Fair Value Measurements (Tables)

9 Months Ended

Dec. 28, 2019

Fair Value Disclosures [Abstract]

Fair value of financial assets and liabilities measured and recorded at fair value on recurring basis

The following table summarizes the Company's financial assets and liabilities that are measured and recorded at fair value on a recurring basis, excluding accrued interest components:

	December 28, 2019		March 30, 2019
	(millions)
Investments in commercial paper(a)(b)	$	244.9	$	290.7
Derivative assets(a)	35.3		32.0
Derivative liabilities(a)	9.2		15.5

^(a)  Based on Level 2 measurements.

^(b) 

Amount as of December 28, 2019 was included within short-term investments in the consolidated balance sheet. As of March 30, 2019, $54.7 million was included within cash and cash equivalents and $236.0 million was included within short-term investments in the consolidated balance sheet.

Carrying value and the estimated fair value of the Company's debt obligations

The following table summarizes the carrying values and the estimated fair values of the Company's debt instruments:

	December 28, 2019				March 30, 2019
	Carrying Value(a)		Fair Value(b)		Carrying Value(a)		Fair Value(b)
	(millions)
$300 million 2.625% Senior Notes	$	298.1	$	301.5	$	293.4	$	299.1
$400 million 3.750% Senior Notes	396.3		430.2		395.7		410.0

^(a)  See Note 10 for discussion of the carrying values of the Company's senior notes.

^(b) 

Based on Level 2 measurements.

Fair value measurements, nonrecurring

The following tables summarize non-cash impairment adjustments recorded by the Company during the fiscal periods presented in order to reduce the carrying values of certain long-lived assets to their estimated fair values as of the assessment date:

	Three Months Ended
	December 28, 2019				December 29, 2018
Long-Lived Asset Category	Fair Value As of Impairment Date		Total Impairments		Fair Value As of Impairment Date		Total Impairments
	(millions)
Property and equipment, net	$	—	$	11.0	$	—	$	2.2
Operating lease right-of-use assets	13.2		3.4		N/A		N/A

	Nine Months Ended
	December 28, 2019					December 29, 2018
Long-Lived Asset Category	Fair Value As of Impairment Date		Total Impairments			Fair Value As of Impairment Date		Total Impairments
	(millions)
Property and equipment, net	$	—	$	13.6		$	—	$	13.3
Operating lease right-of-use assets	109.6		233.2		(a)	N/A		N/A

^(a) 

Includes $225.1 million recorded in connection with the Company's adoption of ASC 2016-02 as of the beginning of Fiscal 2020 which, net of related income tax benefits, reduced its opening retained earnings balance by $169.4 million (see Note 4).