Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 30, 2024 and April 1, 2023 (in millions):

					Fair Values
	Notional Amounts				Assets						Liabilities
	March 30, 2024		April 1, 2023		March 30, 2024			April 1, 2023			March 30, 2024			April 1, 2023
Designated net investment hedges	$	3,850	$	1,378	$	12	(1)	$	1	(1)	$	88	(2)	$	36	(3)
Designated fair value hedges	—		1,084		—			—			—			3		(3)
Total hedges	$	3,850	$	2,462	$	12		$	1		$	88		$	39

(1)Recorded within other assets in the Company’s consolidated balance sheets.

(2)As of March 30, 2024, the Company recorded $3 million within accrued expenses and current liabilities and $85 million within other long-term liabilities 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 March 30, 2024 and April 1, 2023 would be as follows (in millions):

	Net Investment  Hedges				Fair Value Hedges
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Assets subject to master netting arrangements	$	12	$	1	$	—	$	—
Liabilities subject to master netting arrangements	$	88	$	36	$	—	$	3
Derivative assets, net	$	8	$	1	$	—	$	—
Derivative liabilities, net	$	84	$	36	$	—	$	3

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 fair value hedges (in millions): 

	Fiscal Year Ended March 30, 2024		Fiscal Year Ended April 1, 2023		Fiscal Year Ended April 2, 2022
	Pre-Tax Losses Recognized in OCI		Pre-Tax Gains/(Losses) Recognized in OCI		Pre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts	$	—	$	8	$	11
Designated net investment hedges	$	(17)	$	338	$	435
Designated fair value hedges	$	(8)	$	(6)	$	—

The following tables summarize the pre-tax impact of the gains and losses within the consolidated statements of operations and comprehensive (loss) income related to the designated forward foreign currency exchange contracts and the designated fair value hedges (in millions):

	Fiscal Year Ended
	Pre-Tax (Gains) Losses Reclassified from Accumulated OCI						Location of (Gains) Losses Recognized
	March 30, 2024		April 1, 2023		April 2, 2022
Designated forward foreign currency exchange contracts	$	(4)	$	(14)	$	1	Cost of goods sold
Designated fair value hedges	$	14	$	—	$	—	Foreign currency loss