Fair Value Measurements (Tables)

9 Months Ended

Dec. 30, 2023

Schedule of Fair Value and Carrying Value of Assets

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 December 30, 2023 using:						Fair value at April 1, 2023 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:

Net investment hedges	$	—	$	9	$	—	$	—	$	1	$	—
Fair value hedges	—		9		—		—		—		—

Total derivative assets	$	—	$	18	$	—	$	—	$	1	$	—

Derivative liabilities:

Net investment hedges	$	—	$	260	$	—	$	—	$	36	$	—
Fair value hedges	—		—		—		—		3		—

Total derivative liabilities	$	—	$	260	$	—	$	—	$	39	$	—

Schedule of Fair Value Measurement of Long-term Debt

The following table summarizes the carrying values and estimated fair values of the Company’s debt, based on Level 2 measurements (in millions):


	December 30, 2023				April 1, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Revolving Credit Facilities	$	874	$	874	$	874	$	874
Versace Term Loan	$	496	$	500	$	487	$	481
Senior Notes due 2024	$	450	$	440	$	449	$	435

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 nine months ended December 30, 2023 and the three and nine months ended December 31, 2022 (in millions):


	Three Months Ended December 30, 2023						Nine Months Ended December 30, 2023
	Carrying Value Prior to Impairment		Fair Value		Impairment Charge		Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Operating Lease Right-of-Use Assets	$	10	$	5	$	5	$	34	$	15	$	19
Property and Equipment	4		3		1		12		5		7
Total	$	14	$	8	$	6	$	46	$	20	$	26


	Three Months Ended December 31, 2022						Nine Months Ended December 31, 2022
	Carrying Value Prior to Impairment		Fair Value		Impairment Charge		Carrying Value Prior to Impairment		Fair Value		Impairment Charge
Operating Lease Right-of-Use Assets	$	2	$	1	$	1	$	27	$	17	$	10
Property and Equipment	—		—		—		3		1		2
Total	$	2	$	1	$	1	$	30	$	18	$	12