Financial Instruments (Tables)

9 Months Ended

Dec. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Company's outstanding derivative instruments on a gross basis as recorded on its consolidated balance sheets

The following table summarizes the Company's outstanding derivative instruments recorded on its consolidated balance sheets as of December 28, 2024 and March 30, 2024:

	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument(a)	December 28, 2024		March 30, 2024		December 28, 2024			March 30, 2024			December 28, 2024			March 30, 2024
					Balance Sheet Line(b)	Fair Value		Balance Sheet Line(b)	Fair Value		Balance Sheet Line(b)	Fair Value		Balance Sheet Line(b)	Fair Value
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	308.8	$	319.4	PP	$	15.6	PP	$	4.8		$	—	AE	$	0.2
Net investment hedges(c)	700.0		700.0		(e)	41.9		ONCA	30.6			—		ONCL	5.2
Total Designated Hedges	1,008.8		1,019.4			57.5			35.4			—			5.4
Undesignated Hedges:
FC — Undesignated hedges(d)	278.4		153.2		PP	1.3		PP	1.2		AE	0.4		AE	0.1
Total Hedges	$	1,287.2	$	1,172.6		$	58.8		$	36.6		$	0.4		$	5.5

(a)FC = Forward foreign currency exchange contracts.

(b)PP = Prepaid expenses and other current assets; AE = Accrued expenses and other current liabilities; ONCA = Other non-current assets; ONCL = Other non-current liabilities.

(c)Includes cross-currency swaps designated as hedges of the Company's net investment in certain foreign operations.

(d)Relates to third-party and intercompany foreign currency-denominated exposures and balances.

(e)$40.7 million included within prepaid expenses and other current assets and $1.2 million included within other non-current assets.

Offsetting Assets

The Company presents the fair values of its derivative assets and liabilities recorded on its consolidated balance sheets on a gross basis, even when they are subject to master netting arrangements. However, if the Company were to offset and record the asset and liability balances of all of its derivative instruments on a net basis in accordance with the terms of each of its master netting arrangements, spread across eight separate counterparties, the amounts presented in the consolidated balance sheets as of December 28, 2024 and March 30, 2024 would be adjusted from the current gross presentation as detailed in the following table:

	December 28, 2024						March 30, 2024
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements		Net Amount		Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements		Net Amount
	(millions)
Derivative assets	$	58.8	$	(0.4)	$	58.4	$	36.6	$	(0.2)	$	36.4
Derivative liabilities	0.4		(0.4)		—		5.5		(0.2)		5.3

Gains (losses) recognized in AOCI or earnings from derivatives designated as hedging instruments

The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the three-month and nine-month periods ended December 28, 2024 and December 30, 2023:

	Gains (Losses) Recognized in OCI
	Three Months Ended				Nine Months Ended
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	23.2	$	(8.8)	$	17.1	$	7.8
Net investment hedges — effective portion	45.9		(28.6)		22.8		(11.5)
Net investment hedges — portion excluded from assessment of hedge effectiveness	(13.2)		0.3		(6.2)		(17.9)
Total Designated Hedges	$	55.9	$	(37.1)	$	33.7	$	(21.6)

	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Three Months Ended				Nine Months Ended
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
	Cost of goods sold		Cost of goods sold		Cost of goods sold		Cost of goods sold
	(millions)
Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded	$	(677.4)	$	(648.0)	$	(1,694.1)	$	(1,675.4)
Effects of cash flow hedging:
FC — Cash flow hedges	1.7		1.4		6.6		7.6

	Gains (Losses) from Net Investment Hedges Recognized in Earnings								Location of Gains (Losses) Recognized in Earnings
	Three Months Ended				Nine Months Ended
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
	(millions)
Net Investment Hedges:
Net investment hedges — portion excluded from assessment of hedge effectiveness(a)	$	3.2	$	3.2	$	9.4	$	9.4	Interest expense
Total Net Investment Hedges	$	3.2	$	3.2	$	9.4	$	9.4

(a)Amounts recognized in other comprehensive income (loss) ("OCI") relating to the effective portion of the Company's net investment hedges would be recognized in earnings only upon the sale or liquidation of the hedged net investment.

Gains (losses) recognized in earnings from derivatives not designated as hedging instruments

The following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its consolidated financial statements for the three-month and nine-month periods ended December 28, 2024 and December 30, 2023:

	Gains (Losses) Recognized in Earnings								Location of Gains (Losses) Recognized in Earnings
	Three Months Ended				Nine Months Ended
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	12.7	$	(6.0)	$	11.4	$	3.9	Other income (expense), net
Total Undesignated Hedges	$	12.7	$	(6.0)	$	11.4	$	3.9