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 active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
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 Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
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 December 28, 2019						Nine Months Ended December 28, 2019
	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 December 29, 2018						Nine Months Ended December 29, 2018
	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