Derivative Financial Instruments (Tables)

6 Months Ended

Sep. 29, 2018

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 September 29, 2018 and March 31, 2018 (in millions):



					Fair Values
	Notional Amounts				Assets					Liabilities
	September 29, 2018		March 31, 2018		September 29, 2018			March 31, 2018		September 29, 2018			March 31, 2018
Designated forward currency exchange contracts	$	139.4	$	161.7	$	4.3	⁽¹⁾	$	—	$	0.4	⁽²⁾	$	7.7	⁽²⁾
Designated net investment hedge	434.0		—		6.2		⁽³⁾	—		1.6		⁽⁴⁾	—
Total designated hedges	$	573.4	$	161.7	$	10.5		$	—	$	2.0		$	7.7
Undesignated forward currency exchange contracts	2,000.8		—		—			—		30.4		⁽²⁾	—
Total	$	2,574.2	$	161.7	$	10.5		$	—	$	32.4		$	7.7

^{____________________________________}


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


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


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


⁽⁴⁾	Recorded within other long-term liabilities in the Company's consolidated balance sheets.

Schedule of Derivative Instruments on The Balance Sheets, Net Basis

The Company records and presents the fair values of all of its derivative assets and liabilities in its consolidated balance sheets on a gross basis, as shown in the above table. However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to setoff amounts for similar transactions denominated in the same currencies, the resulting impact as of September 29, 2018 and March 31, 2018 would be as follows (in millions):



	Forward Currency Exchange Contracts				Net Investment Hedges				Acquisition Hedges
	September 29, 2018		March 31, 2018		September 29, 2018		March 31, 2018		September 29, 2018		March 31, 2018
Assets subject to master netting arrangements	$	4.3	$	—	$	6.2	$	—	$	—	$	—
Liabilities subject to master netting arrangements	$	0.4	$	7.7	$	1.6	$	—	$	17.5	$	—
Derivative assets, net	$	3.9	$	—	$	6.2	$	—	$	—	$	—
Derivative liabilities, net	$	—	$	7.7	$	1.6	$	—	$	30.4	$	—

Summary of Impact of Effective Portion of Gains and Losses of Forward Contracts Designated as Hedges

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



	Three Months Ended						Six Months Ended
	September 29, 2018			September 30, 2017			September 29, 2018		September 30, 2017
	Pre-Tax Gains (Losses) Recognized in OCI			Pre-Tax Loss Recognized in OCI			Pre-Tax Gains Recognized in OCI		Pre-Tax Loss Recognized in OCI
Designated forward foreign currency exchange contracts	$	1.0		$	(6.0	)	$	9.7	$	(15.3	)
Designated net investment hedges	$	(0.2	)	$	—		$	4.6	$	—

The following table summarizes 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 six months ended September 29, 2018 and September 30, 2017 (in millions):



	Three Months Ended
	Pre-Tax (Gain) Loss Reclassified from Accumulated OCI					Location of (Gain) Loss recognized	Total Cost of Sales
	September 29, 2018		September 30, 2017			Location of (Gain) Loss recognized	September 29, 2018		September 30, 2017
Designated forward currency exchange contracts	$	2.0	$	(1.3	)	Cost of Sales	$	490.7	$	455.8



	Six Months Ended
	Pre-Tax (Gain) Loss Reclassified from Accumulated OCI					Location of (Gain) Loss recognized	Total Cost of Sales
	September 29, 2018		September 30, 2017			Location of (Gain) Loss recognized	September 29, 2018		September 30, 2017
Designated forward currency exchange contracts	$	6.9	$	(3.2	)	Cost of Sales	$	942.4	$	833.5