XML 44 R33.htm IDEA: XBRL DOCUMENT v3.22.2
Derivative Financial Instruments (Tables)
 3 Months Ended
Jul. 02, 2022
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 July 2, 2022 and April 2, 2022 (in millions):
Fair Values
 Notional AmountsAssetsLiabilities
 July 2,
2022		April 2,
2022		July 2,
2022		April 2,
2022		July 2,
2022		April 2,
2022
Designated forward foreign currency exchange contracts$100 $119 $8 
(1)
$4 
(1)
$— $— 
Designated net investment hedges4,194 4,194 166 
(2)
44 
(2)
4 
(3)
37 
(3)
Total designated hedges4,294 4,313 174 48 4 37 
Undesignated derivative contracts (4)
10 38 1 4 — — 
Total$4,304 $4,351 $175 $52 $4 $37 
(1)Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets.
(2)Recorded within other assets in the Company’s consolidated balance sheets.
(3)Recorded within other long-term liabilities in the Company’s consolidated balance sheets.
(4)Represents undesignated hedges of inventory purchases.
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 July 2, 2022 and April 2, 2022 would be as follows (in millions):
Forward Currency
Exchange Contracts		Net Investment
Hedges
July 2,
2022		April 2,
2022		July 2,
2022		April 2,
2022
Assets subject to master netting arrangements
$9 $8 $166 $44 
Liabilities subject to master netting arrangements
$— $— $4 $37 
Derivative assets, net$9 $8 $166 $42 
Derivative liabilities, net$— $— $4 $35 
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
July 2, 2022June 26, 2021
Pre-Tax Gains
Recognized in OCI		Pre-Tax Gains (Losses)
Recognized in OCI
Designated forward foreign currency exchange contracts
$6 $(1)
Designated net investment hedges$213 $83 
The following tables summarize the pre-tax 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 months ended July 2, 2022 and June 26, 2021 (in millions):
Three Months Ended
Pre-Tax (Gain) Loss Reclassified from
Accumulated OCI		Location of (Gain) Loss Recognized
July 2, 2022June 26, 2021
Designated forward foreign currency exchange contracts
$(4)$1 Cost of goods sold