are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.

The Company’s allowance for doubtful accounts is determined through analysis of periodic aging of receivables that are not covered by insurance and assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 30, 2019

Accounting Policies [Abstract]

Activity and Balances of Sales Reserves

The following table details the activity and balances of the Company’s sales reserves for the fiscal years ended March 30, 2019, March 31, 2018, and April 1, 2017 (in millions):



	Balance Beginning of Year		Amounts Charged to Revenue		Write-offs Against Reserves			Balance at Year End
Retail
Return Reserves:
Fiscal year ended March 30, 2019	$	12	$	226	$	(223	)	$	15
Fiscal year ended March 31, 2018	7		161		(156		)	12
Fiscal year ended April 1, 2017	5		102		(100		)	7



	Balance Beginning of Year		Amounts Charged to Revenue		Write-offs Against Reserves			Balance at Year End
Wholesale
Total Sales Reserves:
Fiscal year ended March 30, 2019	$	109	$	262	$	(259	)	$	112
Fiscal year ended March 31, 2018	97		258		(246		)	109
Fiscal year ended April 1, 2017	111		271		(285		)	97

Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share

The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Numerator:
Net income attributable to Capri	$	543	$	592	$	553
Denominator:
Basic weighted average shares	149,765,468		152,283,586		165,986,733
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units	1,848,882		2,819,299		2,137,080
Diluted weighted average shares	151,614,350		155,102,885		168,123,813
Basic net income per share ⁽¹⁾	$	3.62	$	3.89	$	3.33
Diluted net income per share ⁽¹⁾	$	3.58	$	3.82	$	3.29

________________________________


⁽¹⁾	Basic and diluted net income per share are calculated using unrounded numbers.

Schedule of Components of the Cumulative Adjustment for ASC 606

The below table details the components of the cumulative adjustment recorded on April 1, 2018 (in millions):



	March 31, 2018 As Reported under ASC 605		ASC 606 Adjustments				April 1, 2018 As Reported Under ASC 606
Receivables, net	$	290	$	4		⁽¹⁾	$	294
Accrued expenses and other current liabilities	296		(5		)	⁽²⁾	291
Deferred tax liabilities	186		2			⁽³⁾	188
Retained earnings	4,152		7				4,159


⁽¹⁾	Includes a $4 million adjustment related to product licensing revenue, which was previously recorded on a one-month lag and an immaterial amount of guaranteed advertising minimums recognized by product licensees on a straight-line basis over the contract year.


⁽²⁾	Relates to recognition of breakage revenue associated with gift card liabilities not subject to escheatment.


⁽³⁾	Relates to income tax effect of the above adjustments.

Revenue Recognition (Tables)

12 Months Ended

Mar. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Segment Revenues Disaggregated by Geographic Location

As of March 30, 2019, contractually guaranteed minimum fees from our license agreements expected to be recognized as revenue during future periods were as follows (in millions):



	Contractually Guaranteed Minimum Fees
	Contractually Guaranteed Minimum Fees
Fiscal 2020	$	28
Fiscal 2021	28
Fiscal 2022	27
Fiscal 2023	21
Fiscal 2024	10
Fiscal 2025 and thereafter	36
Total	$	150

The following table presents the Company’s segment revenues disaggregated by geographic location (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
	March 30, 2019		March 31, 2018		April 1, 2017
Versace revenue - the Americas	$	22	$	—	$	—
Versace revenue - EMEA	66		—		—
Versace revenue - Asia	49		—		—
Total Versace	137		—		—
Jimmy Choo revenue - the Americas	96		37		—
Jimmy Choo revenue - EMEA	321		123		—
Jimmy Choo revenue - Asia	173		63		—
Total Jimmy Choo	590		223		—
Michael Kors revenue - the Americas	3,064		2,996		3,141
Michael Kors revenue - EMEA	892		970		944
Michael Kors revenue - Asia	555		530		409
Total Michael Kors	4,511		4,496		4,494

Total revenue - the Americas	3,182		3,033		3,141
Total revenue - EMEA	1,279		1,093		944
Total revenue - Asia	777		593		409
Total revenue	$	5,238	$	4,719	$	4,494

Acquisitions (Tables)

12 Months Ended

Mar. 30, 2019

Business Combinations [Abstract]

Assets Acquired and Liabilities Assumed

The following table summarizes the aggregate purchase price consideration paid to acquire Versace in cash (in millions):



	December 31, 2018
Cash consideration paid to Versace shareholders ⁽¹⁾	$	1,914
Capri share consideration ⁽²⁾	91
Total purchase price	$	2,005


⁽¹⁾	The cash consideration includes €90 million (or $103 million) of cash paid on behalf of the shareholder for pre-existing debt as of the Closing Date.


⁽²⁾	The Versace family elected to receive 2,395,170 of the Company’s ordinary shares in exchange for a portion of the cash consideration. The closing price of the Company's shares as of December 31, 2018 of $37.92 was used to compute the fair value of the share consideration as of the acquisition date.

The following table summarizes the preliminary purchase price allocation of fair values of the assets acquired and liabilities assumed at the date of acquisition (in millions):



	December 31, 2018
Cash and cash equivalents	$	41
Accounts receivable	82
Inventory ⁽¹⁾	197
Other current assets	39
Current assets	359
Property and equipment ⁽²⁾	89
Goodwill ⁽³⁾	878
Brand ⁽⁴⁾	948
Customer relationships ⁽⁵⁾	203
Favorable lease ⁽⁶⁾	16
Deferred tax assets ⁽⁷⁾	24
Other assets ⁽⁷⁾	135
Total assets acquired	$	2,652

Accounts payable	$	144
Short term debt	57
Other current liabilities	99
Current liabilities	300
Deferred tax liabilities	289
Other liabilities ^{(6) (7)}	54
Total liabilities assumed	$	643

Less: Noncontrolling interest in joint ventures	$	4

Fair value of net assets acquired	$	2,005

Fair value of acquisition consideration	$	2,005


⁽¹⁾	Includes an inventory step-up adjustment of $19 million, which will be recognized as an adjustment to the Company’s cost of goods sold in its statement of operations within twelve months.


⁽²⁾	Includes a $11 million adjustment to reduce the fair value of Versace’s leasehold improvements, which will be recognized over the remaining lease term.


⁽³⁾	Represents the difference between the purchase price over the net identifiable tangible and intangible assets acquired allocated to goodwill, which is not deductible for tax purposes.


⁽⁴⁾	Represents the fair value of Versace’s brand, which is an indefinite-lived intangible asset due to being essential to the Company’s ability to operate the Versace business for the foreseeable future. The Versace brand was valued using the relief-from-royalty method of the income valuation approach.


⁽⁵⁾	Represents customer relationships associated with Versace product licensees, wholesale customers and geographic licensees, which are being amortized over 12 years, 10 years and 9 years, respectively. These useful lives were estimated based on the time to recover the related future discounted cash flows. These intangible assets were valued using multi-period excess-earnings valuation method.


⁽⁶⁾	Includes favorable leases and unfavorable leases of $16 million and $7 million, respectively, which will be amortized over the remaining lease terms.


⁽⁷⁾	Represents adjustments to reduce deferred tax assets by $39 million and increase uncertain tax positions by $33 million, with an offsetting increase to other assets of $72 million relating to an indemnification.

Pro-Forma Results of Operations

The following table summarizes the unaudited pro-forma consolidated results of operations for the fiscal years ended March 30, 2019 and March 31, 2018 as if the acquisition had occurred on April 2, 2017, the beginning of Fiscal 2018 (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018
Pro-forma total revenue	$	5,983	$	5,473
Pro-forma net income	579		526
Pro-forma net income per ordinary share attributable to Capri:
Basic	$	3.82	$	3.40
Diluted	$	3.78	$	3.34

The following table summarizes the unaudited pro-forma consolidated results of operations for the fiscal year ended April 1, 2017 as if the acquisition had occurred on March 29, 2015, the beginning of Fiscal 2016 (in millions):



	Fiscal Years Ended
	April 1, 2017
Pro-forma total revenue	$	4,520
Pro-forma net income	549
Pro-forma net income per ordinary share attributable to Capri:
Basic	$	3.31
Diluted	$	3.26

Receivables, net (Tables)

12 Months Ended

Mar. 30, 2019

Receivables [Abstract]

Receivables

Receivables, net consist of (in millions):



	March 30, 2019			March 31, 2018
Trade receivables ⁽¹⁾	$	459		$	383
Receivables due from licensees	23			16
	482			399
Less: allowances	(99		)	(109		)
	$	383		$	290


⁽¹⁾	As of March 30, 2019 and March 31, 2018, $317 million and $296 million, respectively, of trade receivables were insured.

Property and Equipment, Net (Tables)

12 Months Ended

Mar. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net, consists of (in millions):



	March 30, 2019			March 31, 2018
Leasehold improvements	$	639		$	551
In-store shops	270			274
Furniture and fixtures	292			271
Computer equipment and software	292			266
Equipment	123			117
Building	47			52
Land	15			16
	1,678			1,547
Less: accumulated depreciation and amortization	(1,115		)	(1,002		)
	563			545
Construction-in-progress	52			38
	$	615		$	583

Intangible Assets and Goodwill (Tables)

12 Months Ended

Mar. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Values of Finite-Lived Intangible Assets

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):



	March 30, 2019						March 31, 2018
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	45	$	355	$	400	$	29	$	371
Trademarks	23		19		4		23		17		6
Lease rights	96		56		40		80		58		22
Customer relationships	415		23		392		231		8		223
	934		143		791		734		112		622

Indefinite-lived intangible assets:
Jimmy Choo brand ⁽²⁾	572		—		572		614		—		614
Versace brand	930		—		930		—		—		—
	1,502		—		1,502		614		—		614

Total intangible assets, excluding goodwill	$	2,436	$	143	$	2,293	$	1,348	$	112	$	1,236

________________________________


⁽¹⁾	Includes $2 million, $5 million and $30 million, respectively, of impairment charges recorded during Fiscal 2019, Fiscal 2018 and Fiscal 2017 in connection with underperforming full-price retail stores. See Note 13 for additional information.


⁽²⁾	The change in carrying value relates to foreign currency translation.

Carrying Values of Indefinite-Lived Intangible Assets

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):



	March 30, 2019						March 31, 2018
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Definite-lived intangible assets:
Reacquired rights	$	400	$	45	$	355	$	400	$	29	$	371
Trademarks	23		19		4		23		17		6
Lease rights	96		56		40		80		58		22
Customer relationships	415		23		392		231		8		223
	934		143		791		734		112		622

Indefinite-lived intangible assets:
Jimmy Choo brand ⁽²⁾	572		—		572		614		—		614
Versace brand	930		—		930		—		—		—
	1,502		—		1,502		614		—		614

Total intangible assets, excluding goodwill	$	2,436	$	143	$	2,293	$	1,348	$	112	$	1,236

________________________________


⁽¹⁾	Includes $2 million, $5 million and $30 million, respectively, of impairment charges recorded during Fiscal 2019, Fiscal 2018 and Fiscal 2017 in connection with underperforming full-price retail stores. See Note 13 for additional information.

Estimated Amortization Expense

Estimated amortization expense for each of the next five years is as follows (in millions):



Fiscal 2020	$	56
Fiscal 2021	55
Fiscal 2022	52
Fiscal 2023	50
Fiscal 2024	49
Fiscal 2025 and thereafter	529
	$	791

Changes in Goodwill for Reportable Segments

The following table details the changes in goodwill for each of the Company’s reportable segments (in millions):



	Versace			Jimmy Choo			Michael Kors ⁽¹⁾		Total
Balance at April 1, 2017	$	—		$	—		$	120	$	120
Acquisition of Jimmy Choo	—			685			—		685
Foreign currency translation	—			43			—		43
Balance at March 31, 2018	—			728			120		848
Acquisition of Versace ⁽²⁾	878			—			—		878
Foreign currency translation	(17		)	(50		)	—		(67		)
Balance at March 30, 2019	$	861		$	678		$	120	$	1,659


⁽¹⁾	In connection with the realignment of the Company’s reportable segment structure, the Company presented the carrying amount of goodwill of MK Retail, MK Wholesale and MK Licensing reporting units within the Michael Kors reportable segment, effective beginning in the fourth quarter of Fiscal 2019.


⁽²⁾	See Note 4 for additional information.

Current Assets and Current Liabilities (Tables)

12 Months Ended

Mar. 30, 2019

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):



	March 30, 2019		March 31, 2018
Prepaid taxes	$	125	$	79
Prepaid rent	24		23
Interest receivable related to net investment hedges	11		—
Leasehold incentive receivable	9		9
Other	52		37
	$	221	$	148

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in millions):



	March 30, 2019		March 31, 2018
Restructuring liability	$	64	$	45
Other taxes payable	47		54
Return liabilities	35		12
Accrued rent	34		34
Accrued purchases and samples	29		3
Accrued capital expenditures	25		26
Gift cards and retail store credits	13		16
Professional services	12		14
Accrued litigation	11		—
Accrued advertising and marketing	10		23
Accrued interest	10		9
Other	84		59
	$	374	$	295

Restructuring and Other Charges (Tables)

12 Months Ended

Mar. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The below table presents a rollforward of the Company’s remaining restructuring liability related to this plan (in millions):



	Severance and benefit costs			Lease-related costs			Total
Balance at March 31, 2018	$	—		$	45		$	45
Additions charged to expense	3			38			41
Balance sheet reclassifications ⁽¹⁾	—			6			6
Payments	(1		)	(36		)	(37		)
Balance at March 30, 2019	$	2		$	53		$	55


⁽¹⁾	Primarily consists of reclassification of deferred rent for locations subject to closure to a restructuring liability.

Debt Obligations (Tables)

12 Months Ended

Mar. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following table presents the Company’s debt obligations (in millions):



	March 30, 2019		March 31, 2018
Term Loan⁽¹⁾	$	1,580	$	230
4.000% Senior Notes due 2024	450		450
Revolving Credit Facilities	550		200
Other	1		1
Total debt	2,581		881
Less: Unamortized debt issuance costs	13		4
Less: Unamortized discount on long-term debt	2		2
Total carrying value of debt	2,566		875
Less: Short-term debt	630		200
Total long-term debt	$	1,936	$	675


⁽¹⁾	During Fiscal 2019, the Company repaid the remaining $59 million of borrowings outstanding under the previous Term Loan Facility entered into in connection with the Jimmy Choo acquisition.

Commitments and Contingencies Disclosure [Abstract]

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Section S99
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-Name Accounting Standards Codification
-Topic 835
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Mar. 30, 2019

Rent Expense for Operating Leases

Rent expense for the Company’s operating leases consists of the following (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Minimum rentals	$	357	$	272	$	257
Contingent rent	109		80		76
Total rent expense	$	466	$	352	$	333

Future Minimum Lease Payments under Terms of Noncancelable Operating Lease Agreements

Future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):



Fiscal years ending:
Fiscal 2020	$	431
Fiscal 2021	389
Fiscal 2022	339
Fiscal 2023	277
Fiscal 2024	229
Fiscal 2025 and thereafter	509
	$	2,174

Fair Value Measurements (Tables)

12 Months Ended

Mar. 30, 2019

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 March 30, 2019, using:						Fair value at March 31, 2018, 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	$	—	$	5	$	—	$	—	$	—	$	—
Net investment hedges	—		37		—		—		—		—
Total derivative assets	$	—	$	42	$	—	$	—	$	—	$	—

Derivative liabilities:
Other undesignated derivative contracts	$	—	$	5	$	—	$	—	$	8	$	—

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):



	March 30, 2019				March 31, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
4.000% Senior Notes	$	445	$	438	$	445	$	448
Term Loan	$	1,570	$	1,574	$	229	$	231
Revolving Credit Facilities	$	550	$	550	$	200	$	200

Carrying Value and Fair Values of Impaired Long-Lived Assets

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



	Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Fiscal 2019:
Fixed Assets	$	26	$	7	$	19
Lease Rights	3		1		2
Total	$	29	$	8	$	21

Fiscal 2018:
Fixed Assets	$	31	$	3	$	28
Lease Rights	5		1		4
Customer relationships	1		—		1
Total	$	37	$	4	$	33

Fiscal 2017:
Fixed Assets	$	187	$	18	$	169
Lease Rights	33		3		30
Total	$	220	$	21	$	199

Please refer to Note 7 and Note 8 for additional information.

Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets

The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of March 30, 2019 and March 31, 2018 (in millions):



					Fair Values
	Notional Amounts				Assets					Liabilities ⁽²⁾
	March 30, 2019		March 31, 2018		March 30, 2019			March 31, 2018		March 30, 2019		March 31, 2018
Designated forward foreign currency exchange contracts	$	166	$	162	$	5	⁽¹⁾	$	—	$	—	$	8
Designated net investment hedge	2,234		—		37		⁽³⁾	—		—		—
Total designated hedges	$	2,400	$	162	$	42		$	—	$	—	$	8
Undesignated derivative contracts ⁽⁴⁾	199		—		—			—		5		—
Total	$	2,599	$	162	$	42		$	—	$	5	$	8


⁽¹⁾	Recorded within prepaid expenses and other current assets in the Company’s audited consolidated balance sheets.


⁽²⁾	Recorded within accrued expenses and other current liabilities in the Company’s audited consolidated balance sheets.


⁽³⁾	Recorded within other assets in the Company’s audited consolidated balance sheets.


⁽⁴⁾	Primarily includes undesignated hedges of foreign currency denominated intercompany balances and inventory purchases.

Schedule of Derivative Instruments on The Balance Sheets, Net Basis

However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to setoff amounts for similar transactions denominated in the same currencies, the resulting impact as of March 30, 2019 and March 31, 2018 would be as follows (in millions):



	Forward Currency Exchange Contracts				Net Investment Hedges
	March 30, 2019		March 31, 2018		March 30, 2019		March 31, 2018
Assets subject to master netting arrangements	$	5	$	—	$	37	$	—
Liabilities subject to master netting arrangements	$	5	$	8	$	—	$	—
Derivative assets, net	$	5	$	—	$	37	$	—
Derivative liabilities, net	$	5	$	8	$	—	$	—

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the pre-tax impact of the gains and losses on the Company's designated forward foreign currency exchange contracts and net investment hedges (in millions):



	Fiscal Year Ended March 30, 2019		Fiscal Year Ended March 31, 2018			Fiscal Year Ended April 1, 2017
	Pre-Tax Gains Recognized in OCI		Pre-Tax Loss Recognized in OCI			Pre-Tax Gain Recognized in OCI
Designated forward foreign currency exchange contracts	$	16	$	(22	)	$	10
Designated net investment hedges	$	47	$	—		$	—

The following tables summarize the impact of the gains and losses within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for Fiscal 2019 and Fiscal 2018 (in millions):



	Fiscal Year Ended
	Pre-Tax Loss Reclassified from Accumulated OCI						Location of Loss recognized	Total Cost of Sales
	March 30, 2019		March 31, 2018		April 1, 2017		Location of Loss recognized	March 30, 2019		March 31, 2018		April 1, 2017
Designated forward currency exchange contracts	$	4	$	4	$	—	Cost of Sales	$	2,058	$	1,860	$	1,833

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Mar. 30, 2019

Stockholders' Equity Note [Abstract]

Changes in Components of Accumulated Other Comprehensive Loss, Net of Taxes

The following table details changes in the components of accumulated other comprehensive income (loss), net of taxes for Fiscal 2019, Fiscal 2018 and Fiscal 2017 (in millions):



	Foreign Currency Translation (Losses) Gains ⁽¹⁾			Net (Losses) Gains on Derivatives ⁽²⁾			Other Comprehensive (Loss)/Gain Attributable to Capri
Balance at April 2, 2016	$	(78	)	$	(3	)	$	(81	)
Other comprehensive (loss) income before reclassifications	(9		)	9			—
Less: amounts reclassified from AOCI to earnings	—			—			—
Other comprehensive (loss) income, net of tax	(9		)	9			—
Balance at April 1, 2017	(87		)	6			(81		)
Other comprehensive income (loss) before reclassifications	148			(19		)	129
Less: amounts reclassified from AOCI to earnings	—			(3		)	(3		)
Other comprehensive income (loss), net of tax	148			(16		)	132
Balance at March 31, 2018	61			(10		)	51
Other comprehensive (loss) income before reclassifications	(134		)	14			(120		)
Less: amounts reclassified from AOCI to earnings	—			(3		)	(3		)
Other comprehensive (loss) income, net of tax	(134		)	17			(117		)
Balance at March 30, 2019	$	(73	)	$	7		$	(66	)

⁽¹⁾

Foreign currency translation gains and losses include net gains of $6 million and net losses of $9 million for Fiscal 2019 and Fiscal 2018, respectively, on intra-entity transactions that are of a long-term investment nature. Foreign currency translation losses for Fiscal 2019 include a $105 million translation loss relating to the Jimmy Choo business, a $33 million translation loss relating to the Versace business and a $39 million gain, net of taxes of $8 million relating to the Company’s net investment hedges. Foreign currency translation gains for Fiscal 2018 includes an $89 million translation gain related to the Jimmy Choo business.

⁽²⁾

Reclassified amounts relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive income. Other comprehensive income (loss) before reclassifications related to derivative instruments for Fiscal 2019, Fiscal 2018, and Fiscal 2017 is net of a tax (benefits) provision of $(2) million, $(3) million, and $1 million, respectively. All other tax effects were not material.

Share-Based Compensation (Tables)

12 Months Ended

Mar. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Option Activity and Information about Options Outstanding

The following table summarizes the share options activity during Fiscal 2019, and information about options outstanding at March 30, 2019:



	Number of Options		Weighted Average Exercise price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in millions)
Outstanding at March 31, 2018	3,796,620		$	32.78
Granted	224,582		$	67.52
Exercised	(1,847,096	)	$	15.97
Canceled/forfeited	(42,847	)	$	49.55
Outstanding at March 30, 2019	2,131,259		$	50.67	2.90	$	21
Vested or expected to vest at March 30, 2019	2,116,908		$	50.67	2.90
Vested and exercisable at March 30, 2019	1,585,874		$	49.96	2.16	$	20

Assumptions Used to Estimate Fair Value of Options

The following table represents assumptions used to estimate the fair value of options:



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Expected dividend yield	0.0	%	0.0	%	0.0	%
Volatility factor	36.9	%	36.3	%	30.1	%
Weighted average risk-free interest rate	2.8	%	1.8	%	1.1	%
Expected life of option	4.85 years		4.69 years		4.75 years

Restricted Shares and Restricted Share Units

The following table summarizes the RSU activity during Fiscal 2019:



	Service-based				Performance-based
	Number of Restricted Share Units		Weighted Average Grant Date Fair Value		Number of Restricted Share Units		Weighted Average Grant Date Fair Value
Unvested at March 31, 2018	2,127,517		$	42.53	657,532		$	50.16
Granted	2,601,673		$	48.46	316,663		$	54.18
Decrease due to performance condition	—		$	—	(101,744	)	$	47.10
Vested	(712,111	)	$	43.83	(105,900	)	$	47.10
Canceled/forfeited	(177,217	)	$	46.91	(29,477	)	$	60.34
Unvested at March 30, 2019	3,839,862		$	46.11	737,074		$	52.34

The following table summarizes restricted share activity during Fiscal 2019:



	Restricted Shares
	Number of Unvested Restricted Shares		Weighted Average Grant Date Fair Value
Unvested at March 31, 2018	64,148		$	90.75
Granted	—		$	—
Vested	(63,719	)	$	90.82
Canceled/forfeited	(429	)	$	79.85
Unvested at March 30, 2019	—		$	—

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following table summarizes compensation expense attributable to share-based compensation for Fiscal 2019, Fiscal 2018 and Fiscal 2017 (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Share-based compensation expense	$	60	$	50	$	34
Tax benefits related to share-based compensation expense	$	11	$	10	$	11

Taxes (Tables)

12 Months Ended

Mar. 30, 2019

Income Tax Disclosure [Abstract]

Income Before Provision for Income Taxes

Income before provision for income taxes consisted of the following (in millions):



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
U.S.	$	191	$	124	$	229
Non-U.S.	430		618		460
Total income before provision for income taxes	$	621	$	742	$	689

Provision for Income Taxes

The provision for income taxes was as follows (in millions):



	Fiscal Years Ended
	March 30, 2019				March 31, 2018				April 1, 2017
Current
U.S. Federal	$	82		⁽²⁾	$	48			$	131
U.S. State	24				16				20
Non-U.S.	44				77				46
Total current	150				141				197
Deferred
U.S. Federal	(34		)	⁽²⁾	24			⁽¹⁾	(34		)
U.S. State	(4		)		1				(5		)
Non-U.S.	(33		)		(16		)		(21		)
Total deferred	(71		)		9				(60		)
Total provision for income taxes	$	79			$	150			$	137


⁽¹⁾	Includes an $18 million provision related to the U.S. Tax Act one time revaluation of deferred tax assets.


⁽²⁾	Includes a $25 million current tax detriment and equal deferred tax benefit related to the U.S. Tax Act impact to business interest disallowance provisions.

Significant Differences Between the Statutory Tax Rates and Company's Effective Tax Rate

The Company’s provision for income taxes for the years ended March 30, 2019, March 31, 2018 and April 1, 2017 was different from the amount computed by applying the statutory U.K. income tax rate to the underlying income from continuing operations before income taxes and equity in net income of affiliates as a result of the following:



	Fiscal Years Ended
	March 30, 2019				March 31, 2018				April 1, 2017
Provision for income taxes at the U.K. statutory tax rate	19.0	%			19.0	%			20.0	%
State and local income taxes, net of federal benefit	0.9	%			0.5	%			1.3	%
Effects of global financing arrangements	(8.1	)%			(15.6	)%			(13.7	)%
U.S. tax reform	—	%			2.0	%	⁽¹	⁾	—	%
Differences in tax effects on foreign income	(1.8	)%	⁽²	⁾	6.7	%			11.1	%
Liability for uncertain tax positions	1.3	%			6.6	%			—	%
Effect of changes in valuation allowances on deferred tax assets	2.8	%	⁽³	⁾	0.3	%			0.5	%
Excess tax benefits related to stock-based compensation	(2.6	)%			(0.8	)%			—	%
Transaction costs	1.5	%			0.9	%			—	%
Withholding tax	0.6	%			1.2	%			—	%
Other	(0.9	)%			(0.6	)%			0.7	%
Effective tax rate	12.7	%			20.2	%			19.9	%


⁽¹⁾	Includes an $18 million expense related to the re-measurement of certain net deferred tax assets in connection with U.S. tax reform.


⁽²⁾	Mainly attributable to the United States statutory federal income tax rate change from a blended rate for Fiscal 2018 of 31.54% to 21% in Fiscal 2019.


⁽³⁾	Includes an $11 million detriment related to a United Kingdom capital loss.

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in millions):



	Fiscal Years Ended
	March 30, 2019			March 31, 2018
Deferred tax assets
Inventories	$	22		$	4
Payroll related accruals	2			2
Deferred rent	34			24
Net operating loss carryforwards	61			31
Stock compensation	13			17
Sales allowances	26			6
Accrued interest	41			—
Other	31			27
	230			111
Valuation allowance	(40		)	(14		)
Total deferred tax assets	190			97

Deferred tax liabilities
Goodwill and intangibles	(534		)	(241		)
Depreciation	18			14
Total deferred tax liabilities	(516		)	(227		)
Net deferred tax liabilities	$	(326	)	$	(130	)

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2019, Fiscal 2018 and Fiscal 2017, are presented below (in millions):



	Fiscal Years Ended
	March 30, 2019					March 31, 2018			April 1, 2017
Unrecognized tax benefits beginning balance	$	101				$	27		$	17
Additions related to prior period tax positions	81			⁽¹	⁾	30			2
Additions related to current period tax positions	21					45			10
Decreases in prior period positions due to lapses in statute of limitations	(1		)			(1		)	(2		)
Decreases related to prior period tax positions	(3		)			—			—
Decreases related to audit settlements	(7		)			—			—
Unrecognized tax benefits ending balance	$	192				$	101		$	27


⁽¹⁾	Primarily relates to the Versace acquisition.

Segment Information (Tables)

12 Months Ended

Mar. 30, 2019

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
		March 30, 2019			March 31, 2018			April 1, 2017
Total revenue:
	Versace	$	137		$	—		$	—
	Jimmy Choo	590			223			—
	Michael Kors	4,511			4,496			4,494
Total revenue		$	5,238		$	4,719		$	4,494

Income from operations:
	Versace	$	(11	)	$	—		$	—
	Jimmy Choo	20			(4		)	—
	Michael Kors	964			975			979
Total segment income from operations		973			971			979
Less:	Corporate expenses	(93		)	(87		)	(79		)
	Restructuring and other charges	(124		)	(102		)	(11		)
	Impairment of long-lived assets	(21		)	(33		)	(199		)
Total income from operations		$	735		$	749		$	690

Depreciation and Amortization Expense for Each Segment

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



	Fiscal Years Ended
	March 30, 2019		March 31, 2018		April 1, 2017
Depreciation and amortization⁽¹⁾:
Versace	$	9	$	—	$	—
Jimmy Choo	34		13		—
Michael Kors	182		195		220
Total depreciation and amortization	$	225	$	208	$	220


⁽¹⁾	Excluded from the above table are impairment charges, which are detailed in the below table and in Note 7, Note 8 and Note 13.

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
	March 30, 2019		March 31, 2018		April 1, 2017
Revenue:
The Americas (U.S., Canada and Latin America)⁽¹⁾	$	3,182	$	3,033	$	3,141
EMEA	1,279		1,093		944
Asia	777		593		409
Total revenue	$	5,238	$	4,719	$	4,494

Long-Lived Assets by Geographic Location



	As of
	March 30, 2019		March 31, 2018		April 1, 2017
Long-lived assets:
The Americas (U.S., Canada and Latin America)⁽¹⁾	$	319	$	328	$	356
EMEA	2,123		1,050		198
Asia	466		441		456
Total Long-lived assets:	$	2,908	$	1,819	$	1,010


⁽¹⁾	Net revenues earned in the U.S. during Fiscal 2019, Fiscal 2018, and Fiscal 2017 were $2.972 billion, $2.818 billion and $2.935 billion, respectively. Long-lived assets located in the U.S. as of March 30, 2019 and March 31, 2018 were $296 million and $303 million, respectively.

Net Revenues by Major Product Category

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



	Fiscal Years Ended
	March 30, 2019		% of Total	March 31, 2018		% of Total		April 1, 2017		% of Total
Accessories	$	3,139	59.9%	$	3,057	64.8	%	$	3,062	68.1	%
Footwear	1,023		19.5%	657		13.9	%	462		10.3	%
Apparel	698		13.3%	605		12.8	%	543		12.1	%
Licensed product	218		4.2%	250		5.3	%	281		6.3	%
Licensing revenue	156		3.0%	150		3.2	%	146		3.2	%
Home	4		0.1%	—		—	%	—		—	%
Total Revenue	$	5,238		$	4,719			$	4,494

Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Mar. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results

The following table summarizes the Fiscal 2019 and Fiscal 2018 quarterly results (dollars in millions):



	Fiscal Quarter Ended ⁽¹⁾
	June 30, 2018			September 29, 2018			December 29, 2018			March 30, 2019
Fiscal 2019
Total revenue	$	1,203		$	1,253		$	1,438		$	1,344
Gross profit	$	751		$	763		$	873		$	793
Income from operations	$	215	⁽²⁾	$	190	⁽³⁾	$	290	⁽⁴⁾	$	40	⁽⁵⁾
Net income	$	186		$	137		$	200		$	19
Net income attributable to Capri	$	186		$	138		$	200		$	19
Weighted average ordinary shares outstanding:
Basic	149,502,101			149,575,112			149,183,049			150,801,608
Diluted	152,399,655			151,705,685			150,268,424			152,083,632

	Fiscal Quarter Ended ⁽¹⁾
	July 1, 2017			September 30, 2017			December 30, 2017			March 31, 2018
Fiscal 2018
Total revenue	$	952		$	1,147		$	1,440		$	1,180
Gross profit	$	575		$	691		$	884		$	709
Income from operations	$	149		$	199	⁽⁶⁾	$	314	⁽⁷⁾	$	87	⁽⁸⁾
Net income	$	126		$	202		$	220		$	44
Net income attributable to Capri	$	126		$	202		$	220		$	44
Weighted average ordinary shares outstanding:
Basic	154,486,898			151,781,340			152,047,963			150,818,144
Diluted	156,871,518			154,168,094			154,623,339			154,252,751


⁽¹⁾	All fiscal quarters presented contain 13 weeks.


⁽²⁾	Fiscal quarter ended June 30, 2018 includes impairment charges of $4 million, restructuring charges of $4 million and acquisition-related transition costs of $7 million.


⁽³⁾	Fiscal quarter ended September 29, 2018 includes impairment charges of $7 million, acquisition-related transition costs of $16 million and restructuring charges of $2 million.


⁽⁴⁾	Fiscal quarter ended December 29, 2018 includes impairment charges of $6 million, acquisition-related transaction and transition costs of $12 million, and restructuring charges of $8 million.


⁽⁵⁾	Fiscal quarter ended March 30, 2019 includes impairment charges of $4 million, acquisition-related transaction and transition costs of $44 million, and restructuring charges of $31 million.


⁽⁶⁾	Fiscal quarter ended September 30, 2017 includes impairment charges of $16 million, acquisition-related transaction and transition costs of $16 million, and restructuring charges of $6 million.


⁽⁷⁾	Fiscal quarter ended December 30, 2017 includes impairment charges of $3 million, acquisition-related transaction and transition costs of $26 million, and restructuring charges of $2 million.


⁽⁸⁾	Fiscal quarter ended March 31, 2018 includes impairment charges of $14 million, and acquisition-related transaction and transition costs of $7 million, and restructuring charges of $44 million.

Business and Basis of Presentation (Details) - segment	3 Months Ended	9 Months Ended	12 Months Ended
Business and Basis of Presentation (Details) - segment	Mar. 30, 2019	Dec. 29, 2018	Mar. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3	4	3

Summary of Significant Accounting Policies - Activity and Balances of Sales Reserves (Details) - Allowance for sales returns - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
MK Retail assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	$ 12	$ 7	$ 5
Amounts Charged to Revenue	226	161	102
Write-offs Against Reserves	(223)	(156)	(100)
Balance at Year End	15	12	7
MK Wholesale
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	109	97	111
Amounts Charged to Revenue	262	258	271
Write-offs Against Reserves	(259)	(246)	(285)
Balance at Year End	$ 112	$ 109	$ 97

Summary of Significant Accounting Policies - Additional Information (Details) € in Millions, £ in Millions, $ in Millions		12 Months Ended
	Apr. 01, 2018 USD ($)	Mar. 30, 2019 USD ($) shares	Mar. 31, 2018 USD ($) shares	Apr. 01, 2017 USD ($) shares	Dec. 29, 2018 USD ($)	Sep. 24, 2018 EUR (€)	Sep. 24, 2018 USD ($)	Jul. 25, 2017 GBP (£)	Jul. 25, 2017 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advertising and marketing expense		$ 158	$ 167	$ 119
Cooperative advertising expenses		8	6	5
Cost of goods sold		2,058	1,860	$ 1,833
Credit card receivables		24	21
Raw materials inventory		25	1
Notional amounts		2,599	162
Derivative gains (losses)		$ (77)	$ 5
Anti-dilutive securities excluded from computation of earning per share (in shares) \| shares		1,409,415	1,662,889	2,034,658
Redeemable non-controlling interest amount		$ 4
Adoption of accounting standards			$ 12
Return liabilities		$ 35	12
ASU 2014-09 \| Accrued Expenses and Other Current Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Return liabilities					$ 15
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of accounting standards			12
Retained Earnings \| ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of accounting standards	$ 7
Adoption of accounting standards, tax	2
Retained Earnings \| ASU 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of accounting standards	$ 5
MK (Panama) Holdings, S.A.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		75.00%
Jimmy Choo EMEA Joint Ventures, JC Industry S.r.L.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		33.00%
JC Gulf Trading LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		49.00%
J. Choo Russia J.V. Limited
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		50.00%
Versace Singapore Pte. Ltd.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		70.00%
Versace Korea Co. Ltd.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		70.00%
Versace Australia PTY Limited
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		70.00%
Trademarks
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization period		20 years
Not Designated as Hedging Instrument \| Forward foreign currency exchange contracts
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amounts		$ 199	0
Not Designated as Hedging Instrument \| Forward foreign currency exchange contracts \| Gianni Versace S.r.l.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amounts						€ 1,680	$ 2,001
Not Designated as Hedging Instrument \| Forward foreign currency exchange contracts \| Jimmy Cho PLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amounts								£ 1,115	$ 1,469
Software development
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		5 years
Minimum \| Customer relationships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization period		5 years
Minimum \| Computer hardware and software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		3 years
Minimum \| Equipment, furniture and fixtures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		5 years
Minimum \| In-store shops
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Forward contracts term, maximum		12 months
Maximum \| Customer relationships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization period		18 years
Maximum \| Computer hardware and software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		5 years
Maximum \| Equipment, furniture and fixtures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		7 years
Maximum \| In-store shops
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		5 years
Shipping and handling
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of goods sold		$ 132	$ 129	$ 126

Summary of Significant Accounting Policies - Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 30, 2017	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Numerator:
Net income attributable to Capri	$ 19	$ 200	$ 138	$ 186	$ 44	$ 220	$ 202	$ 126	$ 543	$ 592	$ 553
Denominator:
Basic weighted average shares (in shares)	150,801,608	149,183,049	149,575,112	149,502,101	150,818,144	152,047,963	151,781,340	154,486,898	149,765,468	152,283,586	165,986,733
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units (in shares)									1,848,882	2,819,299	2,137,080
Diluted weighted average shares (in shares)	152,083,632	150,268,424	151,705,685	152,399,655	154,252,751	154,623,339	154,168,094	156,871,518	151,614,350	155,102,885	168,123,813
Basic net income per share (in dollars per share)									$ 3.62	$ 3.89	$ 3.33
Diluted net income per share (in dollars per share)									$ 3.58	$ 3.82	$ 3.29

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Summary of Significant Accounting Policies - Impact on Financial Position from Adoption of ASC 606 (Details) - USD ($) $ in Millions	Mar. 30, 2019	Apr. 01, 2018	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net	$ 383	$ 294	$ 290
Accrued expenses and other current liabilities	374	291	295
Deferred tax liabilities	438	188	186
Retained earnings	$ 4,707	4,159	4,152
As Reported under ASC 605
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net			290
Accrued expenses and other current liabilities			296
Deferred tax liabilities			186
Retained earnings			$ 4,152
ASC 606 Adjustments \| ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net		4
Accrued expenses and other current liabilities		(5)
Deferred tax liabilities		2
Retained earnings		7
ASC 606 Adjustments \| ASC 606 \| Product licensing revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables, net		$ 4

Revenue Recognition - Retail Narrative (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Contract With Customer, Asset And Liability [Line Items]
Contract with customer liability	$ 31	$ 23
Return liabilities	35	$ 12
Gift Cards
Contract With Customer, Asset And Liability [Line Items]
Contract with customer liability	13
Deferred loyalty program liabilities
Contract With Customer, Asset And Liability [Line Items]
Contract with customer liability	$ 3

Revenue Recognition - Contractually Guaranteed Minimum Fees from License Agreements (Details) $ in Millions	Mar. 30, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Fiscal 2020	$ 28
Fiscal 2021	28
Fiscal 2022	27
Fiscal 2023	21
Fiscal 2024	10
Fiscal 2025 and thereafter	36
Total	$ 150

Revenue Recognition - Sales Returns Narrative (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Right to recover returned product	$ 12
Return liabilities	$ 35	$ 12

Revenue Recognition - Contract Balances Narrative (Details) - USD ($)		12 Months Ended
	Apr. 01, 2018	Mar. 30, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Revenue recognized during period		$ 16,000,000
Gift card breakage recognized to revenue	$ 5,000,000
Contract with customer liability		31,000,000	$ 23,000,000
Contract assets	$ 0	0
Gianni Versace S.r.l.
Business Acquisition [Line Items]
Contract with customer liability		$ 9,000,000

Revenue Recognition - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended								5 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 30, 2017	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Mar. 31, 2018	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,344	$ 1,438	$ 1,253	$ 1,203	$ 1,180	$ 1,440	$ 1,147	$ 952		$ 5,238	$ 4,719	$ 4,494
The Americas
Disaggregation of Revenue [Line Items]
Total revenue										3,182	3,033	3,141
EMEA
Disaggregation of Revenue [Line Items]
Total revenue										1,279	1,093	944
Asia
Disaggregation of Revenue [Line Items]
Total revenue										777	593	409
Gianni Versace S.r.l.
Disaggregation of Revenue [Line Items]
Total revenue										137	0	0
Gianni Versace S.r.l. \| The Americas
Disaggregation of Revenue [Line Items]
Total revenue										22	0	0
Gianni Versace S.r.l. \| EMEA
Disaggregation of Revenue [Line Items]
Total revenue										66	0	0
Gianni Versace S.r.l. \| Asia
Disaggregation of Revenue [Line Items]
Total revenue										49	0	0
Jimmy Choo
Disaggregation of Revenue [Line Items]
Total revenue									$ 223	590	223	0
Jimmy Choo \| The Americas
Disaggregation of Revenue [Line Items]
Total revenue										96	37	0
Jimmy Choo \| EMEA
Disaggregation of Revenue [Line Items]
Total revenue										321	123	0
Jimmy Choo \| Asia
Disaggregation of Revenue [Line Items]
Total revenue										173	63	0
Michael Kors (HK) Limited
Disaggregation of Revenue [Line Items]
Total revenue										4,511	4,496	4,494
Michael Kors (HK) Limited \| The Americas
Disaggregation of Revenue [Line Items]
Total revenue										3,064	2,996	3,141
Michael Kors (HK) Limited \| EMEA
Disaggregation of Revenue [Line Items]
Total revenue										892	970	944
Michael Kors (HK) Limited \| Asia
Disaggregation of Revenue [Line Items]
Total revenue										$ 555	$ 530	$ 409

Acquisitions - Additional Information (Details) $ / shares in Units, € in Millions, shares in Millions					2 Months Ended	3 Months Ended										5 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2018 EUR (€)	Dec. 31, 2018 USD ($) $ / shares shares	Nov. 01, 2017 USD ($)	May 31, 2016 USD ($)	Feb. 28, 2019 USD ($)	Sep. 29, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 30, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jul. 01, 2017 USD ($)	Apr. 01, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 01, 2016 USD ($)	Jul. 02, 2016 USD ($)	Mar. 31, 2018 USD ($)	Apr. 01, 2017 USD ($)	Mar. 30, 2019 USD ($)	Mar. 31, 2018 USD ($)	Apr. 01, 2017 USD ($)	Dec. 21, 2018 USD ($)	Nov. 01, 2017 £ / shares
Business Acquisition [Line Items]
Total revenue								$ 1,344,000,000	$ 1,438,000,000	$ 1,253,000,000	$ 1,203,000,000	$ 1,180,000,000	$ 1,440,000,000	$ 1,147,000,000	$ 952,000,000			$ 5,238,000,000	$ 4,719,000,000	$ 4,494,000,000
Net income attributable to Capri								$ 19,000,000	$ 200,000,000	$ 138,000,000	$ 186,000,000	$ 44,000,000	$ 220,000,000	$ 202,000,000	$ 126,000,000			543,000,000	592,000,000	553,000,000
Acquisition-related costs						$ 16,000,000	$ 7,000,000
Jimmy Choo
Business Acquisition [Line Items]
Total revenue																$ 223,000,000		590,000,000	223,000,000	0
Net income attributable to Capri																$ (15,000,000)
Term Loan Facility \| Unsecured Debt
Business Acquisition [Line Items]
Aggregate principal amount			$ 1,000,000,000																		$ 1,600,000,000
Gianni Versace S.r.l.
Business Acquisition [Line Items]
Total transaction value in a business acquisition	€ 1,753	$ 2,005,000,000
Number of shares from acquisition (in shares) \| shares		2.4
Total revenue					$ 137,000,000
Net income attributable to Capri					$ 12,000,000
Cash paid for pre-existing debt	€ 90	$ 103,000,000
Acquisition-related costs																		$ 41,000,000
Purchase price per share (in gbp per share) \| $ / shares		$ 37.92
Consideration paid		$ 1,914,000,000
Jimmy Cho PLC
Business Acquisition [Line Items]
Acquisition-related costs																			$ 41,000,000
Jimmy Cho PLC \| Subsidiaries \| Michael Kors Bidco
Business Acquisition [Line Items]
Total transaction value in a business acquisition			$ 1,447,000,000
Purchase price per share (in gbp per share) \| £ / shares																						£ 2.30
Michael Kors (HK) Limited
Business Acquisition [Line Items]
Acquisition-related costs																				$ 11,000,000
Percentage of stock acquired				100.00%
Consideration paid				$ 500,000,000
Revenue of acquiree since acquisition date																	$ 212,000,000
Income (loss) of acquiree since acquisition date																	$ (11,000,000)

Acquisitions - Schedule of Consideration Paid (Details) - Gianni Versace S.r.l. $ / shares in Units, € in Millions, $ in Millions	Dec. 31, 2018 EUR (€) shares	Dec. 31, 2018 USD ($) $ / shares shares
Business Acquisition [Line Items]
Consideration paid		$ 1,914
Capri share consideration		91
Total purchase price	€ 1,753	2,005
Cash paid for pre-existing debt	€ 90	$ 103
Ordinary shares in exchange for a portion of the cash consideration (in shares) \| shares	2,395,170	2,395,170
Purchase price per share (in dollars per share) \| $ / shares		$ 37.92

Acquisitions - Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) (Details) € in Millions, $ in Millions			12 Months Ended
	Dec. 31, 2018 EUR (€)	Dec. 31, 2018 USD ($)	Mar. 30, 2019 USD ($)	Mar. 31, 2018 USD ($)	Apr. 01, 2017 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 1,659	$ 848	$ 120
Decrease in deferred tax assets			$ (29)	$ (8)	$ (4)
Gianni Versace S.r.l.
Business Acquisition [Line Items]
Cash and cash equivalents		$ 41
Accounts receivable		82
Inventory		197
Other current assets		39
Current assets		359
Property and equipment		89
Goodwill		878
Deferred tax assets		24
Other assets		135
Total assets acquired		2,652
Accounts payable		144
Short term debt		57
Other current liabilities		99
Current liabilities		300
Deferred tax liabilities		289
Other liabilities		54
Total liabilities assumed		643
Non-controlling interest		4
Fair value of net assets acquired		2,005
Fair value of acquisition consideration	€ 1,753	2,005
Inventory step-up adjustment		19
Adjustment to leasehold improvements		11
Favorable leases		16
Unfavorable leases		7
Decrease in deferred tax assets		39
Increase in uncertain tax positions		33
Offsetting increase to other assets		72
Gianni Versace S.r.l. \| Customer relationships
Business Acquisition [Line Items]
Intangible assets		203
Gianni Versace S.r.l. \| Favorable lease
Business Acquisition [Line Items]
Intangible assets		$ 16
Gianni Versace S.r.l. \| Customer relationships - product licenses
Business Acquisition [Line Items]
Amortization period	12 years	12 years
Gianni Versace S.r.l. \| Customer relationships, wholesale customer
Business Acquisition [Line Items]
Amortization period	10 years	10 years
Gianni Versace S.r.l. \| Customer relationships - geographic licensees
Business Acquisition [Line Items]
Amortization period	9 years	9 years
Gianni Versace S.r.l. \| Brand
Business Acquisition [Line Items]
Intangible assets		$ 948

Acquisitions - Pro-Forma Consolidated Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Gianni Versace S.r.l.
Business Acquisition [Line Items]
Pro-forma total revenue	$ 5,983	$ 5,473
Pro-forma net income	$ 579	$ 526
Pro-forma net income per ordinary share attributable to Capri:
Basic (dollars per share)	$ 3.82	$ 3.40
Diluted (dollars per share)	$ 3.78	$ 3.34
Jimmy Cho PLC
Business Acquisition [Line Items]
Pro-forma total revenue		$ 5,012	$ 4,985
Pro-forma net income		$ 623	$ 554
Pro-forma net income per ordinary share attributable to Capri:
Basic (dollars per share)		$ 4.09	$ 3.34
Diluted (dollars per share)		$ 4.02	$ 3.29
Michael Kors (HK) Limited
Business Acquisition [Line Items]
Pro-forma total revenue			$ 4,520
Pro-forma net income			$ 549
Pro-forma net income per ordinary share attributable to Capri:
Basic (dollars per share)			$ 3.31
Diluted (dollars per share)			$ 3.26

Receivables, net - Schedule of Receivables (Details) - USD ($) $ in Millions	Mar. 30, 2019	Apr. 01, 2018	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 459		$ 383
Receivables due from licensees	23		16
Receivables, gross	482		399
Less: allowances	(99)		(109)
Receivables, net	383	$ 294	290
Credit risk assumed by insured
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 317		$ 296

Receivables, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Business Acquisition [Line Items]
Allowance for doubtful accounts	$ 18	$ 5
Provisions for bad debt	4	$ 8	$ 6
Gianni Versace S.r.l.
Business Acquisition [Line Items]
Allowance for doubtful accounts	$ 11

Concentration of Credit Risk, Major Customers and Suppliers (Details) - Finished goods - Supplier Concentration Risk	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Contractor
Concentration Risk [Line Items]
Concentration risk (as a percent)	21.00%	26.00%	33.00%
Agent
Concentration Risk [Line Items]
Concentration risk (as a percent)	24.00%	24.00%	22.00%

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Leasehold improvements	$ 639	$ 551
In-store shops	270	274
Furniture and fixtures	292	271
Computer equipment and software	292	266
Equipment	123	117
Building	47	52
Land	15	16
Property, plant and equipment, gross	1,678	1,547
Less: accumulated depreciation and amortization	(1,115)	(1,002)
Subtotal	563	545
Construction-in-progress	52	38
Property and equipment, net	$ 615	$ 583

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Property, Plant and Equipment [Line Items]
Depreciation and amortization of property and equipment	$ 188	$ 182	$ 198
Impairment charges	19	$ 28	$ 169
Michael Kors Retail
Property, Plant and Equipment [Line Items]
Impairment charges	15
Jimmy Choo Retail
Property, Plant and Equipment [Line Items]
Impairment charges	$ 4

Intangible Assets and Goodwill - Carrying Values of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 934	$ 734
Accumulated Amortization	143	112
Net	791	622
Indefinite-lived intangible assets	1,502	614
Total intangible assets, excluding goodwill, gross carrying amount	2,436	1,348
Total intangible assets, excluding goodwill, net	2,293	1,236
Impairment charges	2	5	$ 30
Jimmy Choo
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	572	614
Gianni Versace S.r.l.
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	930	0
Reacquired rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	400	400
Accumulated Amortization	45	29
Net	355	371
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	23	23
Accumulated Amortization	19	17
Net	4	6
Lease rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	96	80
Accumulated Amortization	56	58
Net	40	22
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	415	231
Accumulated Amortization	23	8
Net	$ 392	$ 223

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Intangible Assets And Goodwill [Line Items]
Amortization expense	$ 37,000,000	$ 26,000,000	$ 22,000,000
Goodwill impairment	$ 0	$ 0	$ 0
Trademarks
Intangible Assets And Goodwill [Line Items]
Intangible asset, useful life	20 years
Weighted average useful life	4 years
Customer relationships
Intangible Assets And Goodwill [Line Items]
Weighted average useful life	14 years
Customer relationships \| Minimum
Intangible Assets And Goodwill [Line Items]
Intangible asset, useful life	5 years
Customer relationships \| Maximum
Intangible Assets And Goodwill [Line Items]
Intangible asset, useful life	18 years
Reacquired rights
Intangible Assets And Goodwill [Line Items]
Weighted average useful life	22 years
Lease rights
Intangible Assets And Goodwill [Line Items]
Weighted average useful life	6 years

Intangible Assets and Goodwill - Estimated Amortization Expense (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2020	$ 56
Fiscal 2021	55
Fiscal 2022	52
Fiscal 2023	50
Fiscal 2024	49
Fiscal 2025 and thereafter	529
Net	$ 791	$ 622

Intangible Assets and Goodwill - Changes in Goodwill for Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Goodwill [Roll Forward]
Beginning balance	$ 848	$ 120
Acquisitions	878	685
Foreign currency translation	(67)	43
Ending balance	1,659	848
Gianni Versace S.r.l.
Goodwill [Roll Forward]
Beginning balance	0	0
Acquisitions	878
Foreign currency translation	(17)	0
Ending balance	861	0
Jimmy Choo
Goodwill [Roll Forward]
Beginning balance	728	0
Acquisitions		685
Foreign currency translation	(50)	43
Ending balance	678	728
Michael Kors
Goodwill [Roll Forward]
Beginning balance	120	120
Foreign currency translation	0	0
Ending balance	$ 120	$ 120

Current Assets and Current Liabilities - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid taxes	$ 125	$ 79
Prepaid rent	24	23
Interest receivable related to net investment hedges	11	0
Leasehold incentive receivable	9	9
Other	52	37
Prepaid expenses and other current assets	$ 221	$ 148

Current Assets and Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 30, 2019	Apr. 01, 2018	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restructuring liability	$ 64		$ 45
Other taxes payable	47		54
Return liabilities	35		12
Accrued rent	34		34
Accrued purchases and samples	29		3
Accrued capital expenditures	25		26
Gift cards and retail store credits	13		16
Professional services	12		14
Accrued litigation	11		0
Accrued advertising and marketing	10		23
Accrued interest	10		9
Other	84		59
Accrued expenses and other current liabilities	$ 374	$ 291	$ 295

Restructuring and Other Charges - Additional Information (Details) $ in Millions		3 Months Ended							12 Months Ended			22 Months Ended
	May 31, 2017 USD ($) store	Mar. 30, 2019 USD ($)	Dec. 29, 2018 USD ($)	Sep. 29, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 30, 2017 USD ($)	Sep. 30, 2017 USD ($)	Mar. 30, 2019 USD ($) store	Mar. 31, 2018 USD ($)	Apr. 01, 2017 USD ($)	Mar. 30, 2019 store
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		$ 31	$ 8	$ 2	$ 4	$ 44	$ 2	$ 6
Transaction and transition costs		$ 44	$ 12			$ 7	$ 26	$ 16	$ 79
Acquisition-related costs				$ 16	$ 7
Gianni Versace S.r.l.
Restructuring Cost and Reserve [Line Items]
Transaction and transition costs									52
Acquisition-related costs									41
Jimmy Cho PLC
Restructuring Cost and Reserve [Line Items]
Transaction and transition costs									27	$ 49
Acquisition-related costs										41
Michael Kors (HK) Limited
Restructuring Cost and Reserve [Line Items]
Acquisition-related costs											$ 11
Jimmy Choo \| Lease-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges									$ 4
Retail Fleet Optimization Plan
Restructuring Cost and Reserve [Line Items]
Anticipated annual savings	$ 60
Number of stores closed \| store									53			100
Restructuring and other charges									$ 41	53
Retail Fleet Optimization Plan \| Lease-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges									38	52
Retail Fleet Optimization Plan \| Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges									$ 3	$ 1
Retail Fleet Optimization Plan \| Minimum
Restructuring Cost and Reserve [Line Items]
Number of stores expected to close \| store	100
Restructuring charges	$ 100
Retail Fleet Optimization Plan \| Maximum
Restructuring Cost and Reserve [Line Items]
Number of stores expected to close \| store	125
Restructuring charges	$ 125

Restructuring and Other Charges - Schedule of Restructuring Liability (Details) - USD ($) $ in Millions	3 Months Ended							12 Months Ended
	Mar. 30, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 30, 2017	Sep. 30, 2017	Mar. 30, 2019	Mar. 31, 2018
Restructuring Reserve [Roll Forward]
Balance at March 31, 2018				$ 45				$ 45
Additions charged to expense	$ 31	$ 8	$ 2	4	$ 44	$ 2	$ 6
Balance at March 30, 2019	64				45			64	$ 45
Retail Fleet Optimization Plan
Restructuring Reserve [Roll Forward]
Balance at March 31, 2018				45				45
Additions charged to expense								41	53
Balance sheet reclassifications								6
Payments								(37)
Balance at March 30, 2019	55				45			55	45
Retail Fleet Optimization Plan \| Severance and benefit costs
Restructuring Reserve [Roll Forward]
Balance at March 31, 2018				0				0
Additions charged to expense								3	1
Balance sheet reclassifications								0
Payments								(1)
Balance at March 30, 2019	2				0			2	0
Retail Fleet Optimization Plan \| Lease-related costs
Restructuring Reserve [Roll Forward]
Balance at March 31, 2018				$ 45				45
Additions charged to expense								38	52
Balance sheet reclassifications								6
Payments								(36)
Balance at March 30, 2019	$ 53				$ 45			$ 53	$ 45

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 2,581	$ 881
Less: Unamortized debt issuance costs	13	4
Less: Unamortized discount on long-term debt	2	2
Total carrying value of debt	2,566	875
Less: Short-term debt	630	200
Total long-term debt	1,936	675
Term Loan
Debt Instrument [Line Items]
Total debt	1,580	230
Repayments of borrowings outstanding	59
Revolving Credit Facilities
Debt Instrument [Line Items]
Total debt	550	200
Revolving Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	450	450
Other
Debt Instrument [Line Items]
Total debt	$ 1	$ 1

Debt Obligations - Senior Unsecured Revolving Credit Facility (Details)	Dec. 21, 2018 USD ($)	Nov. 15, 2018 USD ($) tranche	Aug. 22, 2017	Mar. 30, 2019 USD ($)	Mar. 31, 2018 USD ($)	Nov. 01, 2017 USD ($)
Line of Credit Facility [Line Items]
Borrowings outstanding				$ 2,581,000,000	$ 881,000,000
Stand by letter of credit issued				18,000,000
Short-term debt				630,000,000	200,000,000
Long-term debt				2,566,000,000	875,000,000
Gianni Versace S.r.l.
Line of Credit Facility [Line Items]
Short-term debt				80,000,000
Revolving Credit Facilities
Line of Credit Facility [Line Items]
Borrowings outstanding				550,000,000	200,000,000
Senior Unsecured Revolving Credit Facility \| Federal Funds Effective Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Senior Unsecured Revolving Credit Facility \| Adjusted LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.00%
Senior Unsecured Revolving Credit Facility \| One-Month CDOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			1.00%
Senior Unsecured Revolving Credit Facility \| CDOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate			0.10%
Senior Unsecured Revolving Credit Facility \| Revolving Credit Facilities
Line of Credit Facility [Line Items]
Borrowings outstanding				450,000,000	450,000,000
Stand by letter of credit issued				17,000,000
2018 Credit Facility
Line of Credit Facility [Line Items]
Stand by letter of credit issued				17,000,000
2018 Credit Facility \| Revolving Credit Facilities
Line of Credit Facility [Line Items]
Leverage ratio of indebtedness to EBITDAR		3.75
2018 Credit Facility \| Senior Unsecured Revolving Credit Facility \| Revolving Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000	$ 1,000,000,000
Additional borrowing capacity		$ 500,000,000.0
Proceeds from lines of credit	350,000,000
Borrowings outstanding				539,000,000	$ 200,000,000
Line of credit facility, available for future borrowings				444,400,000.0
2018 Credit Facility \| Senior Unsecured Revolving Credit Facility \| Revolving Credit Facilities \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.10%
2018 Credit Facility \| Senior Unsecured Revolving Credit Facility \| Revolving Credit Facilities \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.25%
2018 Credit Facility \| Letter of Credit \| Revolving Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 75,000,000
2018 Credit Facility \| Bridge Loan \| Revolving Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		75,000,000
2018 Credit Facility \| 2018 Term Loan Facility \| Revolving Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,600,000,000.000
Periodic payment percentage of the principal amount		2.50%
Carrying value of borrowings outstanding				1,570,000,000
Debt issuance costs				10,000,000
Number of loan tranches \| tranche		2
2018 Credit Facility \| 2018 Term Loan Facility \| Revolving Credit Facilities \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.10%
2018 Credit Facility \| 2018 Term Loan Facility \| Revolving Credit Facilities \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.25%
2018 Credit Facility \| 2018 Term Loan Facility \| Revolving Credit Facilities \| Maturity on third anniversary
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 800,000,000
2018 Credit Facility \| 2018 Term Loan Facility \| Revolving Credit Facilities \| Maturity on fifth anniversary
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 800,000,000
Term Loan Facility \| Unsecured Debt
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 1,600,000,000					$ 1,000,000,000
Long-term debt				$ 1,490,000,000

Debt Obligations - Senior Notes (Details) - USD ($)	Oct. 20, 2017	Mar. 30, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Long-term debt		$ 2,566,000,000	$ 875,000,000
4.000% Senior Notes due 2024 \| 4.00% Senior Notes, Maturity 2024
Debt Instrument [Line Items]
Aggregate principal amount	$ 450,000,000.0
Stated interest rate	4.00%
Debt issuance price as percentage of principal amount	99.508%
Long-term debt		445,000,000
4.000% Senior Notes due 2024 \| 4.00% Senior Notes, Maturity 2024 \| Anytime
Debt Instrument [Line Items]
Debt redemption price as a percentage	100.00%
4.000% Senior Notes due 2024 \| 4.00% Senior Notes, Maturity 2024 \| Anytime \| Treasury Rate
Debt Instrument [Line Items]
Make whole redemption, basis spread on variable rate	0.30%
4.000% Senior Notes due 2024 \| 4.00% Senior Notes, Maturity 2024 \| Change of control event
Debt Instrument [Line Items]
Debt redemption price as a percentage	101.00%
Revolving Credit Facilities \| Revolving Credit Facility \| Japan Credit Facility
Debt Instrument [Line Items]
Line of credit, current obligations		$ 0	$ 0

Debt Obligations - Japan and Hong Kong Credit Facility (Details) - Revolving Credit Facilities - Revolving Credit Facility	1 Months Ended	12 Months Ended
	Nov. 30, 2017 USD ($)	Mar. 30, 2019 USD ($)	Mar. 30, 2019 HKD ($)	Mar. 31, 2018 USD ($)	Nov. 30, 2017 JPY (¥)	Nov. 30, 2017 HKD ($)
Japan Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 9,000,000				¥ 1,000,000,000.0
Line of credit, current obligations		$ 0		$ 0
Japan Credit Facility \| Bank Rate Two Days Prior
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.30%
HK Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 13,000,000					$ 100,000,000.0
Line of credit, current obligations		0		$ 0
Minimum commitment, amount						$ 5,000,000
Line of credit facility, available for future borrowings		$ 11,000,000	$ 88,000,000
HK Credit Facility \| HIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.50%
HK Credit Facility, Bank Guarantees
Line of Credit Facility [Line Items]
Bank guarantees supported by facility		$ 2,000,000	$ 12,000,000

Debt Obligations - China Credit Facility (Details) - Revolving Credit Facilities - China Credit Facility	Mar. 30, 2019 USD ($)	Jan. 31, 2019 USD ($)	Jan. 31, 2019 HKD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 10,000,000	$ 70,000,000
Stated interest rate		105.00%	105.00%
Line of credit, current obligations	$ 0
Overdraft Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000	$ 10,000,000
Non-Financial Bank Guarantee Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,000,000	$ 20,000,000

Debt Obligations - Versace Credit Facility (Details) - Versace Credit Facility - Swing Line - Revolving Credit Facilities $ in Millions	Mar. 30, 2019 EUR (€)	Mar. 30, 2019 USD ($)	Jan. 31, 2018 EUR (€)	Jan. 31, 2018 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			€ 20,000,000	$ 22
Line of credit, current obligations	€ 10,000,000	$ 11

Commitments and Contingencies - Rent Expense for Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Commitments and Contingencies Disclosure [Abstract]
Minimum rentals	$ 357	$ 272	$ 257
Contingent rent	109	80	76
Total rent expense	$ 466	$ 352	$ 333

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

Commitments and Contingencies - Future Minimum Lease Payments under Terms of Noncancelable Operating Lease Agreements (Details) $ in Millions	Mar. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal 2020	$ 431
Fiscal 2021	389
Fiscal 2022	339
Fiscal 2023	277
Fiscal 2024	229
Fiscal 2025 and thereafter	509
Operating leases, future minimum payments due, total	$ 2,174

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Mar. 30, 2019 USD ($)
Commitments and Letters of Credit [Line Items]
Lease expiration date	2043-09
Future noncancelable sublease rental income	$ 42
Stand by letter of credit issued	18
Other contractual commitments	3,529
Long term employment commitment amount	1
Inventory purchase commitments
Commitments and Letters of Credit [Line Items]
Other contractual commitments	865
Debt obligations
Commitments and Letters of Credit [Line Items]
Other contractual commitments	2,566
Other contractual obligation
Commitments and Letters of Credit [Line Items]
Other contractual commitments	98
2018 Credit Facility
Commitments and Letters of Credit [Line Items]
Stand by letter of credit issued	$ 17

Fair Value Measurements - Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative assets	$ 42	$ 0
Derivative liabilities	5	8
Quoted prices in active markets for identical assets (Level 1) \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Quoted prices in active markets for identical assets (Level 1) \| Forward foreign currency exchange contracts \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Quoted prices in active markets for identical assets (Level 1) \| Net investment hedges \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Quoted prices in active markets for identical assets (Level 1) \| Other undesignated derivative contracts \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	0
Significant other observable inputs (Level 2) \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	42	0
Significant other observable inputs (Level 2) \| Forward foreign currency exchange contracts \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	5	0
Significant other observable inputs (Level 2) \| Net investment hedges \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	37	0
Significant other observable inputs (Level 2) \| Other undesignated derivative contracts \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative liabilities	5	8
Significant unobservable inputs (Level 3) \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Significant unobservable inputs (Level 3) \| Forward foreign currency exchange contracts \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Significant unobservable inputs (Level 3) \| Net investment hedges \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Significant unobservable inputs (Level 3) \| Other undesignated derivative contracts \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Fair Value Measurement of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
4.000% Senior Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	$ 445	$ 445
4.000% Senior Notes \| Fair Value, Inputs, Level 2 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	438	448
Term Loan \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	1,570	229
Term Loan \| Fair Value, Inputs, Level 2 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	1,574	231
Revolving Credit Facilities \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	550	200
Revolving Credit Facilities \| Fair Value, Inputs, Level 2 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	$ 550	$ 200

Fair Value Measurements - Non-Financial Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charge	$ 19	$ 28	$ 169
Fair Value, Measurements, Nonrecurring \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment	29	37	220
Fair Value	8	4	21
Impairment Charge	21	33	199
Fair Value, Measurements, Nonrecurring \| Fixed Assets \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment	26	31	187
Fair Value	7	3	18
Impairment Charge	19	28	169
Fair Value, Measurements, Nonrecurring \| Finite-Lived Intangible Assets \| Significant unobservable inputs (Level 3) \| Lease Rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment	3	5	33
Fair Value	1	1	3
Impairment Charge	$ 2	4	$ 30
Fair Value, Measurements, Nonrecurring \| Finite-Lived Intangible Assets \| Significant unobservable inputs (Level 3) \| Customer relationships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment		1
Fair Value		0
Impairment Charge		$ 1

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Fair Value Disclosures [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0
Indefinite-lived intangible asset impairment	$ 0	$ 0	$ 0

Derivative Financial Instruments - Narrative (Details) € in Millions, £ in Millions, $ in Millions	12 Months Ended
	Mar. 30, 2019 USD ($)	Mar. 31, 2018 USD ($)	Apr. 01, 2017 USD ($)	Sep. 24, 2018 EUR (€)	Sep. 24, 2018 USD ($)	Jul. 25, 2017 GBP (£)	Jul. 25, 2017 USD ($)
Derivative [Line Items]
Notional amounts	$ 2,599	$ 162
Derivative gains (losses)	(77)	5
Total designated hedges
Derivative [Line Items]
Notional amounts	2,400	162
Forward foreign currency exchange contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts	199	0
Forward foreign currency exchange contracts \| Not Designated as Hedging Instrument \| Foreign Currency Gain (Loss)
Derivative [Line Items]
Gain (loss) on derivative recognized	(78)	3	$ 3
Forward foreign currency exchange contracts \| Not Designated as Hedging Instrument \| Gianni Versace S.r.l.
Derivative [Line Items]
Notional amounts				€ 1,680	$ 2,001
Forward foreign currency exchange contracts \| Not Designated as Hedging Instrument \| Jimmy Cho PLC
Derivative [Line Items]
Notional amounts						£ 1,115	$ 1,469
Net investment hedges \| Total designated hedges \| Yen
Derivative [Line Items]
Notional amounts	44
Net investment hedges \| Total designated hedges \| Net investment hedging
Derivative [Line Items]
Notional amounts	2,234	$ 0
Reduction in interest expense	17
Net investment hedges \| Total designated hedges \| Net investment hedging \| Euro
Derivative [Line Items]
Notional amounts	$ 2,190
Fixed interest rate on derivative	1.718%
Net investment hedges \| Total designated hedges \| Net investment hedging \| Yen
Derivative [Line Items]
Fixed interest rate on derivative	0.89%
Net investment hedges \| Total designated hedges \| Net investment hedging \| United States of America, Dollars
Derivative [Line Items]
Fixed interest rate on derivative	0.00%

Derivative Financial Instruments - Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Derivative [Line Items]
Notional Amounts	$ 2,599	$ 162
Assets	42	0
Liabilities	5	8
Total designated hedges
Derivative [Line Items]
Notional Amounts	2,400	162
Assets	42	0
Liabilities	0	8
Forward foreign currency exchange contracts \| Undesignated derivative contracts
Derivative [Line Items]
Notional Amounts	199	0
Assets	0	0
Liabilities	5	0
Designated forward foreign currency exchange contracts \| Forward foreign currency exchange contracts \| Total designated hedges
Derivative [Line Items]
Notional Amounts	166	162
Assets	5	0
Liabilities	0	8
Designated net investment hedge \| Net investment hedges \| Total designated hedges
Derivative [Line Items]
Notional Amounts	2,234	0
Assets	37	0
Liabilities	$ 0	$ 0

Derivative Financial Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Net investment hedging \| Net investment hedges
Derivative [Line Items]
Assets subject to master netting arrangements	$ 37	$ 0
Liabilities subject to master netting arrangements	0	0
Derivative assets, net	37	0
Derivative liabilities, net	0	0
Cash flow hedging \| Forward foreign currency exchange contracts
Derivative [Line Items]
Assets subject to master netting arrangements	5	0
Liabilities subject to master netting arrangements	5	8
Derivative assets, net	5	0
Derivative liabilities, net	$ 5	$ 8

Derivative Financial Instruments - Impact of Effective Portion of Gains and Losses of Forward Contracts Designated as Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	$ (77)	$ 5
Total Cost of Sales	2,058	1,860	$ 1,833
Forward foreign currency exchange contracts \| Designated forward foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Gain (Loss) Recognized in OCI (Effective Portion)	16	(22)	10
Forward foreign currency exchange contracts \| Designated forward foreign currency exchange contracts \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Loss Reclassified from Accumulated OCI	4	4	0
Net investment hedges \| Designated forward foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Gain (Loss) Recognized in OCI (Effective Portion)	$ 47	$ 0	$ 0

Shareholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017	May 25, 2017
Equity [Line Items]
Ordinary shares, shares repurchased amount	$ 207,000,000	$ 361,000,000	$ 1,005,000,000
Share Repurchase Program
Equity [Line Items]
Ordinary shares, shares repurchased (in shares)	3,718,237	7,700,959
Ordinary shares, shares repurchased amount	$ 200,000,000	$ 358,000,000
Ordinary shares repurchased, shares authorized				$ 1,000,000,000
Remaining authorized repurchase amount	$ 442,000,000
Withholding Taxes
Equity [Line Items]
Ordinary shares, shares repurchased (in shares)	107,712	92,536
Ordinary shares, shares repurchased amount	$ 7,000,000	$ 3,000,000

Accumulated Other Comprehensive Income (Loss) - Changes in Components of Accumulated Other Comprehensive Loss, Net of Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,022	$ 1,595	$ 1,999
Other comprehensive (loss) income, net of tax	(117)	132	0
Ending balance	2,432	2,022	1,595
Foreign currency translation adjustments	(134)	148	(9)
Foreign Currency Translation (Losses) Gains
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	61	(87)	(78)
Other comprehensive (loss) income before reclassifications	(134)	148	(9)
Less: amounts reclassified from AOCI to earnings	0	0	0
Other comprehensive (loss) income, net of tax	(134)	148	(9)
Ending balance	(73)	61	(87)
Net gains (losses) on long-term transactions	6	(9)
Gain related to net investment hedges	39
Taxes related to the gain on net investment hedges	8
Foreign Currency Translation (Losses) Gains \| Jimmy Cho PLC
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Foreign currency translation adjustments	(105)	89
Foreign Currency Translation (Losses) Gains \| Gianni Versace S.r.l.
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Foreign currency translation adjustments	(33)
Net (Losses) Gains on Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(10)	6	(3)
Other comprehensive (loss) income before reclassifications	14	(19)	9
Less: amounts reclassified from AOCI to earnings	(3)	(3)	0
Other comprehensive (loss) income, net of tax	17	(16)	9
Ending balance	7	(10)	6
Other comprehensive income (loss) before reclassifications related to derivative instruments, tax provision (benefit)	(2)	(3)	1
Other Comprehensive (Loss)/Gain Attributable to Capri
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	51	(81)	(81)
Other comprehensive (loss) income before reclassifications	(120)	129	0
Less: amounts reclassified from AOCI to earnings	(3)	(3)	0
Other comprehensive (loss) income, net of tax	(117)	132	0
Ending balance	$ (66)	$ 51	$ (81)

Share-Based Compensation - Narrative (Details)	12 Months Ended
Share-Based Compensation - Narrative (Details)	Mar. 30, 2019 USD ($) type_of_restricted_share_unit equity_plan $ / shares shares	Mar. 31, 2018 USD ($) $ / shares	Apr. 01, 2017 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans (in plans) \| equity_plan	2
Outstanding options unvested (in shares) \| shares	545,385
Outstanding options vested (in shares) \| shares	1,585,874
Intrinsic value of options exercised	$ 94,000,000	$ 48,000,000
Exercise of employee share options	$ 29,000,000	$ 14,000,000	$ 8,000,000
Weighted average grant date fair value of option (in dollars per share) \| $ / shares	$ 24.49	$ 11.62	$ 13.79
Estimated value of future forfeitures	$ 17,000,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	4 years
Exercise of employee share options		$ 14,000,000
Unrecognized stock based compensation expense	$ 4,000,000
Weighted average period of recognition	2 years 2 months 5 days
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted shares vested during a period	$ 4,000,000	4,000,000	$ 7,000,000
Unrecognized stock based compensation expense	0
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 127,000,000
Weighted average period of recognition	3 years 4 months 5 days
Types of equity instruments other than options \| type_of_restricted_share_unit	2
Fair value of restricted shares vested during a period	$ 47,000,000	18,000,000	14,000,000
Restricted Share Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	4 years
Restricted Share Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	1 year
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 25,000,000
Weighted average period of recognition	2 years 28 days
Fair value of restricted shares vested during a period	$ 7,000,000	$ 4,000,000	$ 11,000,000
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	3 years
Potential number of shares that may be earned (as a percent)	150.00%
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	2 years
Potential number of shares that may be earned (as a percent)	0.00%
Stock Option Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans adopted (in plans) \| equity_plan	1
Shares authorized for issuance (up to) (in shares) \| shares	23,980,823
Shares available for grant (in shares) \| shares	0
Expiration period	10 years
Omnibus Incentive Plan 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (up to) (in shares) \| shares	15,246,000
Shares available for grant (in shares) \| shares	4,402,559
Expiration period	7 years

Share-Based Compensation - Option Activity and Information about Options Outstanding (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 30, 2019 USD ($) $ / shares shares
Number of Options
Outstanding at beginning of period (in shares) \| shares	3,796,620
Granted (in shares) \| shares	224,582
Exercised (in shares) \| shares	(1,847,096)
Canceled/forfeited (in shares) \| shares	(42,847)
Outstanding at end of period (in shares) \| shares	2,131,259
Vested or expected to vest at end of period (in shares) \| shares	2,116,908
Vested and exercisable at end of period (in shares) \| shares	1,585,874
Weighted Average Exercise price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 32.78
Granted (in dollars per share) \| $ / shares	67.52
Exercised (in dollars per share) \| $ / shares	15.97
Canceled/forfeited (in dollars per share) \| $ / shares	49.55
Outstanding at end of period (in dollars per share) \| $ / shares	50.67
Vested or expected to vest at end of period (in dollars per share) \| $ / shares	50.67
Vested and exercisable at end of period (in dollars per share) \| $ / shares	$ 49.96
Weighted Average Remaining Contractual Life (years)
Outstanding at end of period (in years)	2 years 10 months 24 days
Vested or expected to vest at end of period (in years)	2 years 10 months 24 days
Vested and exercisable at end of period (in years)	2 years 1 month 27 days
Aggregate Intrinsic Value (in millions)
Outstanding at end of period \| $	$ 21
Vested and exercisable at end of period \| $	$ 20

Share-Based Compensation - Assumptions Used to Estimate Fair Value of Options (Details) - Stock options	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%
Volatility factor (as a percent)	36.90%	36.30%	30.10%
Weighted average risk-free interest rate (as a percent)	2.80%	1.80%	1.10%
Expected life of option	4 years 10 months 7 days	4 years 8 months 10 days	4 years 9 months

Share-Based Compensation - Restricted Shares and Restricted Share Units (Details)	12 Months Ended
	Mar. 30, 2019 $ / shares shares
Restricted Shares
Number of Unvested Restricted Shares/Units
Unvested at beginning of period (in shares) \| shares	64,148
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(63,719)
Canceled/forfeited (in shares) \| shares	(429)
Unvested at end of period (in shares) \| shares	0
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 90.75
Granted (in dollars per share) \| $ / shares	0.00
Vested (in dollars per share) \| $ / shares	90.82
Canceled/forfeited (in dollars per share) \| $ / shares	79.85
Unvested at end of period (in dollars per share) \| $ / shares	$ 0.00
Service-based RSU's
Number of Unvested Restricted Shares/Units
Unvested at beginning of period (in shares) \| shares	2,127,517
Granted (in shares) \| shares	2,601,673
Decrease due to performance condition (in shares) \| shares	0
Vested (in shares) \| shares	(712,111)
Canceled/forfeited (in shares) \| shares	(177,217)
Unvested at end of period (in shares) \| shares	3,839,862
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 42.53
Granted (in dollars per share) \| $ / shares	48.46
Decrease due to performance condition (in dollars per share) \| $ / shares	0.00
Vested (in dollars per share) \| $ / shares	43.83
Canceled/forfeited (in dollars per share) \| $ / shares	46.91
Unvested at end of period (in dollars per share) \| $ / shares	$ 46.11
Performance-based RSU's
Number of Unvested Restricted Shares/Units
Unvested at beginning of period (in shares) \| shares	657,532
Granted (in shares) \| shares	316,663
Decrease due to performance condition (in shares) \| shares	(101,744)
Vested (in shares) \| shares	(105,900)
Canceled/forfeited (in shares) \| shares	(29,477)
Unvested at end of period (in shares) \| shares	737,074
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 50.16
Granted (in dollars per share) \| $ / shares	54.18
Decrease due to performance condition (in dollars per share) \| $ / shares	47.10
Vested (in dollars per share) \| $ / shares	47.10
Canceled/forfeited (in dollars per share) \| $ / shares	60.34
Unvested at end of period (in dollars per share) \| $ / shares	$ 52.34

Share-Based Compensation - Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense	$ 60	$ 50	$ 34
Tax benefits related to share-based compensation expense	$ 11	$ 10	$ 11

Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Income Tax Disclosure [Abstract]
U.S.	$ 191	$ 124	$ 229
Non-U.S.	430	618	460
Income before provision for income taxes	$ 621	$ 742	$ 689

Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Current
U.S. Federal	$ 82	$ 48	$ 131
U.S. State	24	16	20
Non-U.S.	44	77	46
Total current	150	141	197
Deferred
U.S. Federal	(34)	24	(34)
U.S. State	(4)	1	(5)
Non-U.S.	(33)	(16)	(21)
Total deferred	(71)	9	(60)
Total provision for income taxes	79	150	$ 137
Provision related to U.S. Tax Legislation one time revaluation of deferred tax assets		$ 18
Deferred tax benefit related to the U.S. Tax Legislation impact	$ 25

Taxes - Significant Differences Between United States Federal Statutory Tax Rate and Company's Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Tax Credit Carryforward [Line Items]
Provision for income taxes at the U.K. statutory tax rate	19.00%	19.00%	20.00%
State and local income taxes, net of federal benefit	0.90%	0.50%	1.30%
Effects of global financing arrangements	(8.10%)	(15.60%)	(13.70%)
U.S. tax reform	0.00%	2.00%	0.00%
Differences in tax effects on foreign income	(1.80%)	6.70%	11.10%
Liability for uncertain tax positions	1.30%	6.60%	0.00%
Effect of changes in valuation allowances on deferred tax assets	2.80%	0.30%	0.50%
Excess tax benefits related to stock-based compensation	(2.60%)	(0.80%)	0.00%
Transaction costs	1.50%	0.90%	0.00%
Withholding tax	0.60%	1.20%	0.00%
Other	(0.90%)	(0.60%)	0.70%
Effective tax rate	12.70%	20.20%	19.90%
Income tax expense from re-measurement of deferred tax assets		$ 18
Capital loss	$ 11
US
Tax Credit Carryforward [Line Items]
Provision for income taxes at the U.K. statutory tax rate	31.54%

Taxes - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018
Deferred tax assets
Inventories	$ 22	$ 4
Payroll related accruals	2	2
Deferred rent	34	24
Net operating loss carryforwards	61	31
Stock compensation	13	17
Sales allowances	26	6
Accrued interest	41	0
Other	31	27
Total deferred tax assets, gross	230	111
Valuation allowance	(40)	(14)
Total deferred tax assets	190	97
Deferred tax liabilities
Goodwill and intangibles	(534)	(241)
Depreciation	18	14
Total deferred tax liabilities	(516)	(227)
Net deferred tax liabilities	$ (326)	$ (130)

Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Income Tax [Line Items]
Federal statutory tax rate	19.00%	19.00%	20.00%
Provisional income tax expense from the Tax Act		$ 3
Income tax expense from re-measurement of deferred tax assets		$ 18
Percentage increase in effective tax rate due to change in corporate tax rate	0.00%	2.00%	0.00%
Increase in deferred tax valuation allowance	$ 29	$ 8	$ 4
Valuation allowance released	3	1	1
Accrued liability for uncertain tax positions	203	107
Unrecognized tax benefits	112	101	27
Interest on unrecognized tax benefits	11	$ 7	$ 3
Decrease in unrecognized tax benefits reasonably possible	$ 34
US
Income Tax [Line Items]
Federal statutory tax rate	31.54%
Net operating loss carryforwards	$ 405
Operating loss carry forward expiration year	2020

Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits beginning balance	$ 101	$ 27	$ 17
Additions related to prior period tax positions	81	30	2
Additions related to current period tax positions	21	45	10
Decreases in prior period positions due to lapses in statute of limitations	(1)	(1)	(2)
Decreases related to prior period tax positions	3	0	0
Decreases related to audit settlements	(7)	0	0
Unrecognized tax benefits ending balance	$ 192	$ 101	$ 27

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Mar. 30, 2019	Mar. 31, 2018	Apr. 01, 2017
Retirement Benefits [Abstract]
Defined contribution plan, service period for eligibility	3 months
Expenses recognized for defined contribution plans	$ 14	$ 12	$ 9

Segment Information - Additional Information (Details) - segment	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 30, 2019	Dec. 29, 2018	Mar. 30, 2019
Segment Reporting [Abstract]
Number of reportable segments	3	4	3
Number of operating segments	3

Segment Information - Key Performance Information of Reportable Segments (Details) - USD ($)
$ in Millions

3 Months Ended

5 Months Ended

12 Months Ended

Mar. 30, 2019

Dec. 29, 2018

Sep. 29, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 30, 2017

Sep. 30, 2017

Jul. 01, 2017

Apr. 01, 2017

Dec. 31, 2016

Oct. 01, 2016

Jul. 02, 2016

Mar. 31, 2018

Mar. 30, 2019

Mar. 31, 2018

Apr. 01, 2017

$ 1,344

$ 1,438

$ 1,253

$ 1,203

$ 1,180

$ 1,440

$ 1,147

$ 952

$ 5,238

$ 4,719

$ 4,494

Restructuring and other charges

40

290

190

$ 215

$ 87

$ 314

$ 199

$ 149

735

749

690

Corporate expenses

(93)

(87)

(79)

^[1]

(124)

(102)

(11)

Impairment of long-lived assets

$ (4)

$ (6)

$ (7)

$ (4)

$ (14)

$ (3)

$ (16)

(21)

(33)

(199)

Versace

137

0

(11)

0

Jimmy Choo

$ 223

590

223

0

20

(4)

0

Michael Kors

4,511

4,496

4,494

Total segment income from operations

964

975

979