Fair Value Measurements (Tables)

6 Months Ended

Oct. 01, 2022

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 October 1, 2022 using:						Fair value at April 2, 2022 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	$	—	$	10	$	—	$	—	$	4	$	—
Net investment hedges	—		2		—		—		44		—
Undesignated derivative contracts	—		—		—		—		4		—
Total derivative assets	$	—	$	12	$	—	$	—	$	52	$	—

Derivative liabilities:

Net investment hedges	$	—	$	11	$	—	$	—	$	37	$	—


Total derivative liabilities	$	—	$	11	$	—	$	—	$	37	$	—

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):


	October 1, 2022				April 2, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior Notes due 2024	$	448	$	429	$	448	$	451
Term Loan	$	—	$	—	$	495	$	490
Revolving Credit Facilities	$	1,126	$	1,126	$	175	$	175

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 and six months ended October 1, 2022 and the three and six months ended September 25, 2021 (in millions):


	Three and Six Months Ended October 2, 2022						Three and Six Months Ended September 25, 2021
	Carrying Value Prior to Impairment		Fair Value		Impairment Charge		Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Operating Lease Right-of-Use Assets	$	25	$	16	$	9	$	83	$	53	$	30
Property and Equipment	3		1		2		4		1		3
Total	$	28	$	17	$	11	$	87	$	54	$	33