Fair Value Measurements (Tables)

3 Months Ended

Jun. 27, 2020

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 June 27, 2020 using:						Fair value at March 28, 2020 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	$	—
Net investment hedges	—		3		—		—		3		—
Total derivative assets	$	—	$	3	$	—	$	—	$	4	$	—
Derivative liabilities:
Designated interest rate swaps	$	—	$	1	$	—	$	—	$	—	$	—

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):

	June 27, 2020				March 28, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
4.000% Senior Notes	$	446	$	422	$	446	$	443
Term Loan	$	985	$	817	$	1,010	$	957
Revolving Credit Facilities	$	333	$	333	$	720	$	720

Schedule of Long-lived Assets, Nonrecurring

The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three months ended June 29, 2019 (in millions):

	Three Months Ended June 29, 2019
	Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Operating Lease Right-of-Use Assets	$	140	$	56	$	84
Property and Equipment	20		7		13
Total	$	160	$	63	$	97