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Derivative Financial Instruments (Tables)
9 Months Ended
Dec. 31, 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 December 31, 2022 and April 2, 2022 (in millions):
Fair Value
 Notional AmountsAssetsLiabilities
 December 31,
2022
April 2,
2022
December 31,
2022
April 2,
2022
December 31,
2022
April 2,
2022
Designated forward foreign currency exchange contracts$18 $119 $— $
(1)
$— $— 
Designated net investment hedges1,364 4,194 — 44 
(2)
41 
(3)
37 
(3)
Total designated hedges1,382 4,313 — 48 41 37 
Undesignated derivative contracts (4)
— 38 — — — 
Total$1,382 $4,351 $— $52 $41 $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 December 31, 2022 and April 2, 2022 would be as follows (in millions):
Forward Currency
Exchange Contracts
Net Investment
Hedges
December 31,
2022
April 2,
2022
December 31,
2022
April 2,
2022
Assets subject to master netting arrangements
$— $$— $44 
Liabilities subject to master netting arrangements
$— $— $41 $37 
Derivative assets, net$— $$— $42 
Derivative liabilities, net$— $— $41 $35 
Reclassification out of Accumulated Other Comprehensive Income The following table summarizes the pre-tax impact of the gains on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):
Three Months Ended
Nine Months Ended
December 31, 2022December 25, 2021December 31, 2022December 25, 2021
Pre-Tax Losses
Recognized in OCI
Pre-Tax Gains
Recognized in OCI
Pre-Tax Gains
Recognized in OCI
Pre-Tax Gains
Recognized in OCI
Designated forward foreign currency exchange contracts
$(3)$$$
Designated net investment hedges$(33)$155 $332 $327 
Designated interest rate swaps$— $$— $
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 and nine months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
Pre-Tax (Gain) Loss Reclassified from
Accumulated OCI
Location of (Gain) Loss Recognized
December 31,
2022
December 25, 2021
Designated forward foreign currency exchange contracts
$(3)$— Cost of goods sold
Nine Months Ended
Pre-Tax (Gain) Loss Reclassified from
Accumulated OCI
Location of (Gain) Loss Recognized
December 31,
2022
December 25, 2021
Designated forward foreign currency exchange contracts
$(10)$Cost of goods sold