Derivative Financial Instruments (Tables)

6 Months Ended

Sep. 26, 2020

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 26, 2020 and March 28, 2020 (in millions):

					Fair Values
	Notional Amounts				Assets						Liabilities
	September 26, 2020		March 28, 2020		September 26, 2020			March 28, 2020			September 26, 2020			March 28, 2020
Designated forward foreign currency exchange contracts	$	177	$	161	$	2	(1)	$	1	(1)	$	3	(2)	$	—
Designated net investment hedges	2,044		44		3		(3)	3		(3)	42		(4)	—
Designated interest rate swap	500		—		—			—			1		(4)	—
Total designated hedges	$	2,721	$	205	$	5		$	4		$	46		$	—

(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

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 set-off amounts for similar transactions denominated in the same currencies, the resulting impact as of September 26, 2020 and March 28, 2020 would be as follows (in millions):

	Forward Currency Exchange Contracts				Net Investment Hedges				Interest Rate Swaps
	September 26, 2020		March 28, 2020		September 26, 2020		March 28, 2020		September 26, 2020		March 28, 2020
Assets subject to master netting arrangements	$	2	$	1	$	3	$	3	$	—	$	—
Liabilities subject to master netting arrangements	$	3	$	—	$	42	$	—	$	1	$	—
Derivative assets, net	$	1	$	1	$	2	$	3	$	—	$	—
Derivative liabilities, net	$	2	$	—	$	41	$	—	$	1	$	—

Reclassification out of Accumulated Other Comprehensive Income

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

	Three Months Ended				Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
	Pre-Tax Losses Recognized in OCI		Pre-Tax Gains Recognized in OCI		Pre-Tax Losses Recognized in OCI		Pre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts	$	—	$	6	$	—	$	6
Designated net investment hedges	$	(42)	$	129	$	(42)	$	104
Designated interest rate swaps	$	—	$	—	$	(1)	$	—

The following tables summarize the pre-tax impact of the gains and losses within the consolidated statements of operations and comprehensive income (loss) related to the designated forward foreign currency exchange contracts for the three and six months ended September 26, 2020 and September 28, 2019 (in millions):

	Three Months Ended
	Pre-Tax Gain Reclassified from Accumulated OCI				Location of Gain recognized
	September 26, 2020		September 28, 2019
Designated forward foreign currency exchange contracts	$	(2)	$	(2)	Cost of goods sold

	Six Months Ended
	Pre-Tax Gain Reclassified from Accumulated OCI				Location of Gain recognized
	September 26, 2020		September 28, 2019
Designated forward foreign currency exchange contracts	$	(3)	$	(5)	Cost of goods sold