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Derivative Financial Instruments (Tables)
6 Months Ended
Sep. 30, 2023
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 30, 2023 and April 1, 2023 (in millions):
Fair Value
 Notional AmountsAssetsLiabilities
 September 30,
2023
April 1,
2023
September 30,
2023
April 1,
2023
September 30,
2023
April 1,
2023
Designated net investment hedges$5,360 $1,378 $40 
(1)
$
(2)
$49 
(3)
$36 
(3)
Designated fair value hedges1,057 1,084 
(2)
— — 
(3)
Total$6,417 $2,462 $45 $$49 $39 
(1)As of September 30, 2023, the Company recorded $1 million within prepaid expenses and other current assets and $39 million within other assets in the Company’s consolidated balance sheets.
(2)Recorded within other assets in the Company’s consolidated balance sheets.
(3)Recorded within other long-term liabilities in the Company’s consolidated balance sheets.
Schedule of Derivative Instruments on The Balance Sheets, Net Basis However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to set-off amounts for similar transactions denominated in the same currencies and with the same banks, the resulting impact as of September 30, 2023 and April 1, 2023 would be as follows (in millions):
Net Investment HedgesFair Value Hedges
September 30,
2023
April 1,
2023
September 30,
2023
April 1,
2023
Assets subject to master netting arrangements
$40 $$$— 
Liabilities subject to master netting arrangements
$49 $36 $— $
Derivative assets, net$30 $$$— 
Derivative liabilities, net$39 $36 $— $
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes the pre-tax impact of the gains and losses on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions):
Three Months Ended
Six Months Ended
September 30, 2023October 1, 2022September 30, 2023October 1, 2022
Pre-Tax Gains
Recognized in OCI
Pre-Tax Gains
Recognized in OCI
Pre-Tax Gains (Losses)
Recognized in OCI
Pre-Tax Gains
Recognized in OCI
Designated forward foreign currency exchange contracts
$— $$— $11 
Designated net investment hedges$79 $152 $25 $365 
Designated fair value hedge$16 $— $(9)$— 
The following tables summarize the pre-tax impact of the gains within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for the three and six months ended September 30, 2023 and October 1, 2022 (in millions):
Three Months Ended
Pre-Tax Gain Reclassified from
Accumulated OCI
Location of Gain Recognized
September 30, 2023October 1, 2022
Designated forward foreign currency exchange contracts
$$Cost of goods sold
Six Months Ended
Pre-Tax Gain Reclassified from
Accumulated OCI
Location of Gain Recognized
September 30, 2023October 1, 2022
Designated forward foreign currency exchange contracts
$$Cost of goods sold