Capri Holdings Limited (CPRI) 10-Q 5 Feb 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 28, 2019	Jan. 31, 2020
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 28, 2019
Document Transition Report	false
Entity File Number	001-35368
Entity Registrant Name	CAPRI HOLDINGS LTD
Entity Incorporation, State or Country Code	D8
Entity Address, Address Line One	33 Kingsway
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	WC2B 6UF
Country Region	44
City Area Code	207
Local Phone Number	632 8600
Title of 12(b) Security	Ordinary Shares, no par value
Trading Symbol	CPRI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		149,365,397
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001530721
Current Fiscal Year End Date	--03-28

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
Current assets
Cash and cash equivalents	$ 237	$ 172
Receivables, net	321	383
Inventories, net	960	953
Prepaid expenses and other current assets	263	221
Total current assets	1,781	1,729
Property and equipment, net	596	615
Operating lease right-of-use assets	1,665
Intangible assets, net	2,225	2,293
Goodwill	1,681	1,659
Deferred tax assets	165	112
Other assets	212	242
Total assets	8,325	6,650
Current liabilities
Accounts payable	375	371
Accrued payroll and payroll related expenses	110	133
Accrued income taxes	30	34
Short-term operating lease liabilities	406
Short-term debt	1,031	630
Accrued expenses and other current liabilities	353	374
Total current liabilities	2,305	1,542
Long-term portion of operating lease liabilities	1,751
Deferred rent		132
Deferred tax liabilities	440	438
Long-term debt	1,085	1,936
Other long-term liabilities	133	166
Total liabilities	5,714	4,214
Commitments and contingencies
Redeemable noncontrolling interest	0	4
Shareholders’ equity
Ordinary shares, no par value; 650,000,000 shares authorized; 216,906,643 shares issued and 149,012,245 outstanding at December 28, 2019; 216,050,939 shares issued and 150,932,306 outstanding at March 30, 2019	0	0
Treasury shares, at cost (67,894,398 shares at December 28, 2019 and 65,118,633 shares at March 30, 2019)	(3,325)	(3,223)
Additional paid-in capital	1,080	1,011
Accumulated other comprehensive loss	(29)	(66)
Retained earnings	4,883	4,707
Total shareholders’ equity of Capri	2,609	2,429
Noncontrolling interest	2	3
Total shareholders’ equity	2,611	2,432
Total liabilities and shareholders’ equity	$ 8,325	$ 6,650

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 28, 2019	Mar. 30, 2019
Statement of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, shares authorized (in shares)	650,000,000	650,000,000
Ordinary shares, shares issued (in shares)	216,906,643	216,050,939
Ordinary shares, shares outstanding (in shares)	149,012,245	150,932,306
Treasury shares (in shares)	67,894,398	65,118,633

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Income Statement [Abstract]
Total revenue		$ 1,571	$ 1,438	$ 4,359	$ 3,894
Cost of goods sold		639	565	1,719	1,507
Gross profit		932	873	2,640	2,387
Selling, general and administrative expenses		630	507	1,851	1,466
Depreciation and amortization		63	51	188	160
Impairment of long-lived assets		19	6	220	17
Restructuring and other charges	[1]	15	19	37	49
Total operating expenses		727	583	2,296	1,692
Income from operations		205	290	344	695
Other income, net		(1)	(2)	(4)	(4)
Interest expense, net		3	7	19	21
Foreign currency (gain) loss		(2)	43	4	79
Income before provision for income taxes		205	242	325	599
(Benefit from) provision for income taxes		(4)	42	(2)	76
Net income		209	200	327	523
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest		(1)	0	(1)	(1)
Net income attributable to Capri		$ 210	$ 200	$ 328	$ 524
Weighted average ordinary shares outstanding:
Weighted average ordinary shares outstanding, basic (in shares)		150,826,196	149,183,049	151,159,423	149,420,087
Weighted average ordinary shares outstanding, diluted (in shares)		152,154,372	150,268,424	152,354,936	151,457,921
Net income per ordinary share attributable to Capri:
Net income per ordinary share, basic (in dollars per share)		$ 1.39	$ 1.34	$ 2.17	$ 3.50
Net income per ordinary share, diluted (in dollars per share)		$ 1.38	$ 1.33	$ 2.15	$ 3.46
Statements of Comprehensive Income:
Net income		$ 209	$ 200	$ 327	$ 523
Foreign currency translation adjustments		78	(32)	40	(160)
Net (loss) gain on derivatives		(4)	1	(3)	16
Total comprehensive income		283	169	364	379
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest		(1)	0	(1)	(1)
Comprehensive income attributable to Capri		$ 284	$ 169	$ 365	$ 380
[1]	Restructuring and other charges includes store closure costs recorded in connection with the Retail Fleet Optimization Plan (as defined in Note 10) and other restructuring initiatives, and costs recorded in connection with the acquisitions of Gianni Versace S.r.l and Jimmy Choo Group Limited.

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (ASC 606)	$ 12					$ 12	$ 12
Adjusted beginning balance	2,034	$ 0	$ 831	$ (3,016)	$ 51	4,164	2,030	$ 4
Beginning balance (in shares) at Mar. 31, 2018		210,991,000
Beginning balance, treasury (in shares) at Mar. 31, 2018				(61,293,000)
Beginning balance at Mar. 31, 2018	2,022	$ 0	831	$ (3,016)	51	4,152	2,018	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	523					524	524	(1)
Other comprehensive income	(144)				(144)		(144)	0
Total comprehensive income	379						380	(1)
Vesting of restricted awards, net of forfeitures (in shares)		781,000
Exercises of employee share options (in shares)		1,660,000
Exercise of employee share options	23		23				23
Equity compensation expense	38		38				38
Purchase of treasury shares (in shares)				(3,826,000)
Purchase of treasury shares	(207)			$ (207)			(207)
Ending balance (in shares) at Dec. 29, 2018		213,432,000
Ending balance, treasury (in shares) at Dec. 29, 2018				(65,119,000)
Ending balance at Dec. 29, 2018	2,267	$ 0	892	$ (3,223)	(93)	4,688	2,264	3
Beginning balance (in shares) at Sep. 29, 2018		213,209,000
Beginning balance, treasury (in shares) at Sep. 29, 2018				(63,059,000)
Beginning balance at Sep. 29, 2018	2,184	$ 0	877	$ (3,123)	(62)	4,488	2,180	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	200					200	200	0
Other comprehensive income	(31)				(31)		(31)	0
Total comprehensive income	169						169	0
Vesting of restricted awards, net of forfeitures (in shares)		84,000
Exercises of employee share options (in shares)		139,000
Exercise of employee share options	3		3				3
Equity compensation expense	12		12				12
Purchase of treasury shares (in shares)				(2,060,000)
Purchase of treasury shares	(100)			$ (100)			(100)
Increase in noncontrolling interest	1							1
Ending balance (in shares) at Dec. 29, 2018		213,432,000
Ending balance, treasury (in shares) at Dec. 29, 2018				(65,119,000)
Ending balance at Dec. 29, 2018	2,267	$ 0	892	$ (3,223)	(93)	4,688	2,264	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (ASC 606)	(152)					(152)	(152)
Adjusted beginning balance	$ 2,280	$ 0	1,011	$ (3,223)	(66)	4,555	2,277	3
Beginning balance (in shares) at Mar. 30, 2019	216,050,939	216,051,000
Beginning balance, treasury (in shares) at Mar. 30, 2019	(65,118,633)			(65,119,000)
Beginning balance at Mar. 30, 2019	$ 2,432	$ 0	1,011	$ (3,223)	(66)	4,707	2,429	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	327					328	328	(1)
Other comprehensive income	37				37		37	0
Total comprehensive income	364						365	(1)
Vesting of restricted awards, net of forfeitures (in shares)		851,000
Exercises of employee share options (in shares)		5,000
Exercise of employee share options	0
Equity compensation expense	65		65				65
Purchase of treasury shares (in shares)				(2,775,000)
Purchase of treasury shares	(102)			$ (102)			(102)
Adjustment of redeemable non-controlling interests to redemption value	$ 4		4				4
Ending balance (in shares) at Dec. 28, 2019	216,906,643	216,907,000
Ending balance, treasury (in shares) at Dec. 28, 2019	(67,894,398)			(67,894,000)
Ending balance at Dec. 28, 2019	$ 2,611	$ 0	1,080	$ (3,325)	(29)	4,883	2,609	2
Beginning balance (in shares) at Sep. 28, 2019		216,815,000
Beginning balance, treasury (in shares) at Sep. 28, 2019				(65,182,000)
Beginning balance at Sep. 28, 2019	2,408	$ 0	1,060	$ (3,225)	(103)	4,673	2,405	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	209					210	210	(1)
Other comprehensive income	74				74		74	0
Total comprehensive income	283						284	(1)
Vesting of restricted awards, net of forfeitures (in shares)		87,000
Exercises of employee share options (in shares)		5,000
Exercise of employee share options	0
Equity compensation expense	16		16				16
Purchase of treasury shares (in shares)				(2,712,000)
Purchase of treasury shares	(100)			$ (100)			(100)
Adjustment of redeemable non-controlling interests to redemption value	$ 4		4				4
Ending balance (in shares) at Dec. 28, 2019	216,906,643	216,907,000
Ending balance, treasury (in shares) at Dec. 28, 2019	(67,894,398)			(67,894,000)
Ending balance at Dec. 28, 2019	$ 2,611	$ 0	$ 1,080	$ (3,325)	$ (29)	$ 4,883	$ 2,609	$ 2

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Cash flows from operating activities
Net income	$ 327	$ 523
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	188	160
Equity compensation expense	65	38
Deferred income taxes	0	12
Impairment of long-lived assets	220	17
Charges to lease related balances, net	(47)
Tax deficit (benefit) on exercise of share options	2	(24)
Amortization of deferred financing costs	6	3
Foreign currency losses	4	79
Other non-cash charges	1	2
Change in assets and liabilities:
Receivables, net	11	(9)
Inventories, net	(8)	(127)
Prepaid expenses and other current assets	(72)	(51)
Accounts payable	6	52
Accrued expenses and other current liabilities	24	75
Other long-term assets and liabilities	25	26
Net cash provided by operating activities	752	776
Cash flows from investing activities
Capital expenditures	(164)	(135)
Purchase of intangible assets	0	(2)
Cash paid for business acquisitions, net of cash acquired	(1)	(2)
Realized loss on hedge related to Versace acquisition	0	(77)
Settlement of a net investment hedges	32	0
Net cash used in investing activities	(133)	(216)
Cash flows from financing activities
Debt borrowings	1,844	3,597
Debt repayments	(2,296)	(1,926)
Debt issuance costs	0	(15)
Purchase of treasury shares	(102)	(207)
Exercise of employee share options	0	23
Net cash (used in) provided by financing activities	(554)	1,472
Effect of exchange rate changes on cash and cash equivalents	0	(9)
Net increase in cash and cash equivalents	65	2,023
Beginning of period	172	163
End of period (including restricted cash of $1.922 billion at December 29, 2018)	237	2,186
Supplemental disclosures of cash flow information
Cash paid for interest	67	24
Cash paid for income taxes	75	128
Supplemental disclosure of non-cash investing and financing activities
Accrued capital expenditures	$ 27	$ 23

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	Dec. 29, 2018USD ($)
Statement of Cash Flows [Abstract]
Restricted cash	$ 1,922

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Dec. 28, 2019
Accounting Policies [Abstract]
Business and Basis of Presentation	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. The Company completed the acquisition of Gianni Versace S.r.l. (“Versace”) on December 31, 2018. As a result, the Company operates in three reportable segments: Versace, Jimmy Choo and Michael Kors. See Note 18 for additional information. The interim 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 interim consolidated financial statements as of December 28, 2019 and for the three and nine months ended December 28, 2019 and December 29, 2018 are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 30, 2019, as filed with the Securities and Exchange Commission on May 29, 2019, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year. The Company utilizes a 52 to 53 week fiscal year ending on the Saturday closest to March 31. As such, the term “Fiscal Year” or “Fiscal” refers to the 52-week or 53-week period, ending on that day. The results for the three and nine months ended December 28, 2019 and December 29, 2018, are based on 13-week and 39-week periods, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 28, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 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 in the fourth quarter of Fiscal 2019, as further described in Note 18. 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. Inventories, net Inventories mainly consist of finished goods with the exception of raw materials of $20 million and $25 million, respectively, recorded on the Company’s consolidated balance sheets as of December 28, 2019 and March 30, 2019. 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 in September 2018 with notional amounts totaling €1.680 billion (approximately $2.001 billion) to mitigate its foreign currency exchange risk through the closing date of the acquisition, which were settled on December 21, 2018. These derivative contracts were not designated as accounting hedges. Therefore, changes in fair value were 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 that are accounted for as cash flow hedges in the same category as the cash flows from the items being hedged. Accordingly, the Company classified the unrealized gains and losses relating to these derivative instruments within cash flows from investing activities. 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 a 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, 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 and has designated these contracts as net investment hedges. The net gain or (loss) on the net investment hedge 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. 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 restricted shares and restricted share units (“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): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Numerator: Net income attributable to Capri $ 210 $ 200 $ 328 $ 524 Denominator: Basic weighted average shares 150,826,196 149,183,049 151,159,423 149,420,087 Weighted average dilutive share equivalents: Share options and restricted shares/units, and performance restricted share units 1,328,176 1,085,375 1,195,513 2,037,834 Diluted weighted average shares 152,154,372 150,268,424 152,354,936 151,457,921 Basic net income per share (1) $ 1.39 $ 1.34 $ 2.17 $ 3.50 Diluted net income per share (1) $ 1.38 $ 1.33 $ 2.15 $ 3.46 (1) Basic and diluted net income per share are calculated using unrounded numbers. During the three and nine months ended December 28, 2019, share equivalents of 2,264,959 shares and 3,487,241 shares, respectively, have been excluded from the above calculations due to their anti-dilutive effect. Share equivalents of 2,022,564 shares and 1,117,277 shares, respectively, have been excluded from the above calculations during the three and nine months ended December 29, 2018. See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019 for a complete disclosure of the Company’s significant accounting policies. Recently Adopted Accounting Pronouncements Lease Accounting On March 31, 2019, the Company adopted ASU 2016-02, “ Leases (Topic 842), ” which requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet for all leases, except certain short-term leases. In evaluating the impact of ASU 2016-02, the Company considered guidance provided by several additional ASUs issued by the FASB, 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, and ASU 2018-20, “ Leases (Topic 842) - Narrow-Scope Improvements for Lessors ” issued in December 2018. In connection with its implementation of ASU 2016-02, the Company adopted 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. The Company also adopted the practical expedient allowing it to combine lease and non-lease components for its real estate leases. Lastly, the Company adopted the practical expedient provided by 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, are subject to the new standard and resulted in recording of lease liabilities and right-of-use assets for operating leases on the Company’s consolidated balance sheet. The below table details the balance sheet adjustments recorded on March 31, 2019 in connection with the Company’s adoption of ASU 2016-02 (in millions): March 30, 2019 ASC 842 Adjustments March 31, 2019 Assets Prepaid expenses and other current assets $ 221 $ (23) (1) $ 198 Operating lease right-of-use assets — 1,856 (2) 1,856 Intangible assets, net 2,293 (20) (3) 2,273 Deferred tax assets 112 38 (4) 150 Liabilities Current portion of operating lease liabilities — 386 (5) 386 Accrued expenses and other current liabilities 374 (72) (6) 302 Long-term portion of operating lease liabilities — 1,828 (5) 1,828 Deferred Rent 132 (132) (7) — Deferred tax liabilities 438 (7) (4) 431 Shareholders’ Equity Retained earnings 4,707 (152) (4) 4,555 (1) Represents the reclassification of rent paid in advance to current operating lease liabilities. (2) Represents the recognition of operating lease right-of-use assets, reflecting the reclassifications of deferred rent, sublease liabilities, tenant allowances and favorable and unfavorable lease rights. This balance also reflects the initial impairments of the operating lease right-of-use assets recorded through retained earnings, as described below. (3) Represents the reclassifications of favorable and unfavorable lease rights for leases recorded in conjunction with the Company’s acquisitions to operating lease right-of-use assets. (4) Represents the initial impairment recognized through retained earnings for certain underperforming retail store locations for which property and equipment were previously impaired, net of associated deferred taxes. (5) Represents the recognition of current and non-current lease liabilities for fixed payments associated with the Company’s operating leases. (6) Represents the reclassification of $54 million in sublease liabilities, primarily related to Michael Kors retail stores closed under the Retail Fleet Optimization Plan as defined in Note 10, as well as the reclassification of $18 million of deferred rent and tenant allowances to operating lease right-of-use assets. (7) Represents the reclassification of noncurrent deferred rent and tenant improvement allowances to operating lease right-of-use assets. See Note 4 for additional disclosures related to the Company’s lease accounting policy. Recently Issued Accounting Pronouncements The Company has considered all new accounting pronouncements and have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition or cash flows based on current information.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 28, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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 are transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those 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. Retail The Company generates sales through directly operated stores and e-commerce throughout the Americas (U.S., Canada and Latin America), EMEA (Europe, Middle East and Africa) and certain parts of Asia. 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 contract liability related to gift cards, net of estimated “breakage,” was $13 million as of both December 28, 2019 and March 30, 2019, respectively, 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 $4 million and $3 million as of December 28, 2019 and March 30, 2019, respectively, is recorded as a reduction to revenue in the consolidated statements of operations 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. 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 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. 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 December 28, 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 Remainder of Fiscal 2020 $ 7 Fiscal 2021 27 Fiscal 2022 27 Fiscal 2023 23 Fiscal 2024 21 Fiscal 2025 and thereafter 100 Total $ 205 Sales Returns The refund liability recorded as of December 28, 2019 and March 30, 2019 was $51 million and $35 million, respectively, and the related asset for the right to recover returned product as of December 28, 2019 and March 30, 2019 was $16 million and $12 million, respectively. Contract Balances Total contract liabilities were $19 million and $31 million as of December 28, 2019 and March 30, 2019, respectively. For the three and nine months ended December 28, 2019, the Company recognized $2 million and $19 million, respectively, in revenue which related to contract liabilities that existed at March 30, 2019. For the three and nine months ended December 29, 2018, the Company recognized $3 million and $14 million, respectively, in revenue which related to contract liabilities that existed at April 1, 2018. There were no contract assets recorded as of December 28, 2019 and March 30, 2019. 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): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Versace revenue - the Americas $ 41 $ — $ 133 $ — Versace revenue - EMEA 98 — 311 — Versace revenue - Asia 56 — 186 — Total Versace 195 — 630 — Jimmy Choo revenue - the Americas 34 29 85 75 Jimmy Choo revenue - EMEA 85 90 228 248 Jimmy Choo revenue - Asia 46 43 135 128 Total Jimmy Choo 165 162 448 451 Michael Kors revenue - the Americas 834 898 2,222 2,363 Michael Kors revenue - EMEA 239 244 652 677 Michael Kors revenue - Asia 138 134 407 403 Total Michael Kors 1,211 1,276 3,281 3,443 Total revenue - the Americas 909 927 2,440 2,438 Total revenue - EMEA 422 334 1,191 925 Total revenue - Asia 240 177 728 531 Total revenue $ 1,571 $ 1,438 $ 4,359 $ 3,894 See Note 3 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019 for a complete disclosure of the Company’s revenue recognition policy.

Leases

Leases	9 Months Ended
	Dec. 28, 2019
Leases [Abstract]
Leases	Leases The Company leases retail stores, office space and warehouse space under operating lease agreements that expire at various dates through September 2043. The Company’s leases generally have terms of up to 10 years, generally require a fixed annual rent and may require the payment of additional rent if store sales exceed a negotiated amount. Although most of the Company’s equipment is owned, the Company has limited equipment leases that expire on various dates through February 2024. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores under its Retail Fleet Optimization Plan, as defined in Note 10. Fixed sublease payments received are recognized on a straight-line basis over the sublease term. The Company determines the sublease term based on the date it provides possession to the subtenant through the expiration date of the sublease. The Company recognizes operating lease right-of-use assets and lease liabilities at lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases, and reflect the rate it would pay to borrow on a secured basis. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for its short-term leases on a straight-line basis over the lease term. The Company’s leases generally provide for payments of non-lease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. The Company accounts for lease and non-lease components of its real estate leases together as a single lease component and, as such, includes fixed payments of non-lease components in the measurement of the operating lease right-of-use assets and lease liabilities for its real estate leases. Variable lease payments, such as percentage rentals based on location sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property are expensed as incurred as variable lease costs and are not recorded on the balance sheet. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants. The following table presents the Company’s supplemental balance sheet information related to leases (in millions): Balance Sheet Location December 28, Assets Operating leases Operating lease right-of-use assets $ 1,665 Liabilities Current: Operating leases Short-term portion of operating lease liabilities $ 406 Non-current: Operating leases Long-term portion of operating lease liabilities $ 1,751 The components of net lease costs for the three and nine months ended December 28, 2019 were as follows (in millions): December 28, 2019 Statement of Operations and Three Months Ended Nine Months Ended Operating lease cost Selling, general and administrative expenses $ 114 $ 338 Short-term lease cost Selling, general and administrative expenses 5 18 Variable lease cost Selling, general and administrative expenses 39 118 Sublease income Selling, general and administrative expenses (2) (5) Total lease cost $ 156 $ 469 The following table presents the Company’s supplemental cash flow information related to leases (in millions): Nine Months Ended December 28, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 372 Non-cash transactions: Lease assets obtained in exchange for new lease liabilities $ 270 The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheet as of December 28, 2019: December 28, Operating leases: Weighted average remaining lease term (years) 6.3 Weighted average discount rate 3.0 % At December 28, 2019, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions): December 28, Remainder of Fiscal 2020 $ 127 Fiscal 2021 484 Fiscal 2022 425 Fiscal 2023 356 Fiscal 2024 301 Thereafter 707 Total lease payments 2,400 Less: interest (243) Total lease liabilities $ 2,157 At December 28, 2019, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions): December 28, Remainder of Fiscal 2020 $ 1 Fiscal 2021 6 Fiscal 2022 5 Fiscal 2023 5 Fiscal 2024 4 Thereafter 16 Total sublease income $ 37 Additionally, the Company had approximately $94 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of December 28, 2019.

Acquisitions

Acquisitions	9 Months Ended
	Dec. 28, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions 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 of CPRI stock. 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). Versace’s results of operations have been included in our consolidated financial statements beginning on December 31, 2018. Versace contributed total revenue of $195 million and $630 million, respectively, for the three and nine months ended November 30, 2019 and net loss from operations of $12 million and $6 million, respectively, after amortization of non-cash purchase accounting adjustments, for the three and nine months ended November 30, 2019 (reflecting a one-month reporting lag). The Company recorded measurement period adjustments during the three months ended December 28, 2019. The measurement period adjustments related to conclusions reached on the ability to utilize certain deferred tax assets based on new facts and circumstances identified which existed at the acquisition date and if known, would have affected the measurement of the amounts recognized as of that date. The net measurement period adjustments increased goodwill by $23 million. As the Company continues to finalize the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. See Note 4 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019 for additional disclosures relating to the Company’s acquisitions.

Receivables, net

Receivables, net	9 Months Ended
	Dec. 28, 2019
Receivables [Abstract]
Receivables, net	Receivables, net Receivables, net, consist of (in millions): December 28, March 30, Trade receivables (1) $ 404 $ 459 Receivables due from licensees 31 23 435 482 Less: allowances (114) (99) $ 321 $ 383 (1) As of December 28, 2019 and March 30, 2019, $73 million and $317 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. Markdowns 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 $14 million and $18 million as of December 28, 2019 and March 30, 2019, respectively. The Company had bad debt expense of $3 million and $1 million for the nine months ended December 28, 2019 and December 29, 2018, respectively. All other periods presented were immaterial.

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Dec. 28, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net, consists of (in millions): December 28, March 30, Leasehold improvements $ 686 $ 639 Computer equipment and software 315 292 Furniture and fixtures 316 292 In-store shops 275 270 Equipment 130 123 Building 47 47 Land 18 15 1,787 1,678 Less: accumulated depreciation and amortization (1,260) (1,115) 527 563 Construction-in-progress 69 52 $ 596 $ 615 Depreciation and amortization of property and equipment for the three months ended December 28, 2019 and December 29, 2018 was $50 million and $44 million, respectively, and was $149 million and $136 million, respectively, for the nine months ended December 28, 2019 and December 29, 2018. During the three months ended December 28, 2019, the Company recorded property and equipment impairment charges of $10 million, primarily related to Michael Kors retail store locations. During the nine months ended December 28, 2019, the Company recorded property and equipment impairment charges of $33 million, $11 million of which related to determining asset groups for the Company’s premier store locations at an individual store level, $7 million of which related to Michael Kors and $4 million related to Jimmy Choo. In addition, during the nine months ended December 28, 2019, the Company recorded property and equipment impairment charges of $22 million, related to the Company's retail store locations (see Note 13 for additional information). During the three and nine months ended December 29, 2018, the Company recorded property and equipment impairment charges of $6 million and $15 million, respectively, of which $5 million and $13 million, respectively, were related to underperforming Michael Kors full-price retail store locations, some of which related to the Retail Fleet Optimization Plan, as defined in Note 10.

Current Assets and Current Liab

Current Assets and Current Liabilities	9 Months Ended
	Dec. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current Assets and Current Liabilities	Current Assets and Current Liabilities Prepaid expenses and other current assets consist of the following (in millions): December 28, March 30, Prepaid taxes $ 189 $ 125 Interest receivable related to net investment hedges 12 11 Prepaid property and equipment 8 7 Prepaid rent (1) — 24 Other 54 54 $ 263 $ 221 Accrued expenses and other current liabilities consist of the following (in millions): December 28, March 30, Other taxes payable $ 95 $ 47 Return liabilities 51 35 Accrued capital expenditures 27 25 Accrued rent (2) 22 34 Accrued advertising and marketing 16 10 Gift cards and retail store credits 13 13 Professional services 11 12 Restructuring liability (1) 11 64 Accrued litigation 10 11 Accrued interest 5 10 Accrued purchases and samples 4 29 Other 88 84 $ 353 $ 374 (1) In connection with the adoption of ASU 2016-02, certain lease related assets and liabilities were reflected within operating lease right-of-use assets and liabilities as of December 28, 2019. See Note 2 and Note 4 for additional information. (2) The accrued rent balance relates to variable lease payments.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Dec. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill The following table details the carrying values of the Company’s intangible assets and goodwill (in millions): December 28, March 30, Definite-lived intangible assets: Reacquired Rights $ 400 $ 400 Trademarks 23 23 Key Money (1) 68 96 Customer Relationships 415 415 Total definite-lived intangible assets 906 934 Less: accumulated amortization (181) (143) Net definite-lived intangible assets 725 791 Indefinite-lived intangible assets: Jimmy Choo brand 574 572 Versace brand 926 930 1,500 1,502 Total intangible assets, excluding goodwill $ 2,225 $ 2,293 Goodwill (2) $ 1,681 $ 1,659 (1) The March 30, 2019 balance includes certain lease rights that were reclassified to the operating lease right-of-use asset as part of the adoption of ASU 2016-02. (2) The change in the carrying values since March 30, 2019 primarily relates to the goodwill adjustment discussed in Note 5. Amortization expense for the Company’s definite-lived intangible assets for the three months ended December 28, 2019 and December 29, 2018 was $13 million and $7 million, respectively, and was $39 million and $24 million, respectively, for the nine months ended December 28, 2019 and December 29, 2018. During the three and nine months ended December 28, 2019, the Company recorded impairment charges of $2 million and $8 million, respectively, primarily related to intangible assets associated with its premier Michael Kors store locations (see Note 13 for further information). Impairment charges recorded during the nine months ended December 29, 2018 were $2 million. There were no goodwill or other indefinite-lived intangible asset impairment charges recorded during any of the periods presented.

Restructuring and Other Charges

Restructuring and Other Charges	9 Months Ended
	Dec. 28, 2019
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Restructuring and Other Charges Retail Fleet Optimization Plan The Company plans to close between 100 and 150 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 lower depreciation and amortization expense as a result of the impairment charges recorded once these initiatives are completed. During the nine months ended December 28, 2019, the Company closed 29 of its Michael Kors retail stores under the Retail Fleet Optimization Plan, for a total of 129 stores closed at a cost of $100 million since plan inception. Restructuring charges recorded in connection with the Retail Fleet Optimization Plan during the three and nine months ended December 28, 2019 were $5 million and $6 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 and other costs Total Balance at March 30, 2019 $ 2 $ 53 $ 55 ASC 842 (Leases) Adjustment (1) — (46) (46) Balance at March 31, 2019 2 7 9 Additions charged to expense — 6 6 Payments (1) (7) (8) Balance at December 28, 2019 $ 1 $ 6 $ 7 (1) Consists of the reclassification of sublease liabilities to an offset of the related operating lease right-of-use asset due to the adoption of ASC 842. See Note 2 and Note 4 for further information. During the three and nine months ended December 29, 2018, the Company recorded restructuring charges of $4 million and $10 million, respectively, under the Retail Fleet Optimization Plan, which were comprised of lease-related charges. Other Restructuring Charges In addition to the restructuring charges related to the Retail Fleet Optimization Plan, the Company incurred charges of $2 million and $5 million during the three and nine months ended December 28, 2019, respectively, primarily consisting of lease-related costs. The Company also incurred charges of $3 million and $4 million relating to Jimmy Choo lease-related charges during the three and nine months ended December 29, 2018, respectively. Other Costs During the three months ended December 28, 2019, the Company recorded costs of $8 million, which included $5 million in connection with the acquisition of Versace and $3 million in connection with the Jimmy Choo acquisition. During the nine months ended December 28, 2019, the Company recorded costs of $26 million, which included $18 million in connection with the acquisition of Versace and $8 million in connection with the Jimmy Choo acquisition. During the three months ended December 29, 2018, the Company recorded costs of $12 million, which included $6 million in connection with the acquisition of Versace and $6 million in connection with the Jimmy Choo acquisition. During the nine months ended December 29, 2018, the Company recorded costs of $35 million, which included $20 million in connection with the Jimmy Choo acquisition and $15 million in connection with the acquisition of Versace.

Debt Obligations

Debt Obligations	9 Months Ended
	Dec. 28, 2019
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations The following table presents the Company’s debt obligations (in millions): December 28, March 30, Term Loan $ 1,125 $ 1,580 Revolving Credit Facilities 548 550 4.000% Senior Notes due 2024 450 450 Other 3 1 Total debt 2,126 2,581 Less: Unamortized debt issuance costs 8 13 Less: Unamortized discount on long-term debt 2 2 Total carrying value of debt 2,116 2,566 Less: Short-term debt 1,031 630 Total long-term debt $ 1,085 $ 1,936 Senior Unsecured Revolving Credit Facility 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 December 28, 2019, the Company was in compliance with all covenants related to this agreement. As of December 28, 2019 and March 30, 2019, the Company had borrowings of $503 million and $539 million, respectively, outstanding under the 2018 Revolving Credit Facility, which were recorded within short-term debt in its consolidated balance sheets. In addition, stand-by letters of credit of $16 million were outstanding as of December 28, 2019. At December 28, 2019, the amount available for future borrowings under the 2018 Revolving Credit Facility was $481 million. As of December 28, 2019 and March 30, 2019, the carrying value of borrowings outstanding under the 2018 Term Loan Facility was $1.119 billion and $1.570 billion, respectively, of which $483 million and $80 million, respectively, was recorded within short-term debt and $636 million and $1.490 billion, respectively, was recorded within long-term debt in its consolidated balance sheets. See Note 11 to the Company’s Fiscal 2019 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and 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. Please refer to the Contractual Obligations and Commercial Commitments disclosure within the Liquidity section of the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019 for a detailed disclosure of other commitments and contractual obligations as of March 30, 2019.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 28, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 December 28, 2019 and March 30, 2019, 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 December 28, 2019 using: Fair value at March 30, 2019 using: Quoted prices in Significant Significant Quoted prices in Significant Significant Derivative assets: Forward foreign currency exchange contracts $ — $ 1 $ — $ — $ 5 $ — Net investment hedges — 58 — — 37 — Other undesignated derivative contracts — 1 — — — — Total derivative assets $ — $ 60 $ — $ — $ 42 $ — Derivative liabilities: Forward foreign currency exchange contracts $ — $ 1 $ — $ — $ — $ — Other undesignated derivative contracts — — — — 5 — Total derivative liabilities $ — $ 1 $ — $ — $ 5 $ — 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): December 28, 2019 March 30, 2019 Carrying Estimated Carrying Estimated 4.000% Senior Notes $ 446 $ 468 $ 445 $ 438 Term Loan $ 1,119 $ 1,125 $ 1,570 $ 1,574 Revolving Credit Facilities $ 548 $ 548 $ 550 $ 550 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, operating lease right-of-use 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 during the fourth quarter of each fiscal year, while its other long-lived assets, including operating lease right-of-use assets, property and equipment 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 Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that carrying amounts of such assets may not be recoverable. This assessment is performed for each long-lived asset group that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The grouping of assets requires a significant amount of judgment. The Company historically grouped certain premier store locations, primarily Michael Kors premier stores, with other Michael Kors stores within the immediate geographic area surrounding the premier store as the Company believed the assets of the store group benefited from the Company’s investments in the premier store. Due to the Company’s recent significant expansion in luxury retail, as well as its continued growth in its global digital business, the Company reassessed its methodology for evaluating impairment of long-lived assets, including the determination of asset groupings. The Company’s luxury retail business generally operates only premier, more luxurious, retail store locations with consistent investments across its individual stores. As a result, during the nine months ended December 28, 2019, the Company determined that asset groups at an individual store level represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As a result of this determination, in the first quarter of Fiscal 2020, the Company identified impairment indicators at certain premier retail store locations and recorded operating lease right-of-use asset and property and equipment impairment charges of $68 million and $11 million, respectively, which are included in the impairment charges detailed in the table below (in millions): Three Months Ended Nine Months Ended Carrying Value Prior to Impairment Fair Value Impairment Charge Carrying Value Prior to Impairment Fair Value Impairment Charge Operating Lease Right-of-Use Assets $ 27 $ 20 $ 7 $ 314 $ 135 $ 179 Property and Equipment 13 3 10 51 18 33 Key Money 3 1 2 12 4 8 Total $ 43 $ 24 $ 19 $ 377 $ 157 $ 220 Three Months Ended Nine Months Ended Carrying Value Prior to Impairment Fair Value Impairment Charge Carrying Value Prior to Impairment Fair Value Impairment Charge Property and Equipment $ 6 $ — $ 6 $ 20 $ 5 $ 15 Lease Rights — — — 4 2 2 Total $ 6 $ — $ 6 $ 24 $ 7 $ 17 In addition to the impairment charges above, the Company recorded an adjustment to reduce its March 31, 2019 opening balance of retained earnings by $152 million, net of tax, reflecting impairments of operating lease right-of-use assets for certain underperforming real estate locations for which the carrying value of the opening operating lease right-of-use asset exceeded its related fair value. Property and equipment related to these underperforming locations were fully impaired due to the adoption of ASU 2016-02. See Note 2 and Note 4 for additional information.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Dec. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments 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. 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 in September 2018 with notional amounts totaling €1.680 billion (approximately $2.001 billion) to mitigate its foreign currency exchange risk through the closing date of the acquisition, which were settled on December 21, 2018. These derivative contracts were not designated as accounting hedges. Therefore, changes in fair value were 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 that are accounted for as cash flow hedges in the same category as the cash flows from the items being hedged. Accordingly, the Company classified the unrealized gains and losses relating to these derivative instruments within cash flows from investing activities. Net Investment Hedges As of December 28, 2019, the Company had multiple fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $3.190 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 June 2026, the Company will exchange the semi-annual fixed rate payments on U.S. denominated debt for fixed rate payments of 0% to 1.674% 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 $19 million and $53 million, respectively, during the three and nine months ended December 28, 2019 and $3 million and $7 million, respectively, during the three and nine months ended December 29, 2018. 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 December 28, 2019 and March 30, 2019 (in millions): Fair Values Notional Amounts Assets Liabilities December 28, March 30, December 28, March 30, December 28, March 30, Designated forward foreign currency exchange contracts $ 162 $ 166 $ 1 (1) $ 5 (1) $ 1 (3) $ — Designated net investment hedge 3,234 2,234 58 (2) 37 (2) — — Total designated hedges 3,396 2,400 59 42 1 — Undesignated derivative contracts (4) 15 199 1 (1) — — 5 (3) Total $ 3,411 $ 2,599 $ 60 $ 42 $ 1 $ 5 (1) Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets. (2) Recorded within other assets in the Company’s consolidated balance sheets. (3) Recorded within accrued expenses and other current liabilities in the Company’s 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 previous 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 set-off amounts for similar transactions denominated in the same currencies, the resulting impact as of December 28, 2019 and March 30, 2019 would be as follows (in millions): Forward Currency Exchange Contracts Net Investment December 28, March 30, December 28, March 30, Assets subject to master netting arrangements $ 2 $ 5 $ 58 $ 37 Liabilities subject to master netting arrangements $ 1 $ 5 $ — $ — Derivative assets, net $ 1 $ 5 $ 58 $ 37 Derivative liabilities, net $ — $ 5 $ — $ — 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. 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 gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions): Three Months Ended Nine Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Losses Gains Gains Gains Designated forward foreign currency exchange contracts $ (2) $ 2 $ 4 $ 12 Designated net investment hedges $ (51) $ 10 $ 53 $ 15 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 the three and nine months ended December 28, 2019 and December 29, 2018 (in millions): Three Months Ended Gain Reclassified from Location of (Gain) Loss recognized Total Cost of goods sold December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Designated forward foreign currency exchange contracts $ (3) $ (1) Cost of goods sold $ 639 $ 565 Nine Months Ended (Gain) Loss Reclassified from Location of (Gain) Loss recognized Total Cost of goods sold December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Designated forward foreign currency exchange contracts $ (8) $ 6 Cost of goods sold $ 1,719 $ 1,507 The Company expects that substantially all of the amounts currently 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 the three and nine months ended December 28, 2019, the net impact of changes in the fair value of undesignated forward foreign currency exchange contracts recognized within foreign currency loss (gain) in the Company’s consolidated statement of operations and comprehensive income was not material. During the three and nine months ended December 29, 2018, the Company recognized a net loss of $47 million and $76 million, respectively, primarily 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.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Dec. 28, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchase Program During the nine months ended December 28, 2019, the Company repurchased 2,711,807 shares through open market transactions at a cost of $100 million under its new $500 million share-repurchase program, which was authorized by the Company’s Board of Directors on August 1, 2019 and which expires on August 1, 2021. During the nine months ended December 29, 2018, the Company repurchased 3,718,237 shares through open market transactions at a cost of $200 million under its previous $1.0 billion share-repurchase program, which expired on May 25, 2019. As of December 28, 2019, the remaining availability under the Company’s share repurchase program was $400 million. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading 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 the nine month periods ended December 28, 2019 and December 29, 2018, the Company withheld 63,958 shares and 107,712 shares, respectively, with a fair value of $2 million and $7 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards. Accumulated Other Comprehensive Income (Loss) The following table details changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes for the nine months ended December 28, 2019 and December 29, 2018, respectively (in millions): Foreign Currency Translation Gains (Losses) (1) Net (Losses) Gains on Derivatives (2) Other Comprehensive Income (Loss) Attributable to Capri Balance at March 31, 2018 $ 61 $ (10) $ 51 Other comprehensive (loss) income before reclassifications (160) 11 (149) Less: amounts reclassified from AOCI to earnings — (5) (5) Other comprehensive (loss) income, net of tax (160) 16 (144) Balance at December 29, 2018 $ (99) $ 6 $ (93) Balance at March 30, 2019 $ (73) $ 7 $ (66) Other comprehensive income before reclassifications 40 4 44 Less: amounts reclassified from AOCI to earnings — 7 7 Other comprehensive income (loss), net of tax 40 (3) 37 Balance at December 28, 2019 $ (33) $ 4 $ (29) (1) Foreign currency translation gains and losses for the nine months ended December 28, 2019 include net gains of $3 million on intra-entity transactions that are of a long-term investment nature, a $4 million translation loss relating to the inclusion of the Versace business and a $44 million gain, net of taxes of $9 million, relating to the Company’s net investment hedges. Foreign currency translation gains and losses for the nine months ended December 29, 2018 include net gains of $10 million on intra-entity transactions that are of a long-term investment nature, a $139 million translation loss relating to the inclusion of the Jimmy Choo business and a $13 million gain, net of taxes of $3 million, relating to the Company’s net investment hedges. (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. All tax effects were not material for the periods presented.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Dec. 28, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	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 December 28, 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 December 28, 2019, there were 2,642,854 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. The following table summarizes the Company’s share-based compensation activity during the nine months ended December 28, 2019: Options Service-Based RSUs Performance-Based RSUs Outstanding/Unvested at March 30, 2019 2,131,259 3,839,862 737,074 Granted — 1,901,539 169,817 Exercised/Vested (5,082) (797,597) (53,025) Decrease due to performance condition — — (39,999) Canceled/forfeited (93,298) (178,354) — Outstanding/Unvested at December 28, 2019 2,032,879 4,765,450 813,867 The weighted average grant date fair value of service-based and performance-based RSUs granted during the nine months ended December 28, 2019 was $33.89 and $33.86, respectively, and $67.03 and $67.52, respectively, during the nine months ended December 29, 2018. Share-Based Compensation Expense The following table summarizes compensation expense attributable to share-based compensation for the three and nine months ended December 28, 2019 and December 29, 2018 (in millions): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Share-based compensation expense $ 16 $ 12 $ 65 $ 38 Tax benefit related to share-based compensation expense $ 3 $ 2 $ 12 $ 7 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 rates. The estimated value of future forfeitures for equity grants as of December 28, 2019 is approximately $9 million.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 28, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates for the three and nine months ended December 28, 2019 are a benefit of 2.0% and 0.6%, respectively. Such rates differ from the United Kingdom (“U.K.”) federal statutory rate of 19% primarily due to the favorable impact of recognizing benefits from the resolution of uncertain tax positions and return to provision adjustments in the United States and Europe, which resulted in a decrease to the Company’s effective income tax rate for the three and nine months ended December 28, 2019. In addition, the Company had favorable effects related to global financing activities. The global financing activities are related to the Company’s 2014 move of its principal executive office from Hong Kong to the U.K. and decision to become a U.K. tax resident. In connection with this decision, the Company funded its international growth strategy through intercompany debt financing arrangements between certain of our U.S., U.K. and Switzerland subsidiaries in December 2015. Due to the difference in the statutory income tax rates between these jurisdictions, the Company realized a lower effective tax rate. The Company’s effective tax rates for the three and nine months ended December 29, 2018 were a provision of 17.4% and 12.7%, respectively. Such rates differed from the United Kingdom (“U.K.”) federal statutory rate of 19% primarily due to the favorable effects of global financing arrangements and the favorable impact of tax benefits recognized on share-based compensation during the quarter.

Segment Information

Segment Information	9 Months Ended
	Dec. 28, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The Company 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 retail and outlet 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 sites, 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, Europe and certain parts of Asia. 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, and to its geographic licensees. 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 transition costs related to the Company’s recent acquisitions) and impairment costs. The segment structure is consistent with how the Company’s CODM plans and allocates resources, manages the business and assesses performance. 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): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Total revenue: Versace $ 195 $ — $ 630 $ — Jimmy Choo 165 162 448 451 Michael Kors 1,211 1,276 3,281 3,443 Total revenue $ 1,571 $ 1,438 $ 4,359 $ 3,894 Income (loss) from operations: Versace $ (12) $ — $ (6) $ — Jimmy Choo 9 15 10 28 Michael Kors 288 320 711 798 Total segment income from operations 285 335 715 826 Less: Corporate expenses (46) (20) (114) (65) Restructuring and other charges (15) (19) (37) (49) Impairment of long-lived assets (19) (6) (220) (17) Total income from operations $ 205 $ 290 $ 344 $ 695 Depreciation and amortization expense for each segment are as follows (in millions): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Depreciation and amortization: Versace $ 17 $ — $ 46 $ — Jimmy Choo 9 8 26 25 Michael Kors 37 43 116 135 Total depreciation and amortization $ 63 $ 51 $ 188 $ 160 Total revenue (based on country of origin) by geographic location are as follows (in millions): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Total revenue: The Americas (1) $ 909 $ 927 $ 2,440 $ 2,438 EMEA 422 334 1,191 925 Asia 240 177 728 531 Total revenue $ 1,571 $ 1,438 $ 4,359 $ 3,894 (1) Total revenue earned in the U.S. were $845 million and $2.267 billion, respectively, for the three and nine months ended December 28, 2019 and $869 million and $2.274 billion, respectively, for the three and nine months ended December 29, 2018. As of December 28, 2019 and March 30, 2019, the Company's total assets were $8.325 billion and $6.650 billion, respectively. The increase in total assets was primarily due to the adoption of ASU 2016-02 in the first quarter of Fiscal 2020. As of December 28, 2019, the Company had operating lease right-of-use assets recorded on its consolidated balance sheets of $1.665 billion, of which $1.060 billion related to Michael Kors, $379 million related to Versace, and $226 million related to Jimmy Choo.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 28, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisition of Alberto Gozzi S.r.L. On December 16, 2019, the Company entered into a definitive agreement to acquire Italian atelier and shoe manufacturer Alberto Gozzi S.r.L. The transaction was completed in the Company's fourth quarter of Fiscal 2020. Coronavirus During the fourth quarter of Fiscal 2020, there has been an outbreak of coronavirus in China which the Company expects will materially impact its financial results. As of February 5, 2020, approximately 150 of the Company’s stores in Mainland China were closed. Additionally, most of the stores that remain open are operating with reduced hours and experiencing significantly reduced customer traffic. While this global health emergency is expected to be temporary, the duration and intensity of the disruption is uncertain, including potential broader impacts outside of China if travel and tourist traffic is further restricted and there is a resulting decline in Chinese tourist spending in other regions. Given the dynamic nature of these circumstances, the related financial impact for the fourth quarter could materially differ from our current expectations. In addition, the Company sources finished goods inventory from manufacturers in China for the Michael Kors brand. As a result of potential factory closures, reduced workforces, scarcity of raw materials and potential disruption of transportation of goods produced in China, the Company may be unable to obtain inventory or samples sourced from this region, which may materially impact Fiscal 2021. Given the uncertainty regarding these circumstances, the related financial impact cannot be reasonably estimated at this time.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 28, 2019
Accounting Policies [Abstract]
Consolidation, Policy	The interim 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 interim consolidated financial statements as of December 28, 2019 and for the three and nine months ended December 28, 2019 and December 29, 2018 are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 30, 2019, as filed with the Securities and Exchange Commission on May 29, 2019, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year.
Fiscal Period, Policy	The Company utilizes a 52 to 53 week fiscal year ending on the Saturday closest to March 31. As such, the term “Fiscal Year” or “Fiscal” refers to the 52-week or 53-week period, ending on that day. The results for the three and nine months ended December 28, 2019 and December 29, 2018, are based on 13-week and 39-week periods, respectively.
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 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 in the fourth quarter of Fiscal 2019, as further described in Note 18.
Seasonality	The Company experiences certain effects of seasonality with respect to its business.
Inventories, net	Inventories mainly consist of finished goods with the exception of raw materials
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 in September 2018 with notional amounts totaling €1.680 billion (approximately $2.001 billion) to mitigate its foreign currency exchange risk through the closing date of the acquisition, which were settled on December 21, 2018. These derivative contracts were not designated as accounting hedges. Therefore, changes in fair value were 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 that are accounted for as cash flow hedges in the same category as the cash flows from the items being hedged. Accordingly, the Company classified the unrealized gains and losses relating to these derivative instruments within cash flows from investing activities. 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 a 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, 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 and has designated these contracts as net investment hedges. The net gain or (loss) on the net investment hedge 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.
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 restricted shares and restricted share units (“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 Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Lease Accounting On March 31, 2019, the Company adopted ASU 2016-02, “ Leases (Topic 842), ” which requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet for all leases, except certain short-term leases. In evaluating the impact of ASU 2016-02, the Company considered guidance provided by several additional ASUs issued by the FASB, 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, and ASU 2018-20, “ Leases (Topic 842) - Narrow-Scope Improvements for Lessors ” issued in December 2018. In connection with its implementation of ASU 2016-02, the Company adopted 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. The Company also adopted the practical expedient allowing it to combine lease and non-lease components for its real estate leases. Lastly, the Company adopted the practical expedient provided by 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, are subject to the new standard and resulted in recording of lease liabilities and right-of-use assets for operating leases on the Company’s consolidated balance sheet. The below table details the balance sheet adjustments recorded on March 31, 2019 in connection with the Company’s adoption of ASU 2016-02 (in millions): March 30, 2019 ASC 842 Adjustments March 31, 2019 Assets Prepaid expenses and other current assets $ 221 $ (23) (1) $ 198 Operating lease right-of-use assets — 1,856 (2) 1,856 Intangible assets, net 2,293 (20) (3) 2,273 Deferred tax assets 112 38 (4) 150 Liabilities Current portion of operating lease liabilities — 386 (5) 386 Accrued expenses and other current liabilities 374 (72) (6) 302 Long-term portion of operating lease liabilities — 1,828 (5) 1,828 Deferred Rent 132 (132) (7) — Deferred tax liabilities 438 (7) (4) 431 Shareholders’ Equity Retained earnings 4,707 (152) (4) 4,555 (1) Represents the reclassification of rent paid in advance to current operating lease liabilities. (2) Represents the recognition of operating lease right-of-use assets, reflecting the reclassifications of deferred rent, sublease liabilities, tenant allowances and favorable and unfavorable lease rights. This balance also reflects the initial impairments of the operating lease right-of-use assets recorded through retained earnings, as described below. (3) Represents the reclassifications of favorable and unfavorable lease rights for leases recorded in conjunction with the Company’s acquisitions to operating lease right-of-use assets. (4) Represents the initial impairment recognized through retained earnings for certain underperforming retail store locations for which property and equipment were previously impaired, net of associated deferred taxes. (5) Represents the recognition of current and non-current lease liabilities for fixed payments associated with the Company’s operating leases. (6) Represents the reclassification of $54 million in sublease liabilities, primarily related to Michael Kors retail stores closed under the Retail Fleet Optimization Plan as defined in Note 10, as well as the reclassification of $18 million of deferred rent and tenant allowances to operating lease right-of-use assets. (7) Represents the reclassification of noncurrent deferred rent and tenant improvement allowances to operating lease right-of-use assets. See Note 4 for additional disclosures related to the Company’s lease accounting policy. Recently Issued Accounting Pronouncements The Company has considered all new accounting pronouncements and have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition or cash flows based on current information.
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 are transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those 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. Retail The Company generates sales through directly operated stores and e-commerce throughout the Americas (U.S., Canada and Latin America), EMEA (Europe, Middle East and Africa) and certain parts of Asia. 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 contract liability related to gift cards, net of estimated “breakage,” was $13 million as of both December 28, 2019 and March 30, 2019, respectively, 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 $4 million and $3 million as of December 28, 2019 and March 30, 2019, respectively, is recorded as a reduction to revenue in the consolidated statements of operations 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. 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 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. 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 December 28, 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 Remainder of Fiscal 2020 $ 7 Fiscal 2021 27 Fiscal 2022 27 Fiscal 2023 23 Fiscal 2024 21 Fiscal 2025 and thereafter 100 Total $ 205 Sales Returns The refund liability recorded as of December 28, 2019 and March 30, 2019 was $51 million and $35 million, respectively, and the related asset for the right to recover returned product as of December 28, 2019 and March 30, 2019 was $16 million and $12 million, respectively.
Leases	The Company recognizes operating lease right-of-use assets and lease liabilities at lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases, and reflect the rate it would pay to borrow on a secured basis. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for its short-term leases on a straight-line basis over the lease term.
Receivables, net	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. Markdowns 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 Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 28, 2019
Accounting Policies [Abstract]
Schedule of 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): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Numerator: Net income attributable to Capri $ 210 $ 200 $ 328 $ 524 Denominator: Basic weighted average shares 150,826,196 149,183,049 151,159,423 149,420,087 Weighted average dilutive share equivalents: Share options and restricted shares/units, and performance restricted share units 1,328,176 1,085,375 1,195,513 2,037,834 Diluted weighted average shares 152,154,372 150,268,424 152,354,936 151,457,921 Basic net income per share (1) $ 1.39 $ 1.34 $ 2.17 $ 3.50 Diluted net income per share (1) $ 1.38 $ 1.33 $ 2.15 $ 3.46 (1) Basic and diluted net income per share are calculated using unrounded numbers.
Schedule of Impact of Adoption of New Accounting Pronouncements	The below table details the balance sheet adjustments recorded on March 31, 2019 in connection with the Company’s adoption of ASU 2016-02 (in millions): March 30, 2019 ASC 842 Adjustments March 31, 2019 Assets Prepaid expenses and other current assets $ 221 $ (23) (1) $ 198 Operating lease right-of-use assets — 1,856 (2) 1,856 Intangible assets, net 2,293 (20) (3) 2,273 Deferred tax assets 112 38 (4) 150 Liabilities Current portion of operating lease liabilities — 386 (5) 386 Accrued expenses and other current liabilities 374 (72) (6) 302 Long-term portion of operating lease liabilities — 1,828 (5) 1,828 Deferred Rent 132 (132) (7) — Deferred tax liabilities 438 (7) (4) 431 Shareholders’ Equity Retained earnings 4,707 (152) (4) 4,555 (1) Represents the reclassification of rent paid in advance to current operating lease liabilities. (2) Represents the recognition of operating lease right-of-use assets, reflecting the reclassifications of deferred rent, sublease liabilities, tenant allowances and favorable and unfavorable lease rights. This balance also reflects the initial impairments of the operating lease right-of-use assets recorded through retained earnings, as described below. (3) Represents the reclassifications of favorable and unfavorable lease rights for leases recorded in conjunction with the Company’s acquisitions to operating lease right-of-use assets. (4) Represents the initial impairment recognized through retained earnings for certain underperforming retail store locations for which property and equipment were previously impaired, net of associated deferred taxes. (5) Represents the recognition of current and non-current lease liabilities for fixed payments associated with the Company’s operating leases. (6) Represents the reclassification of $54 million in sublease liabilities, primarily related to Michael Kors retail stores closed under the Retail Fleet Optimization Plan as defined in Note 10, as well as the reclassification of $18 million of deferred rent and tenant allowances to operating lease right-of-use assets. (7) Represents the reclassification of noncurrent deferred rent and tenant improvement allowances to operating lease right-of-use assets.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 28, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Contractually Guaranteed Minimum Fees	As of December 28, 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 Remainder of Fiscal 2020 $ 7 Fiscal 2021 27 Fiscal 2022 27 Fiscal 2023 23 Fiscal 2024 21 Fiscal 2025 and thereafter 100 Total $ 205
Schedule of Segment Revenues Disaggregated by Geographic Location	The following table presents the Company’s segment revenues disaggregated by geographic location (in millions): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Versace revenue - the Americas $ 41 $ — $ 133 $ — Versace revenue - EMEA 98 — 311 — Versace revenue - Asia 56 — 186 — Total Versace 195 — 630 — Jimmy Choo revenue - the Americas 34 29 85 75 Jimmy Choo revenue - EMEA 85 90 228 248 Jimmy Choo revenue - Asia 46 43 135 128 Total Jimmy Choo 165 162 448 451 Michael Kors revenue - the Americas 834 898 2,222 2,363 Michael Kors revenue - EMEA 239 244 652 677 Michael Kors revenue - Asia 138 134 407 403 Total Michael Kors 1,211 1,276 3,281 3,443 Total revenue - the Americas 909 927 2,440 2,438 Total revenue - EMEA 422 334 1,191 925 Total revenue - Asia 240 177 728 531 Total revenue $ 1,571 $ 1,438 $ 4,359 $ 3,894 See Note 3 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019 for a complete disclosure of the Company’s revenue recognition policy.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 28, 2019
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	The following table presents the Company’s supplemental balance sheet information related to leases (in millions): Balance Sheet Location December 28, Assets Operating leases Operating lease right-of-use assets $ 1,665 Liabilities Current: Operating leases Short-term portion of operating lease liabilities $ 406 Non-current: Operating leases Long-term portion of operating lease liabilities $ 1,751 The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheet as of December 28, 2019: December 28, Operating leases: Weighted average remaining lease term (years) 6.3 Weighted average discount rate 3.0 %
Schedule of Net Lease Costs and Supplemental Cash Flow Information	The components of net lease costs for the three and nine months ended December 28, 2019 were as follows (in millions): December 28, 2019 Statement of Operations and Three Months Ended Nine Months Ended Operating lease cost Selling, general and administrative expenses $ 114 $ 338 Short-term lease cost Selling, general and administrative expenses 5 18 Variable lease cost Selling, general and administrative expenses 39 118 Sublease income Selling, general and administrative expenses (2) (5) Total lease cost $ 156 $ 469 The following table presents the Company’s supplemental cash flow information related to leases (in millions): Nine Months Ended December 28, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 372 Non-cash transactions: Lease assets obtained in exchange for new lease liabilities $ 270
Schedule of Contractually Guaranteed Minimum Fees	At December 28, 2019, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions): December 28, Remainder of Fiscal 2020 $ 127 Fiscal 2021 484 Fiscal 2022 425 Fiscal 2023 356 Fiscal 2024 301 Thereafter 707 Total lease payments 2,400 Less: interest (243) Total lease liabilities $ 2,157 At December 28, 2019, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions): December 28, Remainder of Fiscal 2020 $ 1 Fiscal 2021 6 Fiscal 2022 5 Fiscal 2023 5 Fiscal 2024 4 Thereafter 16 Total sublease income $ 37 Additionally, the Company had approximately $94 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of December 28, 2019.

Receivables, net (Tables)

Receivables, net (Tables)	9 Months Ended
	Dec. 28, 2019
Receivables [Abstract]
Receivables, net	Receivables, net, consist of (in millions): December 28, March 30, Trade receivables (1) $ 404 $ 459 Receivables due from licensees 31 23 435 482 Less: allowances (114) (99) $ 321 $ 383 (1) As of December 28, 2019 and March 30, 2019, $73 million and $317 million, respectively, of trade receivables were insured.

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Dec. 28, 2019
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, consists of (in millions): December 28, March 30, Leasehold improvements $ 686 $ 639 Computer equipment and software 315 292 Furniture and fixtures 316 292 In-store shops 275 270 Equipment 130 123 Building 47 47 Land 18 15 1,787 1,678 Less: accumulated depreciation and amortization (1,260) (1,115) 527 563 Construction-in-progress 69 52 $ 596 $ 615

Current Assets and Current Li_2

Current Assets and Current Liabilities (Tables)	9 Months Ended
	Dec. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in millions): December 28, March 30, Prepaid taxes $ 189 $ 125 Interest receivable related to net investment hedges 12 11 Prepaid property and equipment 8 7 Prepaid rent (1) — 24 Other 54 54 $ 263 $ 221
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in millions): December 28, March 30, Other taxes payable $ 95 $ 47 Return liabilities 51 35 Accrued capital expenditures 27 25 Accrued rent (2) 22 34 Accrued advertising and marketing 16 10 Gift cards and retail store credits 13 13 Professional services 11 12 Restructuring liability (1) 11 64 Accrued litigation 10 11 Accrued interest 5 10 Accrued purchases and samples 4 29 Other 88 84 $ 353 $ 374 (1) In connection with the adoption of ASU 2016-02, certain lease related assets and liabilities were reflected within operating lease right-of-use assets and liabilities as of December 28, 2019. See Note 2 and Note 4 for additional information. (2) The accrued rent balance relates to variable lease payments.

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Dec. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The following table details the carrying values of the Company’s intangible assets and goodwill (in millions): December 28, March 30, Definite-lived intangible assets: Reacquired Rights $ 400 $ 400 Trademarks 23 23 Key Money (1) 68 96 Customer Relationships 415 415 Total definite-lived intangible assets 906 934 Less: accumulated amortization (181) (143) Net definite-lived intangible assets 725 791 Indefinite-lived intangible assets: Jimmy Choo brand 574 572 Versace brand 926 930 1,500 1,502 Total intangible assets, excluding goodwill $ 2,225 $ 2,293 Goodwill (2) $ 1,681 $ 1,659 (1) The March 30, 2019 balance includes certain lease rights that were reclassified to the operating lease right-of-use asset as part of the adoption of ASU 2016-02. (2) The change in the carrying values since March 30, 2019 primarily relates to the goodwill adjustment discussed in Note 5.
Schedule of Finite-Lived Intangible Assets	The following table details the carrying values of the Company’s intangible assets and goodwill (in millions): December 28, March 30, Definite-lived intangible assets: Reacquired Rights $ 400 $ 400 Trademarks 23 23 Key Money (1) 68 96 Customer Relationships 415 415 Total definite-lived intangible assets 906 934 Less: accumulated amortization (181) (143) Net definite-lived intangible assets 725 791 Indefinite-lived intangible assets: Jimmy Choo brand 574 572 Versace brand 926 930 1,500 1,502 Total intangible assets, excluding goodwill $ 2,225 $ 2,293 Goodwill (2) $ 1,681 $ 1,659 (1) The March 30, 2019 balance includes certain lease rights that were reclassified to the operating lease right-of-use asset as part of the adoption of ASU 2016-02. (2) The change in the carrying values since March 30, 2019 primarily relates to the goodwill adjustment discussed in Note 5.

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	9 Months Ended
	Dec. 28, 2019
Restructuring and Related Activities [Abstract]
Schedule of 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 and other costs Total Balance at March 30, 2019 $ 2 $ 53 $ 55 ASC 842 (Leases) Adjustment (1) — (46) (46) Balance at March 31, 2019 2 7 9 Additions charged to expense — 6 6 Payments (1) (7) (8) Balance at December 28, 2019 $ 1 $ 6 $ 7 (1) Consists of the reclassification of sublease liabilities to an offset of the related operating lease right-of-use asset due to the adoption of ASC 842. See Note 2 and Note 4 for further information.

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Dec. 28, 2019
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The following table presents the Company’s debt obligations (in millions): December 28, March 30, Term Loan $ 1,125 $ 1,580 Revolving Credit Facilities 548 550 4.000% Senior Notes due 2024 450 450 Other 3 1 Total debt 2,126 2,581 Less: Unamortized debt issuance costs 8 13 Less: Unamortized discount on long-term debt 2 2 Total carrying value of debt 2,116 2,566 Less: Short-term debt 1,031 630 Total long-term debt $ 1,085 $ 1,936

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 28, 2019
Fair Value Disclosures [Abstract]
Schedule of 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 December 28, 2019 using: Fair value at March 30, 2019 using: Quoted prices in Significant Significant Quoted prices in Significant Significant Derivative assets: Forward foreign currency exchange contracts $ — $ 1 $ — $ — $ 5 $ — Net investment hedges — 58 — — 37 — Other undesignated derivative contracts — 1 — — — — Total derivative assets $ — $ 60 $ — $ — $ 42 $ — Derivative liabilities: Forward foreign currency exchange contracts $ — $ 1 $ — $ — $ — $ — Other undesignated derivative contracts — — — — 5 — Total derivative liabilities $ — $ 1 $ — $ — $ 5 $ —
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): December 28, 2019 March 30, 2019 Carrying Estimated Carrying Estimated 4.000% Senior Notes $ 446 $ 468 $ 445 $ 438 Term Loan $ 1,119 $ 1,125 $ 1,570 $ 1,574 Revolving Credit Facilities $ 548 $ 548 $ 550 $ 550
Schedule of Long-lived Assets, Nonrecurring	As a result of this determination, in the first quarter of Fiscal 2020, the Company identified impairment indicators at certain premier retail store locations and recorded operating lease right-of-use asset and property and equipment impairment charges of $68 million and $11 million, respectively, which are included in the impairment charges detailed in the table below (in millions): Three Months Ended Nine Months Ended Carrying Value Prior to Impairment Fair Value Impairment Charge Carrying Value Prior to Impairment Fair Value Impairment Charge Operating Lease Right-of-Use Assets $ 27 $ 20 $ 7 $ 314 $ 135 $ 179 Property and Equipment 13 3 10 51 18 33 Key Money 3 1 2 12 4 8 Total $ 43 $ 24 $ 19 $ 377 $ 157 $ 220 Three Months Ended Nine Months Ended Carrying Value Prior to Impairment Fair Value Impairment Charge Carrying Value Prior to Impairment Fair Value Impairment Charge Property and Equipment $ 6 $ — $ 6 $ 20 $ 5 $ 15 Lease Rights — — — 4 2 2 Total $ 6 $ — $ 6 $ 24 $ 7 $ 17

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Dec. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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 December 28, 2019 and March 30, 2019 (in millions): Fair Values Notional Amounts Assets Liabilities December 28, March 30, December 28, March 30, December 28, March 30, Designated forward foreign currency exchange contracts $ 162 $ 166 $ 1 (1) $ 5 (1) $ 1 (3) $ — Designated net investment hedge 3,234 2,234 58 (2) 37 (2) — — Total designated hedges 3,396 2,400 59 42 1 — Undesignated derivative contracts (4) 15 199 1 (1) — — 5 (3) Total $ 3,411 $ 2,599 $ 60 $ 42 $ 1 $ 5 (1) Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets. (2) Recorded within other assets in the Company’s consolidated balance sheets. (3) Recorded within accrued expenses and other current liabilities in the Company’s 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 set-off amounts for similar transactions denominated in the same currencies, the resulting impact as of December 28, 2019 and March 30, 2019 would be as follows (in millions): Forward Currency Exchange Contracts Net Investment December 28, March 30, December 28, March 30, Assets subject to master netting arrangements $ 2 $ 5 $ 58 $ 37 Liabilities subject to master netting arrangements $ 1 $ 5 $ — $ — Derivative assets, net $ 1 $ 5 $ 58 $ 37 Derivative liabilities, net $ — $ 5 $ — $ —
Reclassification out of Accumulated Other Comprehensive Income	The following table summarizes the gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions): Three Months Ended Nine Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Losses Gains Gains Gains Designated forward foreign currency exchange contracts $ (2) $ 2 $ 4 $ 12 Designated net investment hedges $ (51) $ 10 $ 53 $ 15 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 the three and nine months ended December 28, 2019 and December 29, 2018 (in millions): Three Months Ended Gain Reclassified from Location of (Gain) Loss recognized Total Cost of goods sold December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Designated forward foreign currency exchange contracts $ (3) $ (1) Cost of goods sold $ 639 $ 565 Nine Months Ended (Gain) Loss Reclassified from Location of (Gain) Loss recognized Total Cost of goods sold December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Designated forward foreign currency exchange contracts $ (8) $ 6 Cost of goods sold $ 1,719 $ 1,507

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Dec. 28, 2019
Equity [Abstract]
Changes in Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The following table details changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes for the nine months ended December 28, 2019 and December 29, 2018, respectively (in millions): Foreign Currency Translation Gains (Losses) (1) Net (Losses) Gains on Derivatives (2) Other Comprehensive Income (Loss) Attributable to Capri Balance at March 31, 2018 $ 61 $ (10) $ 51 Other comprehensive (loss) income before reclassifications (160) 11 (149) Less: amounts reclassified from AOCI to earnings — (5) (5) Other comprehensive (loss) income, net of tax (160) 16 (144) Balance at December 29, 2018 $ (99) $ 6 $ (93) Balance at March 30, 2019 $ (73) $ 7 $ (66) Other comprehensive income before reclassifications 40 4 44 Less: amounts reclassified from AOCI to earnings — 7 7 Other comprehensive income (loss), net of tax 40 (3) 37 Balance at December 28, 2019 $ (33) $ 4 $ (29) (1) Foreign currency translation gains and losses for the nine months ended December 28, 2019 include net gains of $3 million on intra-entity transactions that are of a long-term investment nature, a $4 million translation loss relating to the inclusion of the Versace business and a $44 million gain, net of taxes of $9 million, relating to the Company’s net investment hedges. Foreign currency translation gains and losses for the nine months ended December 29, 2018 include net gains of $10 million on intra-entity transactions that are of a long-term investment nature, a $139 million translation loss relating to the inclusion of the Jimmy Choo business and a $13 million gain, net of taxes of $3 million, relating to the Company’s net investment hedges. (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. All tax effects were not material for the periods presented.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Dec. 28, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Activity	The following table summarizes the Company’s share-based compensation activity during the nine months ended December 28, 2019: Options Service-Based RSUs Performance-Based RSUs Outstanding/Unvested at March 30, 2019 2,131,259 3,839,862 737,074 Granted — 1,901,539 169,817 Exercised/Vested (5,082) (797,597) (53,025) Decrease due to performance condition — — (39,999) Canceled/forfeited (93,298) (178,354) — Outstanding/Unvested at December 28, 2019 2,032,879 4,765,450 813,867
Summary of Compensation Expense Attributable to Share-Based Compensation	The following table summarizes compensation expense attributable to share-based compensation for the three and nine months ended December 28, 2019 and December 29, 2018 (in millions): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Share-based compensation expense $ 16 $ 12 $ 65 $ 38 Tax benefit related to share-based compensation expense $ 3 $ 2 $ 12 $ 7

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 28, 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): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Total revenue: Versace $ 195 $ — $ 630 $ — Jimmy Choo 165 162 448 451 Michael Kors 1,211 1,276 3,281 3,443 Total revenue $ 1,571 $ 1,438 $ 4,359 $ 3,894 Income (loss) from operations: Versace $ (12) $ — $ (6) $ — Jimmy Choo 9 15 10 28 Michael Kors 288 320 711 798 Total segment income from operations 285 335 715 826 Less: Corporate expenses (46) (20) (114) (65) Restructuring and other charges (15) (19) (37) (49) Impairment of long-lived assets (19) (6) (220) (17) Total income from operations $ 205 $ 290 $ 344 $ 695
Depreciation and Amortization Expense for Each Segment	Depreciation and amortization expense for each segment are as follows (in millions): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Depreciation and amortization: Versace $ 17 $ — $ 46 $ — Jimmy Choo 9 8 26 25 Michael Kors 37 43 116 135 Total depreciation and amortization $ 63 $ 51 $ 188 $ 160
Total Revenue (as Recognized Based on Country of Origin)	Total revenue (based on country of origin) by geographic location are as follows (in millions): Three Months Ended Nine Months Ended December 28, December 29, December 28, December 29, Total revenue: The Americas (1) $ 909 $ 927 $ 2,440 $ 2,438 EMEA 422 334 1,191 925 Asia 240 177 728 531 Total revenue $ 1,571 $ 1,438 $ 4,359 $ 3,894 (1) Total revenue earned in the U.S. were $845 million and $2.267 billion, respectively, for the three and nine months ended December 28, 2019 and $869 million and $2.274 billion, respectively, for the three and nine months ended December 29, 2018.

Business and Basis of Present_2

Business and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Dec. 28, 2019segment
Accounting Policies [Abstract]
Number of reportable segments	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019USD ($)shares	Dec. 29, 2018shares	Dec. 28, 2019USD ($)shares	Dec. 29, 2018shares	Mar. 30, 2019USD ($)	Sep. 30, 2018EUR (€)	Sep. 30, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Raw materials inventory	$ 20		$ 20		$ 25
Notional amounts	$ 3,411		$ 3,411		2,599
Anti-dilutive securities excluded from calculation of basic and diluted net income per ordinary share (in shares) | shares	2,264,959	2,022,564	3,487,241	1,117,277
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Forward contracts term, maximum (no more than)			12 months
Foreign Currency Gain (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amounts							$ 2,001
Forward foreign currency exchange contracts | Not Designated as Hedging Instrument
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amounts	$ 15		$ 15		$ 199
Forward foreign currency exchange contracts | Foreign Currency Gain (Loss) | Not Designated as Hedging Instrument
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amounts						€ 1,680	$ 2,001

Summary of Significant Accoun_5

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		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Numerator:
Net income attributable to Capri	$ 210	$ 200	$ 328	$ 524
Denominator:
Basic weighted average shares (in shares)	150,826,196	149,183,049	151,159,423	149,420,087
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units (in shares)	1,328,176	1,085,375	1,195,513	2,037,834
Diluted weighted average shares (in shares)	152,154,372	150,268,424	152,354,936	151,457,921
Basic net income per share (in dollars per share)	$ 1.39	$ 1.34	$ 2.17	$ 3.50
Diluted net income per share (in dollars per share)	$ 1.38	$ 1.33	$ 2.15	$ 3.46

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adjustments from the Adoption of ASC 842 (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 31, 2019	Mar. 30, 2019
Assets
Prepaid expenses and other current assets	$ 263	$ 198	$ 221
Operating lease right-of-use assets	1,665	1,856
Intangible assets, net	2,225	2,273	2,293
Deferred tax assets	165	150	112
Liabilities
Current portion of operating lease liabilities	406	386
Accrued expenses and other current liabilities	353	302	374
Long-term portion of operating lease liabilities		1,828
Deferred rent			132
Deferred tax liabilities	440	431	438
Shareholders’ Equity
Retained earnings	$ 4,883	4,555	4,707
Retail Fleet Optimization Plan
Shareholders’ Equity
Sublease liabilities		54
Current deferred rent and tenant improvements		$ 18
Previously Reported
Assets
Prepaid expenses and other current assets			221
Intangible assets, net			2,293
Deferred tax assets			112
Liabilities
Accrued expenses and other current liabilities			374
Deferred rent			132
Deferred tax liabilities			438
Shareholders’ Equity
Retained earnings			4,707
Restatement Adjustment | ASU 2016-02
Assets
Prepaid expenses and other current assets			(23)
Operating lease right-of-use assets			1,856
Intangible assets, net			(20)
Deferred tax assets			38
Liabilities
Current portion of operating lease liabilities			386
Accrued expenses and other current liabilities			(72)
Long-term portion of operating lease liabilities			1,828
Deferred rent			(132)
Deferred tax liabilities			(7)
Shareholders’ Equity
Retained earnings			$ (152)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018	Mar. 30, 2019
Contract With Customer, Asset And Liability [Line Items]
Deferred loyalty program liabilities	$ 13,000,000		$ 13,000,000		$ 13,000,000
Return liabilities	51,000,000		51,000,000		35,000,000
Right to recover returned product	16,000,000		16,000,000		12,000,000
Contract liabilities	19,000,000		19,000,000		31,000,000
Revenue recognized during period	2,000,000	$ 3,000,000	19,000,000	$ 14,000,000
Contract assets	0		0		0
Gift Cards
Contract With Customer, Asset And Liability [Line Items]
Deferred loyalty program liabilities	13,000,000		13,000,000		13,000,000
Deferred loyalty program liabilities
Contract With Customer, Asset And Liability [Line Items]
Deferred loyalty program liabilities	$ 4,000,000		$ 4,000,000		$ 3,000,000

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Contractually Guaranteed Minimum Fees (Details) $ in Millions	Dec. 28, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Remainder of Fiscal 2020	$ 7
Fiscal 2021	27
Fiscal 2022	27
Fiscal 2023	23
Fiscal 2024	21
Fiscal 2025 and thereafter	100
Total	$ 205

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,571	$ 1,438	$ 4,359	$ 3,894
The Americas
Disaggregation of Revenue [Line Items]
Total revenue	909	927	2,440	2,438
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	422	334	1,191	925
Asia
Disaggregation of Revenue [Line Items]
Total revenue	240	177	728	531
Versace
Disaggregation of Revenue [Line Items]
Total revenue	195	0	630	0
Versace | The Americas
Disaggregation of Revenue [Line Items]
Total revenue	41	0	133	0
Versace | EMEA
Disaggregation of Revenue [Line Items]
Total revenue	98	0	311	0
Versace | Asia
Disaggregation of Revenue [Line Items]
Total revenue	56	0	186	0
Jimmy Choo
Disaggregation of Revenue [Line Items]
Total revenue	165	162	448	451
Jimmy Choo | The Americas
Disaggregation of Revenue [Line Items]
Total revenue	34	29	85	75
Jimmy Choo | EMEA
Disaggregation of Revenue [Line Items]
Total revenue	85	90	228	248
Jimmy Choo | Asia
Disaggregation of Revenue [Line Items]
Total revenue	46	43	135	128
Michael Kors
Disaggregation of Revenue [Line Items]
Total revenue	1,211	1,276	3,281	3,443
Michael Kors | The Americas
Disaggregation of Revenue [Line Items]
Total revenue	834	898	2,222	2,363
Michael Kors | EMEA
Disaggregation of Revenue [Line Items]
Total revenue	239	244	652	677
Michael Kors | Asia
Disaggregation of Revenue [Line Items]
Total revenue	$ 138	$ 134	$ 407	$ 403

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Dec. 28, 2019USD ($)
Changes to lease related balances, net
Future payment obligations of lease agreements, not yet commenced	$ 94
Maximum
Changes to lease related balances, net
Term of lease	10 years

Leases - Balance Sheet Informat

Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 31, 2019
Assets
Operating lease right-of-use assets	$ 1,665	$ 1,856
Current:
Short-term operating lease liabilities	406	$ 386
Non-current:
Long-term portion of operating lease liabilities	$ 1,751

Leases - Comprehensive Income N

Leases - Comprehensive Income Net Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 28, 2019	Dec. 28, 2019
Leases [Abstract]
Operating lease cost	$ 114	$ 338
Short-term lease cost	5	18
Variable lease cost	39	118
Sublease income	(2)	(5)
Total lease cost	$ 156	$ 469

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Millions	9 Months Ended
	Dec. 28, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 372
Non-cash transactions:
Lease assets obtained in exchange for new lease liabilities	$ 270

Leases - Operating Lease Inform

Leases - Operating Lease Information (Details)	Dec. 28, 2019
Operating leases:
Weighted average remaining lease term (years)	6 years 3 months 18 days
Weighted average discount rate	3.00%

Leases - Schedule of Contractua

Leases - Schedule of Contractually Guaranteed Minimum Fees (Details) $ in Millions	Dec. 28, 2019USD ($)
Leases [Abstract]
Remainder of Fiscal 2020	$ 127
Fiscal 2021	484
Fiscal 2022	425
Fiscal 2023	356
Fiscal 2024	301
Thereafter	707
Total lease payments	2,400
Less: interest	(243)
Total lease liabilities	$ 2,157

Leases - Future Minimum Subleas

Leases - Future Minimum Sublease Income (Details) $ in Millions	Dec. 28, 2019USD ($)
Leases [Abstract]
Remainder of Fiscal 2020	$ 1
Fiscal 2021	6
Fiscal 2022	5
Fiscal 2023	5
Fiscal 2024	4
Thereafter	16
Total sublease income	$ 37

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) € in Millions, shares in Millions, $ in Millions	Dec. 31, 2018EUR (€)shares	Dec. 31, 2018USD ($)shares	Dec. 28, 2019USD ($)	Nov. 30, 2019USD ($)	Dec. 29, 2018USD ($)	Dec. 28, 2019USD ($)	Nov. 30, 2019USD ($)	Dec. 29, 2018USD ($)
Business Acquisition [Line Items]
Total revenue			$ 1,571		$ 1,438	$ 4,359		$ 3,894
Net income			210		$ 200	$ 328		$ 524
Increase in goodwill			$ 23
Gianni Versace S.r.l.
Business Acquisition [Line Items]
Total transaction value in a business acquisition	€ 1,753	$ 2,005
Shares acquired (in shares) | shares	2.4	2.4
Total revenue				$ 195			$ 630
Net income				$ (12)			$ (6)

Receivables, net - Schedule of

Receivables, net - Schedule of Receivables (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 404	$ 459
Receivables due from licensees	31	23
Receivables, gross	435	482
Less: allowances	(114)	(99)
Receivables, net	321	383
Credit risk assumed by insured
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 73	$ 317

Receivables, net - Additional I

Receivables, net - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Mar. 30, 2019
Receivables [Abstract]
Allowance for doubtful accounts	$ 14		$ 18
Bad debt expense	$ 3	$ 1

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
Property, Plant and Equipment [Abstract]
Leasehold improvements	$ 686	$ 639
Computer equipment and software	315	292
Furniture and fixtures	316	292
In-store shops	275	270
Equipment	130	123
Building	47	47
Land	18	15
Property and equipment, gross	1,787	1,678
Less: accumulated depreciation and amortization	(1,260)	(1,115)
Property and equipment, net (excluding construction-in-progress)	527	563
Construction-in-progress	69	52
Property and equipment, net	$ 596	$ 615

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization of property and equipment	$ 50	$ 44	$ 149	$ 136
Impairment of long-lived assets		6	33	15
Retail Site
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets			22
Premier Retail Site
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets			11
Michael Kors | Retail Site
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 10	$ 5		$ 13
Michael Kors | Premier Retail Site
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets			7
Jimmy Choo | Premier Retail Site
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets			$ 4

Current Assets and Current Li_3

Current Assets and Current Liabilities - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 31, 2019	Mar. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid taxes	$ 189		$ 125
Interest receivable related to net investment hedges	12		11
Prepaid property and equipment	8		7
Prepaid rent	0		24
Other	54		54
Prepaid expenses and other current assets	$ 263	$ 198	$ 221

Current Assets and Current Li_4

Current Assets and Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 31, 2019	Mar. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other taxes payable	$ 95		$ 47
Return liabilities	51		35
Accrued capital expenditures	27		25
Accrued rent	22		34
Accrued advertising and marketing	16		10
Gift cards and retail store credits	13		13
Professional services	11		12
Restructuring liability	11		64
Accrued litigation	10		11
Accrued interest	5		10
Accrued purchases and samples	4		29
Other	88		84
Accrued expenses and other current liabilities	$ 353	$ 302	$ 374

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Carrying Values of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 31, 2019	Mar. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	$ 906		$ 934
Less: accumulated amortization	(181)		(143)
Net definite-lived intangible assets	725		791
Indefinite-lived intangible assets	1,500		1,502
Total intangible assets, excluding goodwill	2,225	$ 2,273	2,293
Goodwill	1,681		1,659
Reacquired Rights
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	400		400
Trademarks
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	23		23
Key Money
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	68		96
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	415		415
Jimmy Choo brand
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	574		572
Versace
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 926		$ 930

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 13,000,000	$ 7,000,000	$ 39,000,000	$ 24,000,000
Impairment of intangible assets				2,000,000
Goodwill and intangible asset impairment charges	0	$ 0	0	$ 0
Michael Kors
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 2,000,000		$ 8,000,000

Restructuring and Other Charg_3

Restructuring and Other Charges - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019USD ($)store	Dec. 29, 2018USD ($)	Dec. 28, 2019USD ($)store	Dec. 29, 2018USD ($)
Restructuring Cost and Reserve [Line Items]
Transition costs	$ 8	$ 12	$ 26	$ 35
Jimmy Choo
Restructuring Cost and Reserve [Line Items]
Transition costs	3	6	8	20
Gianni Versace S.r.l.
Restructuring Cost and Reserve [Line Items]
Transition costs	5	6	18	15
Lease-related and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other charges	2		$ 5
Lease-related and other costs | Jimmy Choo
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other charges		3		4
Retail Fleet Optimization Plan
Restructuring Cost and Reserve [Line Items]
Number of store closed | store			129
Closing costs			$ 100
Restructuring charges and other charges	$ 5	$ 4	$ 6	$ 10
Retail Fleet Optimization Plan | Michael Kors
Restructuring Cost and Reserve [Line Items]
Number of store closed | store			29
Retail Fleet Optimization Plan | Lease-related and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges and other charges			$ 6
Retail Fleet Optimization Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Number of stores expected to close | store	100		100
Expected restructuring charges	$ 100		$ 100
Retail Fleet Optimization Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Number of stores expected to close | store	150		150
Expected restructuring charges	$ 125		$ 125

Restructuring and Other Charg_4

Restructuring and Other Charges - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Restructuring Reserve [Roll Forward]
Balance at March 30, 2019	$ 64			$ 64
Balance at December 28, 2019		$ 11		11
Retail Fleet Optimization Plan
Restructuring Reserve [Roll Forward]
Balance at March 30, 2019	55			55
ASC 842 (Leases) Adjustment	(46)
Additions charged to expense		5	$ 4	6	$ 10
Payments				(8)
Balance at December 28, 2019	9	7		7
Severance and benefit costs | Retail Fleet Optimization Plan
Restructuring Reserve [Roll Forward]
Balance at March 30, 2019	2			2
ASC 842 (Leases) Adjustment	0
Additions charged to expense				0
Payments				(1)
Balance at December 28, 2019	2	1		1
Lease-related and other costs
Restructuring Reserve [Roll Forward]
Additions charged to expense		2		5
Lease-related and other costs | Retail Fleet Optimization Plan
Restructuring Reserve [Roll Forward]
Balance at March 30, 2019	53			53
ASC 842 (Leases) Adjustment	(46)
Additions charged to expense				6
Payments				(7)
Balance at December 28, 2019	$ 7	$ 6		$ 6

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
Debt Instrument [Line Items]
Total debt	$ 2,126	$ 2,581
Less: Unamortized debt issuance costs	8	13
Less: Unamortized discount on long-term debt	2	2
Total carrying value of debt	2,116	2,566
Less: Short-term debt	1,031	630
Total long-term debt	1,085	1,936
Term Loan
Debt Instrument [Line Items]
Total debt	1,125	1,580
Credit Facility | 2018 Credit Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Total debt	548	550
Less: Short-term debt	$ 503	539
4.000% Senior Notes
Debt Instrument [Line Items]
Stated interest rate percentage	4.00%
4.000% Senior Notes | Revolving Credit Facilities
Debt Instrument [Line Items]
Total debt	$ 450	450
Other
Debt Instrument [Line Items]
Total debt	$ 3	$ 1

Debt Obligations - Narrative (D

Debt Obligations - Narrative (Details) $ in Millions	9 Months Ended
	Dec. 28, 2019USD ($)	Mar. 30, 2019USD ($)
Debt Instrument [Line Items]
Short-term debt	$ 1,031	$ 630
Long-term debt	2,116	2,566
Revolving Credit Facilities | Credit Facility
Debt Instrument [Line Items]
Letter of credit outstanding	$ 16
Revolving Credit Facilities | 2018 Credit Facility | Credit Facility
Debt Instrument [Line Items]
Leverage ratio on credit facility	3.75
Short-term debt	$ 503	539
Amount available for future borrowings	481
2018 Term Loan Facility | Term Loan Facility | Credit Facility
Debt Instrument [Line Items]
Short-term debt	483	80
Borrowings outstanding	1,119	1,570
Long-term debt	$ 636	$ 1,490

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 60	$ 42
Derivative liabilities	1	5
Fair value, measurements, recurring | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair value, measurements, recurring | Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	60	42
Derivative liabilities	1	5
Fair value, measurements, recurring | Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Forward foreign currency exchange contracts | Fair value, measurements, recurring | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Forward foreign currency exchange contracts | Fair value, measurements, recurring | Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	5
Derivative liabilities	1	0
Forward foreign currency exchange contracts | Fair value, measurements, recurring | Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Net investment hedges | Fair value, measurements, recurring | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Net investment hedges | Fair value, measurements, recurring | Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	58	37
Net investment hedges | Fair value, measurements, recurring | Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Other undesignated derivative contracts | Fair value, measurements, recurring | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Other undesignated derivative contracts | Fair value, measurements, recurring | Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	0
Derivative liabilities	0	5
Other undesignated derivative contracts | Fair value, measurements, recurring | Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value Measurement of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
4.000% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate percentage	4.00%
4.000% Senior Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	$ 446	$ 445
4.000% Senior Notes | Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	468	438
Term Loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	1,119	1,570
Term Loan | Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	1,125	1,574
Revolving Credit Facilities | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	548	550
Revolving Credit Facilities | Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value disclosure	$ 548	$ 550

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018	Mar. 31, 2019	Mar. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating lease right-of-use assets impairment	$ 68
Impairment of long-lived assets		$ 6	$ 33	$ 15
Cumulative effect of adoption as an adjustment			$ (4,883)		$ (4,555)	$ (4,707)
Restatement Adjustment | ASU 2016-02
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cumulative effect of adoption as an adjustment						$ 152
Segment Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets	$ 11

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Impaired Long-lived Assets Carrying Value and Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charge		$ 6	$ 33	$ 15
Significant unobservable inputs (Level 3) | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment	$ 43	6	377	24
Fair Value	24	0	157	7
Impairment Charge	19	6	220	17
Operating Lease Right-of-Use Assets | Significant unobservable inputs (Level 3) | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment	27		314
Fair Value	20		135
Impairment Charge	7		179
Property and Equipment | Significant unobservable inputs (Level 3) | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment	13	6	51	20
Fair Value	3	0	18	5
Impairment Charge	10	6	33	15
Key Money | Significant unobservable inputs (Level 3) | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment	3		12
Fair Value	1		4
Impairment Charge	$ 2		$ 8
Lease Rights | Leasing Rights | Significant unobservable inputs (Level 3) | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Impairment		0		4
Fair Value		0		2
Impairment Charge		$ 0		$ 2

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019USD ($)	Dec. 29, 2018USD ($)	Dec. 28, 2019USD ($)	Dec. 29, 2018USD ($)	Mar. 30, 2019USD ($)	Sep. 30, 2018EUR (€)	Sep. 30, 2018USD ($)
Derivative [Line Items]
Notional amounts	$ 3,411		$ 3,411		$ 2,599
Foreign Currency Gain (Loss)
Derivative [Line Items]
Notional amounts							$ 2,001
Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts	3,396		3,396		2,400
Forward Currency Exchange Contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts	15		15		199
Forward Currency Exchange Contracts | Not Designated as Hedging Instrument | Foreign Currency Gain (Loss)
Derivative [Line Items]
Notional amounts						€ 1,680	$ 2,001
Gain (loss) on derivative recognized		$ 47		$ 76
Net investment hedges | Net investment hedging | Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts	3,234		3,234		$ 2,234
Reduction in interest expense	19	$ 3	53	$ 7
Net investment hedges | Net investment hedging | Designated as Hedging Instrument | Euro
Derivative [Line Items]
Notional amounts	$ 3,190		$ 3,190
Derivative fixed interest rate	1.674%		1.674%
Net investment hedges | Net investment hedging | Designated as Hedging Instrument | Japan, Yen
Derivative [Line Items]
Notional amounts	$ 44		$ 44
Derivative fixed interest rate	0.89%		0.89%
Net investment hedges | Net investment hedging | Designated as Hedging Instrument | US Dollars
Derivative [Line Items]
Derivative fixed interest rate	0.00%		0.00%

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
Derivatives, Fair Value [Line Items]
Notional Amounts	$ 3,411	$ 2,599
Assets	60	42
Liabilities	1	5
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amounts	3,396	2,400
Assets	59	42
Liabilities	1	0
Not Designated as Hedging Instrument | Forward Currency Exchange Contracts
Derivatives, Fair Value [Line Items]
Notional Amounts	15	199
Assets	1	0
Liabilities	0	5
Designated forward foreign currency exchange contracts | Designated as Hedging Instrument | Forward Currency Exchange Contracts
Derivatives, Fair Value [Line Items]
Notional Amounts	162	166
Assets	1	5
Liabilities	1	0
Designated net investment hedge | Designated as Hedging Instrument | Net investment hedges
Derivatives, Fair Value [Line Items]
Notional Amounts	3,234	2,234
Assets	58	37
Liabilities	$ 0	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 28, 2019	Mar. 30, 2019
Cash flow hedging | Forward Currency Exchange Contracts
Derivative [Line Items]
Assets subject to master netting arrangements	$ 2	$ 5
Liabilities subject to master netting arrangements	1	5
Derivative assets, net	1	5
Derivative liabilities, net	0	5
Net investment hedging | Net investment hedges
Derivative [Line Items]
Assets subject to master netting arrangements	58	37
Liabilities subject to master netting arrangements	0	0
Derivative assets, net	58	37
Derivative liabilities, net	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Pre-tax Impact of Gains (Losses) on Derivative (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Forward Currency Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in OCI	$ (2)	$ 2	$ 4	$ 12
Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (Losses) Recognized in OCI	$ (51)	$ 10	$ 53	$ 15

Derivative Financial Instrume_7

Derivative Financial Instruments - Summary of Pretax Impact of Gain (Loss) Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Cost of goods sold	$ 639	$ 565	$ 1,719	$ 1,507
Total Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Cost of goods sold	639	565	1,719	1,507
Forward Currency Exchange Contracts | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) Loss Reclassified from Accumulated OCI	$ (3)	$ (1)	$ (8)	$ 6

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018	Aug. 01, 2019
Subsidiary or Equity Method Investee [Line Items]
Ordinary shares, shares repurchased amount	$ 100,000,000	$ 100,000,000	$ 102,000,000	$ 207,000,000
Stock Repurchase Program
Subsidiary or Equity Method Investee [Line Items]
Ordinary shares, shares repurchased (in shares)			2,711,807	3,718,237
Ordinary shares, shares repurchased amount			$ 100,000,000	$ 200,000,000
Share-repurchase program amount		$ 1,000,000,000		$ 1,000,000,000	$ 500,000,000
Share-repurchase program remaining amount	$ 400,000,000		$ 400,000,000
Withholding Taxes
Subsidiary or Equity Method Investee [Line Items]
Ordinary shares, shares repurchased (in shares)			63,958	107,712
Ordinary shares, shares repurchased amount			$ 2,000,000	$ 7,000,000

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Components of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,408	$ 2,184	$ 2,432	$ 2,022
Other comprehensive (loss) income, net of tax	74	(31)	37	(144)
Ending balance	2,611	2,267	2,611	2,267
Foreign currency translation adjustments	78	(32)	40	(160)
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(73)	61
Other comprehensive income before reclassifications			40	(160)
Less: amounts reclassified from AOCI to earnings			0	0
Other comprehensive (loss) income, net of tax			40	(160)
Ending balance	(33)	(99)	(33)	(99)
Net gain (loss) on long-term transactions			3	10
Gain (loss) related to net investment hedges	44	13	44	13
Taxes related to the gain on net investment hedges			9	3
Foreign Currency Translation Gains (Losses) | Gianni Versace S.r.l.
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Foreign currency translation adjustments			(4)
Foreign Currency Translation Gains (Losses) | Jimmy Choo
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Foreign currency translation adjustments				(139)
Net Gains (Losses) on Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			7	(10)
Other comprehensive income before reclassifications			4	11
Less: amounts reclassified from AOCI to earnings			7	(5)
Other comprehensive (loss) income, net of tax			(3)	16
Ending balance	4	6	4	6
Other Comprehensive Income (Loss) Attributable to Capri
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(103)	(62)	(66)	51
Other comprehensive income before reclassifications			44	(149)
Less: amounts reclassified from AOCI to earnings			7	(5)
Other comprehensive (loss) income, net of tax	74	(31)	37	(144)
Ending balance	$ (29)	$ (93)	$ (29)	$ (93)

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Dec. 28, 2019USD ($)equity_plan$ / sharesshares	Dec. 29, 2018$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans | equity_plan	2
Estimated value of future forfeitures | $	$ 9
Service-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of RSUs (in dollar per share) | $ / shares	$ 33.89	$ 67.03
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of RSUs (in dollar per share) | $ / shares	$ 33.86	$ 67.52
2008 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans adopted | equity_plan	1
Shares authorized for issuance (up to) (in shares)	23,980,823
Shares available for grant (in shares)	0
Option expiration period (years)	10 years
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (up to) (in shares)	15,246,000
Shares available for grant (in shares)	2,642,854
Option expiration period (years)	7 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-based Compensation Activity (Details)	9 Months Ended
	Dec. 28, 2019shares
Options
Options
Outstanding at beginning of period (in shares)	2,131,259
Granted (in shares)	0
Exercised (in shares)	(5,082)
Canceled/forfeited (in shares)	(93,298)
Outstanding at end of period (in shares)	2,032,879
Service-Based RSUs
RSUs
Unvested at beginning of period (in shares)	3,839,862
Granted (in shares)	1,901,539
Vested (in shares)	(797,597)
Decrease due to performance condition (in shares)	0
Canceled/forfeited (in shares)	(178,354)
Unvested at end of period (in shares)	4,765,450
Performance-Based RSUs
RSUs
Unvested at beginning of period (in shares)	737,074
Granted (in shares)	169,817
Vested (in shares)	(53,025)
Decrease due to performance condition (in shares)	(39,999)
Canceled/forfeited (in shares)	0
Unvested at end of period (in shares)	813,867

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Compensation Expense Attributable to Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 16	$ 12	$ 65	$ 38
Tax benefit related to share-based compensation expense	$ 3	$ 2	$ 12	$ 7

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Operating Loss Carryforwards [Line Items]
Effective tax rate	(2.00%)	17.40%	(0.60%)	12.70%
United Kingdom | Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Provision for incomes taxes at the U.K. statutory tax rate			19.00%	19.00%

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	9 Months Ended
	Dec. 28, 2019USD ($)retaile_store_formatsegment	Mar. 31, 2019USD ($)	Mar. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	3
Number of reportable segments | segment	3
Assets	$ 8,325		$ 6,650
Operating lease right-of-use assets	$ 1,665	$ 1,856
Michael Kors
Segment Reporting Information [Line Items]
Number of retail store formats | retaile_store_format	4
Operating lease right-of-use assets	$ 1,060
Versace
Segment Reporting Information [Line Items]
Operating lease right-of-use assets	379
Jimmy Choo
Segment Reporting Information [Line Items]
Operating lease right-of-use assets	$ 226

Segment Information - Key Perfo

Segment Information - Key Performance Information of Reportable Segments (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Segment Reporting Information [Line Items]
Total revenue		$ 1,571	$ 1,438	$ 4,359	$ 3,894
Less: Corporate expenses		(46)	(20)	(114)	(65)
Restructuring and other charges	[1]	(15)	(19)	(37)	(49)
Impairment of long-lived assets		(19)	(6)	(220)	(17)
Total income from operations		205	290	344	695
Versace
Segment Reporting Information [Line Items]
Total revenue		195	0	630	0
Total income from operations		(12)	0	(6)	0
Jimmy Choo
Segment Reporting Information [Line Items]
Total revenue		165	162	448	451
Total income from operations		9	15	10	28
Michael Kors
Segment Reporting Information [Line Items]
Total revenue		1,211	1,276	3,281	3,443
Total income from operations		288	320	711	798
Total segment income from operations
Segment Reporting Information [Line Items]
Total income from operations		$ 285	$ 335	$ 715	$ 826
[1]	Restructuring and other charges includes store closure costs recorded in connection with the Retail Fleet Optimization Plan (as defined in Note 10) and other restructuring initiatives, and costs recorded in connection with the acquisitions of Gianni Versace S.r.l and Jimmy Choo Group Limited.

Segment Information - Depreciat

Segment Information - Depreciation and Amortization Expense for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 63	$ 51	$ 188	$ 160
Versace
Segment Reporting Information [Line Items]
Depreciation and amortization	17	0	46	0
Jimmy Choo
Segment Reporting Information [Line Items]
Depreciation and amortization	9	8	26	25
Michael Kors
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 37	$ 43	$ 116	$ 135

Segment Information - Total Rev

Segment Information - Total Revenue (as Recognized Based on Country of Origin) by Geographic Location (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,571	$ 1,438	$ 4,359	$ 3,894
The Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	909	927	2,440	2,438
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	422	334	1,191	925
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	240	177	728	531
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 845	$ 869	$ 2,267	$ 2,274

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 05, 2020store
Subsequent event | China
Subsequent Event [Line Items]
Number of store closed	150