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Fair Value Measurements (Tables)

6 Months Ended

Sep. 26, 2020

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:



	September 26, 2020		March 28, 2020
	(millions)
Investments in commercial paper^(a)(b)	$	—	$	243.6
Derivative assets^(a)	28.4		62.3
Derivative liabilities^(a)	32.5		6.9


^(a)	Based on Level 2 measurements.

^(b)

Amounts are 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:



	September 26, 2020				March 28, 2020
	Carrying Value^(a)		Fair Value^(b)		Carrying Value^(a)		Fair Value^(b)
	(millions)
$300 million 2.625% Senior Notes	$	—	$	—	$	299.6	$	299.8
$400 million 3.750% Senior Notes	396.7		450.7		396.4		415.1
$500 million 1.700% Senior Notes	497.7		509.4		—		—
$750 million 2.950% Senior Notes	736.6		780.5		—		—
Borrowings outstanding under credit facilities	—		—		475.0		473.0


^(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 charges 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
	September 26, 2020				September 28, 2019
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	$	—	$	10.8	$	5.5	$	1.7
Operating lease right-of-use assets	33.9		20.2		19.2		4.4



	Six Months Ended
	September 26, 2020				September 28, 2019
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	$	—	$	10.8	$	5.5	$	2.6
Operating lease right-of-use assets^(a)	33.9		22.3		112.1		229.8

^(a)

Total impairment charges for the six months ended September 28, 2019 includes $225.1 million recorded in connection with the Company's adoption of ASU No. 2016-02, "Leases" as of the beginning of Fiscal 2020 which, net of related income tax benefits, reduced its opening retained earnings balance by $169.4 million.